As per the latest report by IMARC Group, titled “Chitosan Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global chitosan market size reached US$ 611 Million in 2018. Chitosan is an amino polysaccharide that is obtained by the deacetylation of chitin, which is found in the hard-outer skeleton of shellfish, including crabs, lobsters and shrimp. It is antimicrobial, biodegradable, non-allergenic, biocompatible and non-toxic in nature. Consequently, it is employed in the pharmaceutical industry for manufacturing edible films, improving the dissolvability of various medicinal salts and as a wound healing biomaterial. It is also widely prescribed to individuals who suffer from anemia, insomnia, hyperphosphatemia, loss of strength and appetite, and lifestyle diseases, such as obesity, hypercholesterolemia, hypertension and Crohn’s disease.
Global Chitosan Market Trends:
Chitosan is a chelating polymer that assists in binding toxic heavy metals and absorbing dyes phenols and polychlorinated biphenyls (PCBs). As a result, it is widely used in wastewater treatment for eliminating organic and inorganic contaminants that are discharged from numerous industries. These impurities pose a threat to different water bodies like rivers and lakes into which they’re released. Apart from this, chitosan is increasingly being adopted as a food additive and dietary supplement in the food and beverage (F&B) industry on account of its non-toxic nature. Furthermore, increasing research and development (R&D) activities for producing chitosan from non-aquatic sources, along with the implementation of stringent government policies in various countries to improve the quality of surface and ground drinking water, are some of the other factors driving the market growth. Looking forward, the market value is projected to reach US$ 1,218 Million by 2024, expanding at a CAGR of around 12% during the forecast period (2019-2024).
- Based on the grade, the market has been segmented into the industrial, food and pharmaceutical grades. At present, industrial grade chitosan exhibits a clear dominance in the market.
- On the basis of the source, the market has been segregated into shrimp, crabs, squids, krill and others. Shrimp currently accounts for the majority of the total market share.
- The market has been classified on the basis of the application into water treatment, food and beverages, cosmetics, medical and pharmaceutical, agrochemicals, and others. Amongst these, water treatment holds the largest market share.
- Region-wise, Asia Pacific enjoys the leading position. Other major markets include North America, Europe, Middle East and Africa, and Latin America.
- The competitive landscape of the market has been examined in the report, with some of the key players being Primex EHF, Heppe Medical Chitosan GmbH, Meron Group, Kitozyme, LLC, Zhejiang Golden-Shell Pharmaceutical Co., Ltd., FMC Corporation, Agra Tech Inc., Axio Biosolutions Private Limited and Marshall Marine Products.
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