June 18, 2020
As per the report titled ‘Global Chitin Market Size study, by Derivative Type (Glucosamine, Chitosan, and Others), by End-Use (Food and Beverages, Agrochemical, Healthcare, Cosmetics and Toiletries, and Waste and Water Treatment) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global chitin market garnered a valuation of USD 44.89 million in 2019 and is projected to register 5.47% CAGR through 2026.
Increasing construction activities in both developed and developing countries, rising demand from textile applications, growing use of Chitin for treating diseases such as tuberculosis, obesity, and diabetes along with escalating demand for cosmetics & personal care products are fueling the growth of global chitin market. Chitin derivatives are naturally occurring polymers used for a wide variety of applications.
Abundance of raw materials used to produce chitin and chitosan derivatives, rise in extraction of chitin from shrimp waste, and growing awareness regarding the benefits of chitin-based products across several industries are further enhancing the market outlook.
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Based on the type, chitin market is categorized into glucosamine, chitosan, and others. Speaking of the end-use spectrum, the market is split into food & beverages, agrochemical, healthcare, cosmetics & toiletries, and waste & water treatment. Agrochemical segment is expected to grow considerably over the forecast period, driven by increased product use for pesticide applications.
The report cites that food & beverage segment is poised to gain decent traction in the forthcoming years, owing to widespread usage of chitosan in the beverages as a preservative or as natural packaging owing to its antimicrobial and antioxidant properties.
Considering the regional outlook, global chitin market is divided into North America, Europe, Asia Pacific, Latin America and Rest of the World. Asia Pacific market is slated to amass significant gains over the forecast timeline, owing to the growth of agrochemical industry in the region.
Major industry players include CarboMer Inc., Biothera, Sonat Co., United Chi Technologies Inc., Navamedic ASA, Prime ehf, Qbas Co. Ltd., Advanced Biopolymers AS, and Heppe Medical Chitosan GmbH.