Chitosan Market Value to Reach US$ 23.2 Bn by 2031, Transparency Market Research Inc.

WILMINGTON, DE / ACCESSWIRE / January 12, 2023 / Transparency Market Research Inc. - According to a study published by Transparency Market Research, the global chitosan market is projected to grow at a CAGR of 17.8% during the forecast period from 2021 to 2031.

Chitosan is a polysaccharide obtained by treating creatures, including shellfish, crabs, and lobsters, with alkaline products such as sodium hydroxide. Chitosan, a by-product of the fishery industry, is the second-most abundant polysaccharide in the world.

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Chitosan has been widely used as a dietary supplement to help consumers suffering from weight issues. Chitosan contains insoluble fibers that help reduce weight. Chitosan supplements have also helped to improve digestion. Few key factors triggering the chitosan demand in different application areas are the non-toxic, biodegradable, and adsorption features of the product.

New product launches could help leading market players generate new revenue streams and gain an edge over other players. For instance, in March 2020, Bioavanta-Bosti announced the launch of a new chitosan nanoparticle technology that has been used to confine and deliver anti-coronavirus drugs to the lungs of patients who are unwell. Furthermore, prominent chitosan market players could collaborate with other players to expand their presence and improve their revenue shares.

Chitosan Market - Key Findings of Report

Increase in Demand for Water Treatment Purpose Boosting Industry Growth: In terms of application, the market is divided into cosmetics, water treatment, industrial, biomedicine & pharmaceuticals, food & beverages, and agrochemicals,. The water treatment segment holds the largest market share since chitosan has been extensively used to absorb large metal ions. Increase in consumer demand for high quality drinking water across the globe has fueled the chitosan demand. Additionally, favorable government policies for using chitosan and imposition of regulations pertaining to water treatment have boosted the demand for chitosan and propelled the global market.

Chitosan Market-Key Drivers

• Rise in demand from biomedicine and pharmaceutical industries to synthesize drugs is driving the global chitosan market
• Increase in government expenditure on water purification technology is fueling chitosan demand and boosting market growth
• Growth in demand for eco-friendly solutions for crop disease management is expected to augment market demand during the forecast period
• Increase in awareness about healthy eating habits across the world is expected to propel chitosan demand and trigger market development during the forecast period

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Chitosan Market-Regional Insights

• The market in North America is growing rapidly due to rise in chitosan demand for wastewater treatment and increase in chitosan usage in biomedical application areas in the U.S. and Canada
• Asia Pacific is anticipated to offer profitable business opportunities for leading players during the forecast period due to growth in agriculture industry, presence of small and medium-sized companies, and favorable government policies for fishery industry in both developed and developing economies such as China and India
• The market in Europe is anticipated to grow strongly during the forecast period because of surge in awareness about maintaining good health among population sections residing in Germany and the U.K.

Chitosan Market-Key Players

The global market is competitive with the presence of several international and local players. New players entering the market are likely to intensify the competition during the forecast period.

Leading chitosan market players are investing in research and development activities to produce improved products that meet customer requirements in different end-use industries. Rise in demand for improved chitosan products could aid industry growth.

Prominent players in the market are Biothera, FMC Health and Nutrition, GTC Bio Corporation, PT Biotech Surindo, and Primex EHF.

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The global chitosan market is segmented as follows:

Application

• Water Treatment
• Biomedicine & Pharmaceuticals
• Industrial
• Food & Beverages
• Cosmetics
• Agrochemicals
• Others (Including Fuel Cells and Photographic Products)

Regions Covered

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America

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