by Chitosan is widely used in applications such as pharmaceutical, water treatment, cosmetics, food, and agrochemical due to its bio-compatibility and biodegradable properties. Rising demand for chitosan from water treatment industry for filtration applications is expected to drive market growth over the forecast period.
The global chitosan market is estimated to account for US$ 5.51 Bn in terms of value by the end of 2022.
Key Takeaways
Key players operating in the chitosan market are GTC Bio Corporation, KitoZyme S.A., Biothera, Golden-Shell Pharmaceuticals Co., Ltd., FMC Health and Nutrition, Panvo Organics Pvt. Ltd., Heppe Medical Chitosan GmbH, Primex ehf, PT Biotech Surindo, Xianju Tengwang Chitosan Factory. Key players are focusing on capacity expansion to cater to the rising demand.
Some of the key opportunities in the global chitosan market are increased use in pharmaceutical products such as wound healing dressings, drug delivery, tissue engineering and implants. Chitosan is being widely researched for its applications in agriculture for plant growth enhancement and as an anti-fungal treatment.
The increasing demand and awareness of biodegradable products is expected to drive strong Chitosan Market Growth in North America and Europe. Asia Pacific is expected to be the fastest growing region on account of growth in end-use industries such as pharma, water treatment and cosmetics in China, India and other developing Asian countries.
Market Drivers
Stringent regulations regarding use of hazardous chemicals and growing need for sustainable products are driving demand for eco-friendly products such as chitosan. Chitosan’s inherent properties of being non-toxic and biodegradable make it an ideal alternative to toxic chemicals used in applications such as water treatment. The rising demand from water treatment industry for filtration applications using chitosan is expected to be a major growth driver for the market over the forecast period.
PEST Analysis
Political: Changes in environmental policies across various regions can impact the demand for chitosan which is obtained from shellfish waste. Stringent regulations regarding the production and usage of chitosan can affect the market growth.
Economic: Rising disposable income and growing healthcare expenditure is driving the demand for nutraceuticals, pharmaceuticals and cosmetic products which use chitosan as a key ingredient. Increasing R&D activities for new applications of chitosan also positively impacts the market.
Social: Rising health consciousness among consumers is increasing the demand for dietary supplements and functional foods where chitosan finds application. Growth in biomedical industries due to growing aging population further promotes the chitosan market.
Technological: Advancements in extraction and production techniques are helping lower the costs and increase the yield of chitosan. New applications are being identified in water treatment, agrochemicals, tissue engineering due to ongoing research.
The chitosan market in terms of value is majorly concentrated in North America and Europe due to widespread adoption in various industries. The Asia Pacific region especially countries like India and China is fastest growing market for chitosan owing to developing healthcare infrastructure, growing biomedical sector and rising disposable incomes. Manufacturers are also shifting their production facilities to Asia Pacific region eyeing the potential growth.
The chitosan market witnesses highest growth in the Asia Pacific region majorly due to widespread industrial applications in water treatment, cosmetics, pharmaceutics, biomedical industries and more. Developing nations like India and China account for largest share of the Asia Pacific chitosan market and manufacturers are increasingly shifting focus to these countries. The growth can be attributed to factors like growing healthcare spending, rising standards of living, increasing R&D efforts and supportive government policies promoting the use of marine resources in industrial applications
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
