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Press Release: Chitosan Market to reach around US$ 13,232.7 million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Chitosan is a derivative of chitin that is extracted from shells of aquatic species such as lobsters, shrimps, and crabs. Chitosan is widely used in dietary supplements as it inhibits the lipid absorption in the gastrointestinal tract. It is also used in various healthcare applications due to biodegradability and biocompatibility properties. It is used in hemostatic dressing in order to treat wounds owing to its anticoagulant properties.
The global chitosan market is estimated to account for US$ 3,573.1 Mn in terms of value and 53,806.0 Tons in terms of volume by the end of 2019.
Drivers:
The growing demand for chitosan as a flocculant in the water treatment industry is primarily fueling the market growth of the chitosan. It is an effective coagulant for treating wastewater. Moreover, it is also used as a chelating agent where it easily binds to highly toxic heavy metals present in the wastewater. Chitosan is broadly used in wastewater treatment due to its biodegradability and non-toxic nature.
Increasing demand for chitosan from dental applications is augmenting the market growth. It is used to manufacture mouthwashes, toothpaste, and chewing gums owing to its anti-decay and anti-plaque properties. It hides the unpleasant taste of silicon oxide, the main ingredients present in the toothpaste. Moreover, chitosan is also used in the dental filler materials which is further projected to bolster the market growth.
Figure 1. Global Chitosan Market Share (%) in terms of Value, By Region, in 2019
Asia Pacific region dominated the global chitosan market in 2019, accounting for 50.6% share in terms of value.
Market Restraints
Strict regulations associated with shrimp farming is projected to hamper the market growth of the chitosan. Moreover, shrimp peeling units and shellfish processing plants generate lots of wastes which is again expected to inhibit the market growth of the chitosan.
The high cost of production of chitosan is projected to hinder the market growth. According to the Coherent Market Insights analysis, the cost of production of average-grade chitosan ranges between USD 8 per kg to approximately USD 12 per kg. Also, the process is time-consuming and complex due to various stages that are further expected to restrict the market growth of the chitosan.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2019: | US$ 3,573.1 Mn |
| Historical Data for: | 2016 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 17.7% | 2027 Value Projection: | US$ 13,232.7 Mn |
| Geographies covered: |
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| Companies covered: |
GTC Bio Corporation, KitoZyme S.A., Biothera, Golden-Shell Pharmaceuticals Co., Ltd., FMC Health and Nutrition, Panvo Organics Pvt. Ltd., Heppe Medical Chitosan GmbH, Primex ehf, PT Biotech Surindo, Xianju Tengwang Chitosan Factory |
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Market Opportunities
The growing use of chitosan from the agriculture industry is projected to offer new market opportunities over the forecast period. Chitosan is used in the fertilizers and controlled agrochemical release due to its antifungal properties. Moreover, growing research and development in the field of chitosan nanoparticles to expand its use in novel applications is further anticipated to foster the market growth of the chitosan over the forecast period.
Increasing production of fish, shrimp, and other aquatic species in the Asia Pacific region is projected to offer lucrative market opportunities to the market in the near future. According to The National Fisheries Development Board, in India, total fish production during 2017-2018 is estimated to be 12.60 million metric tons, of which nearly 65% is from the inland sector and about 50% of the total production is from culture fisheries and constitutes about 6.3% of the global fish production.
Figure 2. Global Chitosan Market– Opportunity Analysis
Market Trends/Key Takeaways
Growing consumption of packaged food products is a rising trend due to the hectic lifestyle and increasing disposable income of the consumers. It is used as an antimicrobial agent in food processing industries. The expansion of the food industry due to increasing spending by consumers on the food products coupled with the rising demand for convenience and packed food products are again expected to propel the market growth of the chitosan.
Increasing investment by manufacturers on developing safe and cost-effective production technologies is one of the major trend. Also, the growing focus of manufacturers on developing a wide range of chitosan products coupled with the increasing focus of the manufacturer to an established new plant near coastal areas is further projected to augment the market growth over the forecast period.
Figure 3. Global Chitosan Market Share (%) in terms of Value, By Application, in 2019
On the basis of application in 2019, the biomedicine & pharmaceuticals segment has accounted the largest market share of 40.8% in terms of value, followed by cosmetics and water treatment segment respectively.
Global Chitosan Market - Impact of Coronavirus (Covid-19) Pandemic
The chitosan market is expected to grow at a significant rate during the forecast period as the demand for medicine and pharmaceutical industry is rising. The demand for pharmaceutical products due to the coronavirus has peaked thereby, increasing the demand for chitosan market.
Value Chain Analysis
Competitive Section:
Company Names
Chitosan is extracted from shells of aquatic species such as lobsters, shrimps, and crabs and is derive from chitin. Chitosan is widely used in dietary supplements as it inhibits the lipid absorption in the gastrointestinal tract. It is also used in various healthcare applications due to biodegradability and biocompatibility properties. It is used in hemostatic dressing in order to treat wounds owing to its anticoagulant properties.
Market Dynamics
Chitosan is also used in the dental filler materials which is further projected to bolster the market growth. Chitosan is gaining traction in the healthcare industry where it is used in the manufacturing of bio-based products for wound care management.
Increasing demand for chitosan from dental applications is augmenting the market growth. It is used to manufacture mouthwashes, toothpaste, and chewing gums owing to its anti-decay and anti-plaque properties. The growing demand for chitosan as a flocculant in the water treatment industry is primarily fueling the market growth of the chitosan.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
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