As per the analysis reports, the global Chitosan Industry is estimated to thrive at a healthy CAGR of over 7.1% during the review timeframe. The report further predicts that the market will acquire over USD 7.35 billion by 2024.
Chitosan refers to a linear polysaccharide, and it is obtained by treating the chitin shells of shrimp and other crustaceans using an alkaline substance, such as sodium hydroxide. The global Chitosan Industry has registered enormous growth in the last few years. The market's growth is primarily attributed to the increasing demand from the cosmetics and personal care industries across the globe. Furthermore, the factors such as increasing scope for application in wastewater treatment, wide use of chitosan in food products beverages, and growing adoption in agriculture industries are also projected to boost the demand for the market over the coming years. on the other hand, the abundant availability of raw materials and high production cost is projected to have an adverse impact on the market's growth.
Segment Analysis
The global Chitosan Industry has been fragmented into several segments based on source, application, and region.
Based on the source, the Chitosan Industry is split into fungi, shrimps, lobsters, crabs, prawns, and others.
Based on application, the global Chitosan Industry is split into agriculture, food beverages, cosmetics personal care, pharmaceuticals nutraceuticals, and others.
Regional Analysis
The global Chitosan Industry is analyzed across five major regions: North America, Latin America, Asia-Pacific, Europe, and the Middle East Africa.
The MRFR analysis suggests that the North American region is projected to lead the global Chitosan Industry over the assessment era. The regional market's growth is mainly credited to the growing demand for naturally derived water treatment chemicals across the region. In addition, the presence of prominent market players using chitosan in personal care products and food products is another crucial factor causing an upsurge in the regional market's growth. Furthermore, the growing applications for chitosan in the cosmetics and baked food market are likely to catalyze the demand for chitosan over the assessment timeframe.
The Chitosan Industry for the Asia-Pacific region is likely to record the highest growth rate over the forecasted timeframe. The regional market's growth is mainly credited to the presence of a large number of chitosan manufacturers across China and Japan. Furthermore, the easy availability of raw materials is another major aspect boosting the regional market's growth. In addition, the factors such as the increasing application of chitosan in several end-user industries and speedy urbanization across the developing nations are projected to positively impact the regional market's growth over the assessment timeframe.
Competitive Analysis
The global Chitosan Industry has a strong and competitive landscape. The players worldwide are implementing numerous growth policies such as mergers, strategic collaborations, etc., in order to grow their global market footprint. In addition, the growing number of research development activities in the field to launch innovative solutions is set to encourage new entrants to enter the global Chitosan Industry. the global Chitosan Industry has prominent players such as Jinan Haidebei Marine Bioengineering Co. Ltd. (China), Dainichiseika Color Chemicals (Japan), Golden-Shell Pharmaceutical Co. (China), Xianju Tengwang Chitosan Factory (China), Zhejiang Golden-Shell Pharmaceutical Co., Ltd. (China), G.T.C. Bio Corporation (China), Advanced Biopolymers AS (Norway), Heppe Medical Chitosan GmbH (Germany), P.T. Biotech Surindo. (Indonesia), Dupont Corporation (U.S.), Primex ehf (Iceland), Panvo Organics Pvt., Ltd. (India), KitoZyme S.A. (Belgium), Taizhou City Fengrun Biochemical Co., Ltd. (China), and BIO21 Co., Ltd. (Thailand) among several others.
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Recent Developments
- March 2022- the leading innovator of chitosan chemistry solutions for water treatment, agriculture, and textile, Tidal VisionProducts, Inc., has announced that it has officially been certified by N.S.F. International for selling naturally derived, biodegradable chitosan product, Tidal Clear™ PW, to drinking water treatment facilities. The move signifies an industry shift in drinking water treatment processing, where the non-biodegradable aluminum-based coagulants are still in use.
- March 2022- Tidal Vision, a firm that got a financial boost from the Port of Bellingham, is set to make a big splash in the water treatment industry. The company has introduced a technique of extracting a biopolymer called chitosan from crab shells.
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