Global Chitosan Market to Record A CAGR of 11.5% Through 2027

June 18, 2020

According to the research report titled ‘Chitosan Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Grade; Application; Source’, available with Market Study Report LLC, the global chitosan market was worth USD 1,764.3 million in 2018 and is estimated to amass USD 4,698.7 million by the year 2027, while recording a CAGR of 11.5% over 2019-2027.

A natural fibrous material chitosan is derived from chitin. Chitin is found in outer shell of shellfish like shrimps, crabs, and lobsters. Shrimps contains 25%-40% chitin content which makes them a major source of chitosan. Apart from crustaceans and shellfish, some species of fungi also generate small amount of chitin in their membranes. Due to absence of an efficient process to extract chitin from fungi, it is a less utilized source for acquiring chitosan.

Notably, chitosan is a rich source of fiber and is included in dietary supplements to aid weight loss. It is utilized in medicines for treating diseases like crohn’s disease, obesity, and high cholesterol as it blocks absorption of dietary fats and cholesterol. It is also applied on gums to ease the inflammation. It is utilized in combination with some other additives for salt-free dyeing. Rising health cognizance among the population and widespread use of product in pharmaceutical applications are propelling the growth of global chitosan market.

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In terms of grade, chitosan market is divided into pharmaceutical grade, food grade, and industrial grade. In 2018, industrial grade segment held a substantial share of global chitosan market. On the other hand, food grade segment is likely to record a high growth rate over the analysis period.

Based on source, shrimps and offshore crabs are extensively utilized for producing industrial grade chitosan. Features such as presence of reactive free amino group, high density positive charges, and solubility make it ideal for industrial applications. Chitosan serves as a heavy metal trapper and chelating agent.

Further, it has found application in agricultural industry where it is used in the form of coverings for fruit, leaf, seed, and vegetable as a fertilizer. Chitosan is used to stimulate immunity of plants in a controlled agrochemical release, thereby, protecting the plants from microorganisms and increasing the plant yield.

Considering the geographical landscape, chitosan market is divided into the Middle East & Africa, South America, Asia Pacific, Europe, and North America. Asia Pacific led the global chitosan market in the recent past. Owing to the growing investment in R&D by manufacturers and rising applications across pharmaceuticals, food & beverage, and others, the demand for chitosan is likely to grow in Japan in the coming years.

The leading organizations in the global chitosan market are Qingdao Yunzhou Biochemistry Company Limited, Primex EHF, Panvo Organics Private Limited, Kitozyme LLC, Heppe Medical Chitosan GmbH, Golden-Shell Pharmaceutical Company Limited, GTC Bio Corporation, FMC Corporation, Kitosano SL, and Advanced Biopolymers AS among others.

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