Chitosan Market Growth – Global Forecast To 2024
Chitosan is a sugar which is obtained from a hard outer skeleton of shellfish including lobster, shrimp, and crab. It is a fibrous substance that might block absorption of dietary fat and cholesterol. It is a natural biopolymer which is derived from chitin. The global chitosan market is expected to grow at a significant rate during the forecast period. This is attributed to its increasing demand in pharmaceutical industry due to its various uses such as; it is used to treat complications such as kidney failure, anemia, loss of strength and appetite, and others. It is used to treat various medical conditions including high cholesterol and obesity.
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Based on application, the chitosan market is categorized into water treatment, food and beverage, cosmetics, medical and pharmaceuticals, agrochemicals, and others. Of all these, the water treatment application category is expected to hold the largest share in the market, owing to the increasing need of wastewater treatment to meet the increasing demand of drinking water and clean water.
Stringent rules and regulations related to aquaculture are expected to pose as a main restraint in the chitosan market growth. In some countries, rigorous shrimp farming has led to environmental degradation and threats to the long-term sustainability of the industry; hence various guidelines have been set by regulatory authorities to maintain the balance in the industry.
The APAC is the largest contributor in the chitosan market and held the largest share in the market. The region market is expected to register the fastest growth during the forecast period. This can be attributed to the presence of major producer in the region, which are fueling the market growth in the region. This is due to the increasing demand along with rising investment. Along with that, various research and development activities are ongoing for the commercial production of the product from the non-aquatic sources such as algae, yeasts, and fungi are also expected to drive the chitosan market growth in the region.
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The various key players in the chitosan industry are investing heavily in carrying out the research and development activities for the development of new and improved production processes and technologies for chitosan manufacturing. Chitosan AS, Mahtani chitosan pvt. ltd., AgraTech, JBIChem International, Primex ehf, Heppe Medical Chitosan GmbH, Vietnam Food, Advanced Biopolymers AS, G.T.C. Bio Corporation, and KitoZyme S.A are some of the key players in the chitosan market.