The Chitosan market is used in various application across industries such as water treatment, cosmetics, food and beverage, biomedical and pharmaceutical, agriculture etc. Chitosan is a natural linear polysaccharide composed of randomly distributed β-(1-4)-linked D-glucosamine and N-acetyl-D-glucosamine. It is derived from chitin, which is the main component of crustacean shells. Chitosan possesses several beneficial properties like biodegradability, biocompatibility and antimicrobial activity which makes it suitable for various applications. It is used as flocculant in wastewater treatment plants to remove suspended solids, oils and metals from water. In food industry, chitosan is used as thickening agent, stabilizer and emulsifier. Due to its antimicrobial property, chitosan is widely used to increase shelf life of food products. In pharmaceuticals and biomedical applications, chitosan finds usage as wound healing agent, drug delivery carrier, tissue engineering scaffolds and hemostatic agent.
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. Chitosan finds wide acceptance in water treatment, food & beverages, biomedical and pharmaceutical industries due to various health benefits and eco-friendly nature which is fueling market demand. Technological advancements like production of chitosan through enzymatic method and development of nanoparticles, scaffolds and hydrogels using chitosan for biomedical applications is expected to provide opportunities for market growth.
Market trends
Rising development of biocompatible Chitosan Market Demand based scaffolds and dressings for tissue engineering and wound healing applications. Growing R&D for production of value added products from chitin and chitosan waste of seafood processing industry.
Market Opportunities
Increasing application of chitosan in agribiotech for plant growth promotion, biopesticide formulations is expected to create lucrative opportunities. Expanding nutraceuticals industry utiltizing immune boosting properties of chitosan is anticipated to drive future demands.
Covid-19 Impact on Chitosan Market
The outbreak of Covid-19 pandemic had a negative impact on the chitosan market growth during 2020-2021. All non-essential businesses were forced to shut down temporarily which disrupted the manufacturing and supply chain processes. Moreover, trade barriers were imposed which restricted the import-export of raw materials and finished products. The decline in demand from key end-use industries like food and beverage, pharmaceutical, cosmetics etc. further affected the sales of chitosan during this period. However, the demand for chitosan increased from the medical sector as it is used to manufacture medical masks, PPE kits, sanitizers and for various biomedical applications.
With vaccination drives and gradual lifting of lockdowns globally, the chitosan market has started recovering since late 2021. The demand from food and pharma industries is steadily rising as economic activities resume. Manufacturers are focusing on strategic collaborations and capacity expansions to cater to the growing needs. New application discoveries like usage of chitosan in wastewater treatment during the pandemic also open new growth prospects. Though uncertainties around new virus variants persist, the long-term outlook remains positive given chitosan's wide applicability in various industries. Sustained R&D investments to develop novel products will further aid the market expansion in the coming years.
North America Dominates Chitosan Market in Terms of Value
North America currently dominates the global chitosan market and holds over 30% share in terms of revenues. Key factors driving the market growth include the strong presence of prominent manufacturers, widespread applications across industries and increasing government funding for research activities in the region. The U.S. accounts for the major share due its cutting-edge biomedical sector and robust healthcare spending. Favorable regulatory framework for novel biomedical products provides impetus to new product innovation. Growing health-conscious population also stimulates the demand for chitosan in dietary supplements and beauty products.
Asia Pacific Emerges as Fastest Growing Region for Chitosan Market
Asia Pacific region has emerged as the fastest growing market for chitosan globally and is expected to witness over 23% CAGR during the forecast period. Rapid economic development, improving healthcare infrastructure, rising per capita incomes are some key macro factors augmenting the regional market growth. Countries like India, China, Japan, and South Korea are the major markets offering lucrative opportunities. Strong manufacturing base of chitosan along with increasing focus on biomedical, food & pharma applications drives the massive uptake. Ample availability of raw materials and low production costs attract foreign investments, enhancing production capacities in the region. With growing awareness and expanding application scope, Asia Pacific will continue leading the global chitosan market dynamics in the upcoming years.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)