New York, US, Sept. 28, 2022 (GLOBE NEWSWIRE) -- Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Chitosan Market Information by Source, Application, and Region- Forecast till 2030”, the market is estimated to acquire a size of over USD 8.7 Billion by the end of 2030. The report further predicts the market to thrive at a healthy CAGR of over 25.9% during the review timeframe.
Market Scope:
Chitosan, a linear polysaccharide, is obtained by applying an alkaline material, such as sodium hydroxide, to the chitin shells of shrimp and other crustaceans. There are several potential industrial and medical applications for chitosan. Uses for chitosan include those in the food and beverage business, the pharmaceutical and nutraceutical industries, the personal care industry, and the agricultural sector. When applied to seeds or used as a biopesticide, chitosan helps plants resist fungal diseases. Chitosan is used as a fining agent and antimicrobial in the beverage industry, notably in winemaking.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 8.7 Billion |
| CAGR | 25.9% (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | by Source, Application, Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing demand from the cosmetics industry |
| Rising scope of usage in waste-water treatment industry |
Competitive Dynamics:
The largest companies in this field finance research into more efficient and secure manufacturing processes. Market leaders are also working to diversify their product offerings by creating a wide variety of chitosan products that vary in purity and are therefore applicable across a variety of end-use sectors. In order to have quick and simple access to supplies, most significant corporations in the globe are situated near waterways.
- Primex ehf (Iceland)
- Heppe Medical Chitosan GmbH (Germany)
- KitoZyme S.A. (Belgium)
- Advanced Biopolymers AS (Norway)
- BIO21 Co., Ltd. (Thailand)
- G.T.C. Bio Corporation (China)
- Taizhou City Fengrun Biochemical Co., Ltd. (China)
- Zhejiang Golden-Shell Pharmaceutical Co., Ltd. (China)
- Panvo Organics Pvt., Ltd. (India)
- Xianju Tengwang Chitosan Factory (China)
- Dupont Corporation (US)
- Golden-Shell Pharmaceutical Co. (China)
- PT Biotech Surindo. (Indonesia)
- Dainichiseika Color & Chemicals (Japan)
- Jinan Haidebei Marine Bioengineering Co. Ltd. (China)
Market USP:
Market Drivers
Natural components like chitosan are predicted to see increased demand as people become more conscious of the harmful effects of conventional pesticides and seek for more eco-friendly methods for managing crop diseases. The expansion of the product's potential applications in waste-water treatment and the cosmetics industry should also contribute to the market's development. New, large-scale pharmaceutical manufacturing facilities have emerged in the area as restrictive laws that had previously prevented their construction were relaxed.
The substance has numerous agricultural uses, including as a fertilizer to regulate pesticide release, a coating material for fruits and vegetables, and a seed coating material, all of which work together to boost plant resistance and yield. The product's antibacterial and antifungal qualities also make it useful for combating seed-borne diseases. Because chitosan treatments for seeds produce physical barriers (films) surrounding the seed surface, the qualities of the seed are preserved.
The expansion of chitosan's potential uses in the cosmetics and personal care industries, as well as its use in wastewater treatment, are factors that are expected to drive the worldwide chitosan market forward. The widespread application of chitosan in the food and beverage sector, as well as in the agricultural sector, is also anticipated to contribute to the expansion of the chitosan market over the coming years. The fact that it has anticoagulant characteristics is also predicted to boost demand for hemostatic dressings. A further factor that is anticipated to drive market expansion during the forecast period is the increasing demand for cosmetics that are made from natural ingredients.
However, in the event of a shortage for marine debris, there has been an increase in the number of other sources for commercial chitosan, such as fungi, snails, and other molluscs. Profitable chances for the expansion of the chitosan market may arise as a result of the widespread availability of fungal waste in agriculture and the artificial creation of fungi through inexpensive nutrients by means of straightforward chemical techniques.
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Market Restraints
However, over the projection period, the total chitosan market size is expected to be hampered by restraints such as high manufacturing cost and abundant supply of raw materials.
COVID-19 Analysis:
It's anticipated that the chitosan industry will suffer as a result of the widespread spread of the COVID-19 pandemic. An economic downturn and a tightening of borders in a number of countries have hurt sales of personal care products like cosmetics and toiletries across the board.
Market Segmentation:
By Source
Given the increasing demand for shrimp chitosan in the water treatment and food and beverage industries in 2019, this subsegment is expected to generate the biggest revenue share in 2019. When compared to other chemical products, chitosan made from shrimp cells is superior since it is safe, biocompatible, and biodegradable.
By Application
The rising need for chitosan to enhance the quality and preservation of food products of agricultural, poultry, and marine origin is driving the industry's expansion in the food and drinks sector.
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Regional Analysis:
During the projected period, the chitosan market in North America is anticipated to be the largest regional market worldwide. Chitosan's market is predicted to rise due to the increasing need for water treatment chemicals generated from natural sources. Furthermore, the presence of major industry participants utilizing chitosan in food goods and personal care products in the region is fueling the expansion of the chitosan market there. The expansion of the chitosan industry in the region is being fueled in no small part by its increasing use in baked goods and cosmetics.
Throughout the projected time frame, Asia-Pacific will show the greatest chitosan industry CAGR. The expansion of the market is spurred by the abundance of chitosan producers in Japan and China and the convenience of sourcing raw materials there. The fast industrialisation of nations like India, China, and Thailand is also predicted to contribute to the expansion of the chitosan market in the area.
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