Overview and Scope
Chitosan is obtained from the outer skeleton of crustaceans and the cell walls of certain fungi. Chitosan can be used as a medicine and for manufacturing certain drugs. It is used for high blood pressure, wound healing, obesity, high cholesterol, and various other purposes. Due to its biodegradable nature, chitosan is also used for the development of antimicrobial films for food packaging.
Sizing and Forecast
The chitosan market size has grown exponentially in recent years. It will grow from $7.24 billion in 2023 to $8.7 billion in 2024 at a compound annual growth rate (CAGR) of 20.2%. The growth in the historic period can be attributed to seafood processing waste, biomedical applications, increased use in agricultural sector, food and beverage industry, paper and pulp industry, metal ion chelation.
The chitosan market size is expected to see exponential growth in the next few years. It will grow to $18.61 billion in 2028 at a compound annual growth rate (CAGR) of 20.9%. The growth in the forecast period can be attributed to bioplastics development, nutraceuticals and dietary supplements, environmental concerns, agricultural biostimulants, functional food ingredients, regulatory support. Major trends in the forecast period include water filtration technologies, chitosan derivatives and modifications, chitosan nanoparticles in drug delivery, chitosan in biomedical scaffolds, chitosan in tissue engineering.
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Segmentation & Regional Insights
The chitosan market covered in this report is segmented –
1) By Grade: Pharmaceutical Grade, Industrial Grade, Food Grade
2) By Source: Shrimp, Squid, Crab, Krill, Other Sources
3) By Application: Water Treatment, Food and Beverages, Cosmetics, Medical and Pharmaceuticals, Agrochemicals, Other Applications
Asia-Pacific was the largest region in the chitosan market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the chitosan market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increase in requirements for wastewater treatment across the globe is expected to propel the growth of the chitosan market. Wastewater treatment has been defined as the process of removing impurities from wastewater before it reaches natural bodies or aquifers such as oceans, lakes, and rivers. Chitosan is widely used for wastewater treatment as it helps in heavy metal or metalloid adsorption, the removal of dyes from industrial wastewater, and the removal of other organic pollutants such as organic oxidants, oil impurities, and organochloride pesticides. For instance, in 2021, according to a study conducted by the Utrecht University, a Netherlands-based public research university, and the United Nations University, a Japan-based research and study university, the wastewater produced globally each year stands at 359 billion cubic meters, of which approximately 48 percent of that water is released untreated into the environment. Therefore, the growth in requirements for wastewater treatment across the globe is driving the chitosan market growth.
Key Industry Players
Major companies operating in the chitosan market report are Advanced Biopolymers AS, FMC Corporation, Kyowa Hakko Bio Co. Ltd., Dainichiseika Color & Chemicals Mfg. Co. Ltd., IFF NovaMatrix, Marshall Marine Products, Protandim, Golden-Shell Pharmaceutical Co. Ltd., KIMICA Corporation, Xianju Tengwang Chitosan Factory, Marine Biopolymer Technologies Inc. (MBT), Bio-Gate AG, Axio Biosolutions, Heppe Medical Chitosan GmbH, Amano Enzyme Inc., Panvo Organics Pvt Ltd, Agratech International Inc., Qingdao Yunzhou Biochemistry Co. Ltd., Meron Biopolymers, NovaTech Nutrition, G.T.C. Bio Corporation, Kitozyme S.A., Kraeber & Co. GmbH, Qingdao BZG Bio-Tech Co. Ltd., PT Biotech Surindo, Biophrame Technologies, Primex BioProducts, Chitofrance, Yishan Marine Biological Products Co. Ltd., Qingdao Haihui Marine Bioengineering Co. Ltd.
The chitosan market report table of contents includes:
1. Executive Summary
2. Chitosan Market Characteristics
3. Chitosan Market Trends And Strategies
4. Chitosan Market – Macro Economic Scenario
5. Global Chitosan Market Size and Growth
…..
32. Global Chitosan Market Competitive Benchmarking
33. Global Chitosan Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Chitosan Market
35. Chitosan Market Future Outlook and Potential Analysis
36. Appendix
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