According to the latest report by IMARC Group, titled "Chitosan Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the global chitosan market size reached US$ 685.5 Million in 2019. Chitosan is a naturally occurring amino polysaccharide that is obtained by the deacetylation of chitin. Chitin is a fibrous substance that is found in the hard exoskeleton of crabs, shrimps and lobsters, and yeasts and mushrooms. It is a non-toxic, non-allergenic and antimicrobial substance that is widely used as a key ingredient in numerous medicines for treating obesity, insomnia, high cholesterol levels and kidney failures. It is also employed for manufacturing edible films and improving the dissolvability of multiple medicinal salts. Its biodegradable and biocompatible nature further facilitates its usage as a biomaterial for wound healing. Apart from this, it is majorly utilized as a natural antimicrobial agent in the cosmetics and agricultural sectors.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Chitosan Market Trends:
The global market is primarily driven by the significant growth in the pharmaceutical industry. This is facilitated by the increasing incidences of chronic lifestyle diseases and the rising healthcare spending on the global level. Chitosan is extensively utilized in the manufacturing of biomedical and tissue regeneration devices and implant coatings for drug delivery systems, which is providing a thrust to the market growth. Along with this, the growing utilization of chitosan in wastewater treatment is acting as a major growth-inducing factor. It is extensively used for removing toxic organic as well as inorganic impurities that are discharged from municipal, industrial and commercial waste. This is further supported by the numerous policies implemented by the governments of various countries to enhance the quality of surface, ground and drinking water. Other factors, such as extensive research and development (R&D) and the growing utilization of chitosan as a food additive and dietary supplement in the food and beverages sector, along with the introduction of non-aquatic variants, are driving the market further. On account of the aforementioned factors, the market is expected to reach a value of US$ 1,338.7 Million by 2025, registering a CAGR of 11.8% during 2020-2025.
- On the basis of the grade, the market has been divided into the industrial, food and pharmaceutical grades, wherein industrial grade chitosan represents the most popular segment.
- Based on the source, the market has been classified into shrimp, crabs, squids, krill and others. Shrimp currently accounts for the majority of the total market share.
- On the basis of the application, the market has been categorized into water treatment, food and beverages, cosmetics, medical and pharmaceutical, agrochemicals, and others. Among these, water treatment exhibits a clear dominance in the market.
- On the geographical front, Asia Pacific holds the leading position in the market. Other major markets include North America, Europe, Middle East and Africa, and Latin America.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Primex EHF, Heppe Medical Chitosan GmbH, Meron Group, KitoZyme SA, Golden-Shell Pharmaceutical Co. Ltd., FMC Corporation, Agra Tech, Inc., Axio Biosolutions Pvt Ltd and Marshall Marine Products.
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