Global Chitosan Market Size To Grow At A CAGR Of 20.9% In The Forecast Period Of 2023-2028
The ‘Global Chitosan Market Price, Share, Size, Analysis, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global chitosan market, assessing the market on the basis of its segments like applications and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Chitosan Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 20.9%
The global chitosan market is expected to register growth during the forecast period on account of the increasing product application in the pharmaceutical and biomedical, water treatment, food and beverage, and cosmetics industries. The surging need for advanced packaging materials with eco-friendly characteristics is likely to encourage the use of chitosan-based packaging which is further expected to boost the market growth across the globe.
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The increasing consumer spending towards cosmetics across developing countries is likely to propel the market growth for chitosan. This is due to the usage of chitosan to produce anti-aging creams, oral care products, and hair care products. It can create an elastic film on the hair, thus imparting physical strength and softness to the hair fibre.
The rising demand from commercial, municipal, and industrial waste treatment plants is likely to boost the chitosan market demand due to the high usage of chitosan in waste treatment applications. The exceptional ability of chitosan to eliminate surfactants, pesticides, polychlorinated biphenyls, and phenol from wastewater has encouraged its applications as coagulating, chelating, and flocculating agents in wastewater purification.
Chitosan Industry Definition and Major Segments
A linear polysaccharide, chitosan is a fibrous compound that has antioxidant, antibacterial, and antifungal properties and can help in reducing cholesterol, hypoglycaemic effects, and triglycerides.
Due to its antibacterial properties, it is useful in bandages to reduce bleeding and deliver drugs topically. Chitosan is produced by the treatment of chitin that is found on the outer skeleton of shellfish, such as lobsters, shrimps, and crabs.
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Based on application, the market is segmented into:
- Water Treatment
- Pharmaceutical and Biomedical
- Food and Beverages
On the basis of region, the market is divided into:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
Chitosan Market Trends
Geographically, the North America region is likely to significant growth in the chitosan market share over the forecast period on account of the growing pharmaceutical industry. Robust investments in the healthcare sector and increased usage of chitosan in the production of pharmaceutical drugs are boosting the market growth of chitosan across the region. Moreover, an upsurge in the adoption of chitosan-based pharmaceutical and biomedical products like weight loss supplements and bandages is fuelling the market growth during the forecast period due to the well-established healthcare industry in the region.
Meanwhile, the chitosan market in the Asia Pacific is expected to gain momentum over the coming years on account of the rapid expansion of end-use industries in countries like China, Japan, South Korea, and India. The surging demand for bio-based products and support from local governments across various countries is likely to aid the demand for chitosan across the region.
The increasing consumption and production of chitosan in the Asia Pacific due to the ample presence of raw materials as well as early acknowledgment of the advantages of the product are further expected to push forward the market growth in the region. Surging water treatment activities along with growing research and development regarding uses of chitosan are further expected to fuel the market in the Asia Pacific region.
Key Market Players
The major players in the global chitosan market report are :
- G.T.C. Bio Corporation
- Panvo Organics Pvt. Ltd.
- AgraTech International, Inc.
- Golden-shell Pharmaceutical Co., Ltd.
- Heppe Medical Chitosan GmbH
The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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