Chitosan Market by Source (Shrimp, Squid, Crab, Krill, and Others) and Application (Water Treatment, Biomedical & Pharmaceutical, Cosmetics, Food & Beverage, and Others): Global 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.
Chitosan is a polysaccharide derivative of chitin obtained from shells of marine animals such as shrimps, lobsters, crabs, and others. Chitin extracted from crustacean shell waste is further processed and treated with acids and alkalis to obtain chitosan. According to the estimates of the Food and Agriculture Organization FAOSTAT, around 750,000 tons of crustacean shell waste is produced in Europe annually. This waste disposal is expensive in developed countries, around $150 per ton in Australia. In addition, the waste is high in proteins and chitin, which makes it valuable product as chitin is the second most beneficial polysaccharide found in nature, other than cellulose. Chitosan is applicable in agriculture as a biopesticide & plant growth promoter, for water treatment, in the biomedical sector for blood clotting & weight loss, and several other applications. Potential applications of chitosan such as in polyurethane paints & coatings, bioprinting of organs, and as a food preservation material are being conducted in various studies.
The 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. High waste generation requires proper disposal, which is expensive. To avoid this, the shell waste is processed into chitin and other high-value products. In addition, the rise in demand for bio-based cosmetic products is also expected to propel the global chitosan market growth during the forecast period. However, high cost of production may hamper the market growth. Ongoing R&D activities to explore further applications and use of chitosan create numerous opportunities for 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. Shrimp chitosan emerged as the market leader owing to the large demand of shrimp chitosan in water treatment, food and beverage industry Based on application, it is categorized into water treatment, biomedical & pharmaceuticals, cosmetics, food & beverages, and others. Water treatment dominated the market in terms of growth and revenue share owing to the growing application of chitosan as coagulant in waste water treatment processes, owing to its biodegradable nature, effectiveness in removing toxic materials. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA, with country level analysis of each region. Asia pacific accounted for highest revenue share and highest market growth owing to owing to the easy availability of crustacean waste in coastal areas driving the market growth for chitosan
The key players in the chitosan market 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.
KEY BENEFITS FOR STAKEHOLDERS
The global chitosan market analysis covers in-depth information of major industry participants.
Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
Major countries have been mapped according to their individual revenue contribution to the regional market.
The report provides an in-depth analysis of the global chitosan market share and forecast for the period 2020–2027.
The report outlines the current global chitosan market trends and future estimations of the chitosan market from 2019 to 2027 to understand the prevailing opportunities and potential investment pockets.
The key drivers, restraints, and global chitosan market opportunity and their detailed impact analysis is elucidated in the study.
KEY MARKET SEGMENTS
Biomedical & Pharmaceuticals
Food & Beverages
Rest of Europe
Rest of Asia-Pacific
Rest of LAMEA
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