Chitin is the second-most abundant organic compound in nature and naturally occurs as a fibre forming polymer that plays a protective role in many lower eukaryotes similar to that of cellulose in plants. It is a long chain unbranched polysaccharide consisting of N-acetylglucosamine residues connected through β1,4 covalent bonds. Chitin plays an important role in biological structures such as insect peritrophic matrix, fungal cell walls, crustacean cuticles, cyst wall of protozoa and eggshells from nematodes. Owing to the varied characteristics chitin derivatives, such as chitooligosaccharides have many biotechnological applications. Chitin derivatives are also extensively used in areas which include biomedicine, pharmaceutical and food technology and agro-biosciences.
The main sources for chitin are cuticles of various crustaceans, mainly shrimps and crabs. Chemical demineralization and deproteinization are generally used methods for chemical extraction of chitin. The chitin which is present in the crabshell enables soil organisms to secrete enzymes called chitinases. Chitanases degrade chitin, which is a constituent of flea egg shells. The occurrence of chitin in the fertilizer turns it into a natural biopesticide, which makes it non-toxic to animals, fish, birds and plants.
Chitin Market Taxonomy
On the basis of product type, the global chitin market is classified into:
On the basis of end-use industry, the global chitin market is classified into:
Chitin is widely used in healthcare industry due to properties such as renewable origin, biocompatibility, non-allergenicity, non-toxicity, and biodegradability in the body Owing to excellent biological activities such as antifungal, anticholesteremic agent, antitumor, antibacterial, antithrombogenic, immunoadjuvant, and bioadhesivity, chitin is widely used as a hydrating agent and absorption promoter. It also used for applications such as film production and wound healing. Chitin is also used as an excipient and drug carrier in gel, film, or powder form for many applications including mucoadhesivity.
Chitin Market Outlook – Rising Demand in Healthcare and allied Industries to be the Major Market Driver
Asia Pacific and North America are expected to be the most potential markets for chitin manufacturers. This owing to the rapidly growing healthcare industry coupled with growing medical tourism in developing countries such as India. According to IBEF, Indian healthcare industry is expected to reach at USD 280 billion by 2020. In the Union Budget 2017-18 of India, the health budget was increased from USD 5.96 billion to USD 7.3 billion. The Indian healthcare industry is budding swiftly due to its firming coverage, services and high expenditure by public and private players. India Brand Equity Foundation (IBEF) is a Trust established by the Ministry of Commerce and Industry, Department of Commerce in collaboration with the Government of India with the purpose of promoting and creating international awareness of goods manufactured in India.
Extensive use in the healthcare industry is fueling the growth of chitin market, especially in Asia Pacific and Middle East regions. Insolubility of chitin is one of the restraining factors in the global chitin market. However, this is chitin is combined with chitosan to avoid these problem without affecting its application. Product innovation and expansion in various geographies is a key strategy adopted by the major players in the chitin market. In January 2015, Kerry Group plc, a global taste and nutrition company, acquired Wellmune from Biothera Inc. Wellmune is a natural food and beverage ingredient which helps to strengthen the immune system. Some of the major companies operating in the global chitin market include Biothera, Navamedic ASA, Kunpoong Bio Co. Ltd., Advanced Biopolymers AS, CarboMer Inc., Heppe Medical Chitosan GmbH, Sonat Co., United Chitotechnologies Inc., Meron Biopolymers, Dalian Xindie Chitin Co. Ltd., QBas Co., TaizhouCandorly Sea Biochemical & Health Products Co. Ltd and PrimexEhf.
Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:
In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.
Coherent Market Insights desk research is based on a principle set of research techniques:
Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:
Preliminary Data Mining
The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.
Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.
Coherent Statistical model
We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:
Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.
This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:
The primary research is conducted with the ecosystem players including, but not limited to: