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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.
Market Summary:
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