Report Code: A01409 | Pages: 231 | Jun 2020 | 25101 Views | ||
Author(s) : Pratik M , Eswara P | Tables: 150 | Charts: 34 |
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Request Now !The global chitosan market size was valued at $1.7 billion in 2019, and is projected to reach $4.7 billion by 2027, growing at a CAGR of 14.5% from 2020 to 2027.
Chitosan is a polysaccharide derivative of chitin obtained from shells of marine animals such as shrimps, lobsters, crabs, and others. Commercial chitosan is produced through deacetylation of chitin that is extracted from crustacean shell waste. Chitosan restricts lipid absorption in gastrointestinal tract; thus, it is widely used in dietary supplements. Due to biocompatibility and biodegradability properties it is widely used in healthcare application. The anticoagulant properties of chitosan makes it suitable for hemostatic dressing to treat wounds. In addition, it is also used as a bio pesticide in the agriculture to restrict pathogenic impacts on trees & plant growth promoter and for water treatment. Furthermore, it is also used in polyurethane paints & coatings, bio printing of organs, and as a food preservative.
The global chitosan market is driven by the growth in waste from the seafood industry, increase in applications of chitosan, and support from the government toward waste utilization. The shell waste is processed into chitin and other high-value products. Chitosan extracted from crustaceans such as crabs, shrimp, and lobster is widely applicable in reducing body weight due to its lipid absorption property. Furthermore, growing application of Chitofelx in hemostatic dressing due to its anticoagulant properties is expected to drive the market growth. In addition, rise in demand for bio-based cosmetic products is also expected to propel the market growth during the forecast period. However, high cost of bulk production for water treatment may hamper this market growth. Nonetheless, rise in number of new sources for commercial chitosan such as fungi, snail, and other molluscs may replace the conventional sources such as crab, shrimp in case of shortage for marine waste. Easy availably of fungi waste in agriculture and artificial production of fungi through cheap nutrients by simple chemical procedures may create lucrative opportunities for the chitosan market growth.
The chitosan market is segmented on the basis of source, application, and region. On the basis of source, it is divided into shrimp, crab, krill, squid, and others. Based on application, it is categorized into water treatment, biomedical & pharmaceuticals, cosmetics, food & beverages, and others. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA, with country level analysis of each region.
Major players have adopted product launch, business expansion to sustain the intense market competition. The key players profiled in the report include Advanced Biopolymers AS (Norway), Heppe Medical Chitosan GmbH (Germany), G.T.C. Bio Corporation (China), Primex ehf (Iceland), Kitozyme S.A. (Belgium), Novamatrix (Norway), Agratech International, Inc. (U.S.), Golden-Shell Pharmaceutical Co. Ltd. (China), Qingdao Yunzhou Biochemistry Co. Ltd. (China), and Panvo Organics Private Ltd.
Asia-Pacific accounted for the highest chitosan market share, owing to easy availability of crustacean waste in coastal areas. Moreover, crustaceans are produced and consumed in China, Japan, and Thailand in large quantities, which makes crustacean shell waste readily available in this region. North America is expected to witness significant growth, owing to increase in adoption of chitosan-based biomedical and pharmaceutical products, including bandages and weight loss supplements
The shrimp chitosan segment accounted for the highest revenue share in 2019, owing to the large demand of shrimp chitosan for water treatment and in food and beverages industry. Chitosan originated from shrimp cell is biocompatible and biodegradable as well as nontoxic unlike other chemical products. Furthermore, easy availability of shrimps reduces the manufacturing cost of Chitosan; thus, making it widely available that will enhance the market growth. The crabs chitosan segment is expected to witness highest market growth due to growing utilization of crab waste in plantation to maintain soil biodiversity. According to industry experts, the application of Chitosan in plants can further simulate plant growth providing better outcome than non-treated plants. For instance, according to a report by International Journal of Current Microbiology and Applied Sciences, the average height for 70% chitosan and 30% non-treated plants were 27.8 and 21.7 cm, respectively
The water treatment segment accounted for the highest revenue share in 2019, owing to growing application of chitosan as coagulant in waste water treatment processes due to its biodegradable nature and effectiveness in removing toxic materials. Chitosan, being a biomaterial, is the preferred choice for water treatment plants across the globe due to high purity percentage compared to conventional water treatment methods, such as sand filtration. The food & beverages segment is expected to witness steady growth due to growing demand for chitosan to improve the quality and shelf life of food products of agriculture, poultry, and marine origin.
Key Benefits For Stakeholders
Chitosan Market Report Highlights
Aspects | Details |
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By SOURCE |
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By APPLICATION |
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By Region |
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Key Market Players | PANVO ORGANICS PVT LTD, Qingdao Yunzhou Biochemistry Co., Ltd, NOVAMATRIX, AGRATECH INTERNATIONAL, INC, GOLDEN-SHELL PHARMACEUTICAL CO. LTD, HEPPE MEDICAL CHITOSAN GMBH, PRIMEX EHF, G.T.C. BIO CORPORATION, KITOZYME S.A, ADVANCED BIOPOLYMERS AS |
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The global chitosan market is anticipated to grow at a significant rate during the forecast period. According to the perspectives of CXOs of leading companies, abundant raw material availability and emerging applications of chitosan, especially in biomedical & pharmaceuticals and water treatment, are projected to drive the market growth during the forecast period. However, product inconsistency and high product cost of chitosan may restrain the market growth. Furthermore, the use of chitosan as a bioplastic and nanomaterial creates several growth opportunities for present as well as other companies willing to enter the chitosan market. Nonetheless, application of metabolic engineering in enhanced production of commercial chitosan from micro-organism such as fungi may compete with the existing sources; thus, attracting new customer segments.
A. Market value of chitosan market was $1.7 billion in 2019.
A. The market CAGR value of chitosan market is 14.5% during the forecast period
A. Shrimp chitosan holds the maximum share of the chitosan market.
A. Growth of chitosan market in 2027 will be 18.0%.
A. Chitosan market is in expansion phase. Abundant raw material availability and emerging applications of chitosan, especially in biomedical & pharmaceuticals and water treatment, are projected to drive the market growth during the forecast period
A. Abundant raw material availability, Growing awareness towards the advantages of chitin, chitosan, emerging applications from end-use industries and high production cost are the chitosan market effecting factors.
A. Crabs chitosan segment is the most influencing segment in the chitosan market report.
A. Asia-pacific will provide more business opportunities for chitosan market in coming years.
A. Food and beverage industries, cosmetics, biomedical and pharmaceutical are the potential customers of chitosan industry.
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