Chitosan Market Size to Surpass Around US$ 29 Billion by 2030

Ottawa, Nov. 11, 2021 (GLOBE NEWSWIRE) -- The global chitosan market size was reached at USD 7 billion in 2021. Chitosan is a sugar derived from the tough outer skeletons of shellfish such as crab, lobster, and shrimp. It is utilized in medicine. Chitosan is used to treat hypertension, high cholesterol, obesity, wound healing, and other ailments, however there is no scientific proof to back up many of its claims. Chitosan is used in pharmaceutical manufacture as filler in tablets, to improve the way certain medications dissolve, and to conceal bitter flavors.

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Crucial factors accountable for market growth are:

• The increasing demand of Chitosan in the end user industries
• Rising water treatment activities at the global level
• Significant progress in the healthcare/medical industry in industrialized countries
• Rising obesity and overweight rates in the region, as well as increased public health awareness

Report Scope of the Chitosan Market

Regional Snapshots

The Asia Pacific held the largest share in the Chitosan market. One of the primary elements boosting chitosan demand is the easy availability of its raw material, derived as a waste product from the fishing sector. Vietnam is the Southeast Asian country making inroads in the shrimp industry, increasing its farmed shrimp exports by 8% in 2020 to USD 3.3 billion, aided by an increase in vannamei prawn sales due to increased retail demand during the pandemic. India, the world's largest shrimp exporter, had a tough year in 2020, with the COVID-19 pandemic significantly affecting production and export performance. Last year, the South Asian country produced between 650,000 and 700,000 metric tons of shrimp, falling from 780,000 to 800,000 MT in 2019. Production in India's shrimp-farming states of Odisha, West Bengal, Andhra Pradesh, and Gujarat all declined in 2020, according to data from the Society of Aquaculture Professionals (SAP).

Market Dynamics

Driver

Increasing demand of Chitosan in Cosmetics Industry

Skincare is the fastest expanding segment of the beauty business. In the United States, sales of skincare products increased by 13% last year, while makeup sales increased by only 1%. During that time, online beauty businesses rose by 24 percent, with skincare leading the way. Net-a- The bestselling category in Porter's beauty department is skincare, which has grown 40 percent year over year. According to L'Oréal, skincare accounts for 40% of the beauty market but accounts for approximately 60% of global cosmetics industry growth. Chitin, chitosan, and its derivatives are widely utilized in cosmetics, owing to their antioxidant, cleaning, protective, humectant, and antioxidant properties. Because of its particular benefits in the cosmetics sector, the increased demand for skincare in the cosmetics market will have a significant impact on the chitosan market.

Restraint

High production cost owing to the irregular supply of the raw material

The irregular supply of raw materials will hamper the chitosan market growth. India's shrimp exports fell 14 percent year on year to 575,000 MT in 2020, with the United States, China, and the European Union remaining the country's top clients. Its raw peeled product sales fell 12% to 21,200 MT last year, while its overall exports of cooked and other value-added products to the US grew. Ecuador, which increased sales of raw peeled products by 15,000 MT, compensated for its decrease in output on the worldwide market. Ecuador increased its shipments of mid-sized shrimp to the United States significantly last year, whereas India lost 14 percent of its market share in the United States. India also lost market share in the shell-on market in the United States to Ecuador and Indonesia.Such irregularities in the raw materials supply, the overall value chain may hamper which in turn hamper the chitosan overall production volume.

Opportunities

Increasing obesity and overweight issues in the region and rising health awareness among people

The region's expanding obesity and overweight issues, as well as people's growing health consciousness, will generate prospects for the chitosan industry. According to the Institute of Health Metrics and Evaluation, around 30.0 percent of the world's population is fat or overweight. According to the CDC, roughly 93 million Americans over the age of 20, or nearly 40% of the U.S. population, have excessive cholesterol, putting them at an elevated risk of heart disease and stroke. Western European countries with the highest cholesterol levels in the world, such as Greenland, Iceland, Andorra, and Germany, have mean blood total cholesterol levels of roughly 5.5 mmol/L.Early study suggests that consuming chitosan orally may lower cholesterol, aid to repair anemia, and enhance physical strength, appetite, and sleep in persons on hemodialysis who have renal failure.

Challenges

The imposition of ban on the import/export

One aspect that was not considered in its conclusions, but which is expected to have a substantial impact on world commerce, is a proposed ban on shrimp imports from India by the European Union. This country is the world's second-biggest producer of farmed shrimp and the largest source of imports to the Netherlands and the United Kingdom. Following ten years of concerns about the presence of antibiotics in shrimp, India's pre-export control process will be audited in November. During this procedure, all cargoes going for the EU must be scrutinized, and the EU Commission last year boosted its own inspection regime on consignments from India from 10% to 50%.

Despite guarantees from Indian officials, 11 examples of noncompliance, mainly with nitrofurans, have been registered since the beginning of the year. As a result, the EU has reached the end of its patience, and if the upcoming audit uncovers ongoing flaws in the system, a ban is a very real prospect.

Report Highlights

• Based on the sources, the Chitosan market is dominated by shrimp followed by crab. Shrimp is considered the primary source of chitosan because it contains approximately 25% to 40% chitin, whereas crab shell contains approximately 15% to 20%.
• The waste water segment is the most prominent segment in the market which contributed largest share in the Chitosan market. Nations have enacted stringent regulations prohibiting the pollution of naturally occurring water bodies and the illegal discharge of wastewater which will create a positive impact on the Chitosan market.

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Recent Developments

• Bioavanta-Bosti, a pioneer in chitosan nanoparticle research, introduced Novochizol in March 2020, a novel chitosan nanoparticle technology that can be utilised to transport and limit any prospective anti-COVID-19 medicine to the lungs of critically ill patients.
• In March 2021, the University of Brasilia, in collaboration with the University of Campinas, Brazil, Centro de Pesquisa em Biotecnologia Ltda, Hospital Regional da Asa Norte (HRAN), Hospital da Regio Leste (HRL), and Hospital Universitário de Brasilia (HUB/UnB), was conducting the VESTA clinical trial to assess the effectiveness of a novel respirator with chitosan nanoparticles.

Segments Covered in the Report

By Source

• Shrimps
• Prawns
• Crabs
• Other Sources

By Application

• Water treatment
• Cosmetics
• Pharmaceutical and Biomedical
• Food and Beverage
• Other Applications
  
  

By Geography

• North America
• Europe
• Asia Pacific
• Rest of the World

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