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The global chitosan market size was valued at USD 6.8 billion in 2019 and is projected to reach USD 28.93 billion by 2027, expanding at a revenue-based CAGR of 24.7% during the forecast period. The growing product application in water treatment, pharmaceutical and biomedical, cosmetics, and food and beverage industries are expected to drive the market growth.
Chitosan is an amino polysaccharide polymer commercially produced from the shells of crab, lobster, shrimp, and crayfish. It is made through chemical or enzymatic deacetylation of chitin shells or exoskeletons of insects, crustaceans, and the cell walls of fungi with an alkaline substance such as sodium hydroxide. Each raw material for the product has different chitosan content hence play an important role in commercial manufacturing. Shrimp is considered to be the major source for chitosan since it contains about 25% to 40% chitin, whereas, the crab shell contains approximately 15% to 20%.
Gather more insights about the market drivers, restrains and growth of the Global Chitosan Market
Rising product demand from the cosmetics industry and increasing scope of product application in waste-water treatment is also anticipated to boost the market growth. Moreover, the elimination of stringent regulations that restricted the establishment of new manufacturing units by the Government of Mexico has resulted in the development of new and large-scale pharmaceutical manufacturing facilities in the region.
This strategy has played an important role in driving domestic pharma industry growth, which is likely to fuel product demand over the next few years. However, high product costs depending on the quality and purity are expected to hamper the market growth.
One of the key factors steering chitosan demand is the easy availability of its raw material, obtained as a waste product from the fishery industry. Fishing is one of the most important businesses for people in the Asia Pacific. According to the Food and Agriculture Organization of the United Nations, China has emerged as one of the major players in the global shrimp market. During the first half of 2019, the country imported 285,900 tons of shrimp mainly from Ecuador, India, and Saudi Arabia, which was 186% more compared to 100,000 tons imported in 2018.
Based on the Application Insights the market is segmented into Water Treatment, Pharmaceutical & biomedical, Cosmetics, Food & beverage, Others
Based on the Regional Insights the market is segmented into North America, Europe, Asia Pacific, Central & South America, Middle East & Africa
The major business players in the industry invest in cost-effective and safer production methodologies. Market leaders are also trying to expand their product portfolio by focusing on developing a wide range of chitosan products, based on their purity levels, which can be suitable according to applications of end-use industries.
Some of the prominent players in the chitosan market include:
Order a free sample PDF of the Chitosan Market Intelligence Study, published by Grand View Research.
Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.
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