According to a new report published by Allied Market Research, titled, “ Chitosan Market by Source, Application: Opportunity Analysis and Industry Forecast, 2020–2027”,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.
The emerging applications of chitosan from end-use industries; abundant chitosan sources; and rise in R&D regarding the use of chitosan in water treatment, cosmetics, and biomedical & pharmaceuticals sectors
are expected to steer the global chitosan market trend. However, high product cost and product inconsistency leading to market fragmentation may impede the global chitosan market share. In addition, application of fungal chitosan instead of conventional crab and shrimp chitosan in biomedical and health sectors is anticipated to create lucrative opportunities for the global chitosan market growth.
The chitosan market is segmented on the basis of source, application, and region. On the basis of source, the market is divided into shrimp, crab, krill, squid, and others. Crabs-based chitosan is expected to witness highest growth, owing to rise in application of crabs-based chitosan in restoring beneficial organisms in plant that attack, repel, or otherwise antagonize disease causing plant pathogens. Based on application, it is categorized into water treatment, biomedical & pharmaceuticals, cosmetics, food & beverages, and others. Water treatment emerged as the market leader due to its high purity percentage of
chitosan compared to conventional methods; thus, fueling the market demand. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the chitosan market industry are 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. These players adopted several strategies such as new product launch, agreement, acquisition, partnership, and expansion to sustain the intense competition in the market.
Key Findings Of The Study
The crab segment is projected to grow at the highest CAGR of approximately 19.8%, in terms of revenue, during the forecast period.
By application of chitosan, the water treatment segment is anticipated to grow with a CAGR of 15.9%, in terms of revenue, during the forecast period.
The shrimp chitosan segment dominated the market with highest revenue shares in 2019.
Based on region, Asia-pacific dominated the market with highest revenue shares.