Chitosan Market Size is Estimated to USD 2,093.5 Million By 2028 |...

Chitosan Market Size is Estimated to USD 2,093.5 Million By 2028

Posted 2024-01-17 07:11:33

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Market Overview: In 2020, the global chitosan market was valued at USD 784.8 million and is projected to reach USD 2,093.5 million by 2028, with a compound annual growth rate (CAGR) of 12.9% during the forecast period.

Chitosan, a polysaccharide derived from chitin present in the waste of crustacean shells (such as lobsters, shrimps, prawns, and crabs) and white mushrooms, plays a crucial role in hindering the absorption of lipids in the gastrointestinal tract. This characteristic has led to a high demand for its incorporation into dietary supplements, contributing significantly to the expected growth in the global chitosan market.

Market Dynamics: Drivers: Chitosan's exceptional bio-compatibility and bio-degradability make it valuable in various healthcare applications. Its capacity to mask the bitter tastes of medicines and act as a carrier in controlled-release medication, along with its use in manufacturing chitosan-based hemostatic dressings, position it as a versatile compound. In agriculture, it functions as a bio-pesticide, preventing pathogenic impacts on plant growth promoters. The applications of chitosan extend to water treatment, polyurethane paints and coatings, bio-printing of human organs, and acting as a food preservative.

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The polymer's linear structure, a homo-polymer of N-acetyl glucosamine units and glucosamine linked by β (1–4) glycosides association, makes it beneficial in treating obesity, high cholesterol, hypophosphatemia, and anemia.

Restraints: Strict regulations concerning shrimp farming activities and limited awareness about chitosan among individuals may pose challenges to the global market's growth.

Market Insights: Grade Outlook: The industrial-grade segment dominates the market due to chitosan's non-toxic properties, making it suitable for industrial activities like water purification and agrochemicals. Additionally, it is cost-effective.

The food-grade segment is expected to contribute significantly to the market, driven by the increasing preference for chitosan and chitin as natural polymers in cellulose formation and applications in the food industry.

Source Outlook: Shrimp-derived chitosan is projected to lead the market, owing to its demand in wastewater treatment and the food and beverage sector. The abundant availability of shrimp waste at a lower cost makes it a favorable raw material for chitosan manufacturers.

White mushrooms are anticipated to register the highest CAGR, with mushroom waste being a source for chitosan in the food and beverage sector.

Application Outlook: The water treatment segment holds a major share, driven by the growing demand for chitosan in waste treatment plants across industrial, commercial, and municipal sectors.

The food and beverage industry segment is poised to contribute significantly to the market in 2022, with applications ranging from antimicrobial agents in processed foods to fungicides, offering health benefits and freshness.

Region Outlook: The Asia Pacific accounted for the largest revenue share in 2020 and is expected to continue its dominance due to the prevalence of cardiovascular diseases and rapid growth in industries like cosmetics, food and beverages, and water treatment plants.

North America also holds a substantial market share, driven by advanced shrimp farming technologies and increased awareness among the population about chitosan's benefits.

Key Companies: Prominent companies in the market include Heppe Medical Chitosan GmbH, Kitozyme S.A., Primex EHF, Vietnam Food, Advanced Biopolymers A S, G.T.C. Bio Corporation, Bio21 Co., Ltd., Zhejiang Golden-Shell Pharmaceutical Co., Ltd., Taizhou City Fengrun Biochemical Co., Ltd., and Agratech. These companies employ various strategies such as mergers, acquisitions, partnerships, and new product developments to stay competitive and expand their market presence.

Segments Covered: The report segments the global chitosan market by grade, source, application, and region, offering historical data, forecasts, and revenue growth at global, regional, and country levels. The market includes segments like pharmaceutical grade, industrial grade, food grade, sources like shrimps, crabs, prawns, lobsters, white mushrooms, and applications such as food and beverages, water treatment, medical and pharmaceuticals, cosmetics, agrochemicals, among others.

Report Scope:

Market Size (2020): USD 784.8 Million
CAGR (2020-2028): 12.9%
Revenue Forecast (2028): USD 2,093.5 Million
Base Year for Estimation: 2019
Historical Data: 2017-2018
Forecast Period: 2020-2028
Quantitative Units: Revenue in USD Million
Report Coverage: Revenue forecast, company ranking, competitive landscape, growth factors, and trends. Segments covered include Grade Outlook, Source Outlook, Application Outlook, and Regional Outlook.

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