Pune, India, Aug. 02, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “Chitosan Market Size Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Grade, Application, Source, and Geography,” the chitosan market is expected to grow from $1.76 billion in 2018 to $4.69 billion by 2027; it is estimated to grow at a CAGR of 11.5% from 2019 to 2027.
Chitosan is fibrous substance and commonly used polysaccharide for wide range of applications such as pharmaceuticals, cosmetics, food processing and water treatment, among others. The demand for chitosan is rising due to growing product launches in drugs, cosmetics, pharmaceutical, and food and beverages industries. The increased consumption of chitosan in the developed and developing regions is expected to provide a growth opportunity for the chitosan market during the forecast period. High utilization of chitosan across end-use industries specifically, pharmaceutical and nutraceutical industry can be attributed to its properties such as biocompatibility, biodegradability, non-toxic, wound healing properties and anti-microbial characteristics.
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Global Chitosan Market: Competitive Landscape and Key Developments
key players operating in the chitosan market include, Advanced Biopolymers AS, KitoSano SL, FMC Corporation, GTC Bio Corporation, Golden-Shell Pharmaceuticals, Heppe Medical Chitosan GmbH, Panvo Organics Pvt Ltd, Primex EHF, Qingdao Yunzhou Biochemistry Co Ltd, and Kitozyme LLC, among others.
Based on grade, the chitosan market has been segmented into industrial grade, food grade, and pharmaceutical grade. The food grade segment is the faster growing segment with a higher CAGR during the forecast period. Chitosan grabs attention as a potential food preservative of natural origin owing to its superior antimicrobial activities as compared to a wide variety of foodborne filamentous yeast, fungi, and bacteria. Chitosan is applied as a coating to bread for the extension of the shelf life of bread as it retards the starch retrogradation or inhibits the microbial growth on the bread. Chitosan also enhances emulsification during the process of mayonnaise preparation. The antioxidant and antibacterial capacity of chitosan helps in retarding the liquid oxidation and prevents the growth of spoilage bacteria in meat during the storage.
The chitosan market is segmented into five main regions—North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. In 2018, Asia Pacific dominated the market in terms of revenue, while the North America region is expected to be the fastest-growing region during the forecast period. Factors such as rapid development of end-use industries such as water treatment, food and beverages, biomedical and pharmaceuticals, and cosmetics in Japan, China, India, and South Korea are boosting the demand for chitosan in the Asia Pacific region. Furthermore, supporting government scenarios in Asian countries is projected to drive the demand for chitosan. For instance, products such as glucosamine and chit oligosaccharides are considered safe for use in dietary supplements, according to the Korea Food & Drug Administration. Likewise, in Japan, it is filed on the food additives in the list provided by The Japan Food Chemical Research Foundation.
Impact of COVID-19 Pandemic on Chitosan Market
The onset of pandemic caused a domestic lockdown in the several countries globally, led to immediate decline in the economy, slowdown in the global demand for trade, expansion strategies and disruption in supply chain. Subsequently, these factors hampered the manufacturing, delivery schedules, and sales of various goods. Food and beverages industry announced slowdown of manufacturing operations and shutdown and projected a slump in the sales of chitosan. In addition, trade restrictions imposed by countries in Europe, Asia Pacific, and North America disrupted the supply chain. All these factors hampered the progress of the food & beverages industry. The shortage of manpower and a temporary sales halt, caused due to lockdowns and government restrictions further negatively affected the market. Thus, major companies in the chitosan market were hit hard during initial phase of pandemic, due to sudden government restrictions on manufacturing of non-essential commodities such as cosmetics. The prevalence of COVID-19 outbreak, was followed by a severe disruption in supply chains due to the imposition of lockdowns and trade bans. This created a significant shortage of raw materials, hampering the production activities of various end-use industries globally.
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In 2021, the global marketplace began recovering from the losses incurred in 2020 as governments of different countries announced relaxation in social restrictions. Manufacturers were permitted to operate at full capacities, which helped them overcome the demand-supply gap. The pharmaceuticals, and food and beverages industry began recovering, as a result of rising demand for food products and medicines. The demand for innovative food & beverage products with specific nutritional profiles and organic, gluten-free, and GMO-free characteristics increased. Moreover, rising vaccination rates contributed to improvements in the overall conditions in different countries, which led to conducive environments for industrial and commercial progress.
The "Chitosan Market Analysis to 2027" is a specialized and in-depth study of the food & beverages industry, focusing on the chitosan market trend analysis. The report aims to provide an overview of the market with detailed segmentation. The chitosan market is segmented on the basis of grade, source, application, and geography. Based on grade, the market is segmented into industrial grade, food grade, and pharmaceutical grade. Based on source, the chitosan market is segmented into shrimp, prawns, insects, crab, and others. Based on application, the market is segmented into water treatment, food and beverages, biomedical and pharmaceuticals, cosmetics, and others. Based on geography, the market is segmented into five main regions—North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. In 2018, Asia Pacific dominated the chitosan market, and North America is expected to register the highest CAGR in the market during the forecast period. Several domestic and international pharmaceutical and food companies have a strong foothold in the North America. Consumers in developed countries such as the US and Canada have transitioned towards a healthy lifestyle and prefer products that provide health benefits. Therefore, the increasing health concern among consumers drives the growth of the chitosan market in North America.
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