New York, United States , Nov. 17, 2022 (GLOBE NEWSWIRE) -- The Global Chitosan Market Size to grow from USD 2.6 billion in 2021 to USD 8.45 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 15.0% during the forecast period. One of the key drivers of Chitosan market expansion is the rising demand from various end-use sectors, including the food and beverage industry, the pharmaceutical industry, the wastewater treatment process, etc. Additionally, the growing number of product applications in developing regions will significantly influence the global market share for chitosan powders.
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The COVID-19 outbreak has negatively impacted credit portfolios. The enormous growth has hampered the solvency of customers and businesses in unemployment and interruption of economic activity. Central banks have adopted a proactive strategy of injecting money into the market by decreasing interest rates and implementing asset purchase programmes. With persistent geopolitical tensions, global trade battles, and sporadic hurricanes and earthquakes, managing and monitoring credit, market, liquidity, and operational risk across financial markets was challenging enough. Chief risk officers and their teams have had to reevaluate outdated methods and assumptions used to manage and monitor risk due to the present pandemic crisis. The global repercussions of COVID-19 have demonstrated the significance of interconnection in international cooperation. As a result, many governments have been hurrying to find, assess, and buy trustworthy AI-powered solutions.
The Shrimps segment to account for the largest market size during the forecast period
Based on the Source, the global Chitosan Market is categorized into Shrimps, Prawns, Crabs, Lobsters, Fungi and Others. The Shrimps segment to account for the largest market size during the forecast period. The Shrimps segment is anticipated to be the leading category during the forecast period. In comparison to other segments like shrimps are in high demand in the market. Chitosan is an antibacterial, biocompatible, and environmentally friendly polyelectrolyte biomaterial from shrimp shells. It has various uses, including chromatography, water treatment, cosmetic additives, and antimicrobial treatment of textiles. Additionally, chitosan derived from shrimp is utilised in the creation of innovative fibres for textiles, biodegradable films, photographic papers, and biomedical devices, as well as microcapsule implants for the controlled release of pharmaceuticals.
Browse key industry insights spread across 200 pages with 118 market data tables and figures & charts from the report “Global Chitosan Market Size, Share, and COVID-19 Impact Analysis By Source (Shrimps, Prawns, Crabs, Lobsters, Fungi and Others), By Application (Water Treatment, Cosmetics & Toiletries, Food & Beverage, Healthcare/Medical, Agrochemical, Biotechnology and Others), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2021 – 2030.” in detail along with the table of contents.
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The Food & Beverage segment to hold a higher CAGR during the forecast period.
Based on the Application, the Chitosan Market is categorized into Water Treatment, Cosmetics & Toiletries, Food & Beverage, Healthcare/Medical, Agrochemical, Biotechnology and Others. The Food & Beverage segment to hold a higher CAGR during the forecast period. Throughout the forecast period, the Food & Beverage segment is anticipated to maintain its leading position while expanding at the fastest CAGR. According to the Chitosan market forecast, the Food & Beverage sector will likely experience rapid growth in the years to come. Chitosan's capacity to form films makes it useful for immobilizing enzymes and creating biodegradable films and coatings. Due to its antibacterial properties, the substance is frequently employed as a food preservative and shelf-life extender. Due to its effects on hypocholesterolaemia, the product is now extensively used as a dietary supplement for weight loss. Rising youth health concerns have sparked demand for dietary supplements, particularly in the U.S. and European nations. This need will increase product demand and so probably contribute to the overall size of the chitosan market throughout the projected period.
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Asia-Pacific is estimated to account for the highest market share in 2021
The Global Chitosan Market has been segmented into five major regions: North America, Europe, Asia-Pacific, South America, The Middle East and Africa. The rising acceptance by the market are driving the demand for Chitosan. The chitosan market was dominated by the Asia Pacific region. One of the main reasons influencing chitosan demand is the simplicity with which its raw material, collected as a waste product from the fishing industry, is made available. One of the most significant industries in Asia and the Pacific is fishing. The Asia-Pacific has long controlled the shrimp market. North America to hold a higher CAGR during the forecast period.
Key Companies & Recent Developments: The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Chitosan Market include Primex EHF, Heppe Medical Chitosan GmbH, Vietnam Food, KitoZyme S.A., Agratech, Advanced Biopolymers AS (Norway), BIO21 Co., Ltd., G.T.C. Bio Corporation, Taizhou City Fengrun Biochemical Co., Ltd., Zhejiang Golden-Shell Pharmaceutical Co., Ltd., Biophrame Technologies, Heppe Medical Chitosan GmbH, Meron Biopolymer, Qingdao Yunzhou Biochemistry Co., Golden-Shell Pharmaceutical Co. Ltd, and FMC Corp and others 20+ prominent key players we have added in the final report.
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