Transparency Market Research: The sales of chitosan have been thriving on the back of their adoption in numerous biomedical applications in diverse industries. Manufacturers in the chitosan market are gaining revenues from the widespread utilization of the products for their antibacterial and antifungal activities, notably in biomedicine & pharmaceuticals, industrial, food & beverages, and cosmetics industries. The global chitosan market is projected to reach a worth of US$ 23.2 Bn by 2031.
Progress in the characterization of chitosan has led to improved physicochemical properties of the polymer. This has spurred the demand for chitosan in agriculture industry notably in Asia Pacific, asserts the analysts in a TMR study scrutinizing the potential revenues in the chitosan market. The remarkable antifungal properties are underpinning the popularity of chitosan in functional food products.
The growing extraction of chitosan from the wastes of the fishing industry is a key trend that has bolstered strategic partnerships and collaborations between chitin manufacturers and fisheries, concurs analysts in the TMR study. This has enabled them to adopt advanced extraction methods and generate new revenue streams.
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Key Findings of Chitosan Market Study
- Use in Several Biomedical Applications to Propel Abundant Opportunities: Extensive usage of chitosan in biomedicine & pharmaceuticals has generated massive profitable opportunities over the years. Chitosan and other chitin derivatives have generated copious interest among end-use industries due to their low toxicity, biocompatibility, and biodegradability. The range of antimicrobial activity of chitosan has been growing, and thus is expected to pave the way to new revenue streams. Moreover, growing use in the synthesis of drugs has fueled the revenue sales, finds the study on the chitosan market.
- Application in Wastewater Treatment to Offer Massive Revenue Gains: The demand for chitosan in water and wastewater treatment has risen. The application is expected to generate abundant value-grab opportunities, notes the study on the chitosan market. Detoxification of water and wastewater has stemmed from the rising demand for clean water worldwide is accelerating the prospects. They are commonly used as adsorbents for dye removal in wastewater. Massive initiatives by governments in several countries on availability of potable water is propelling the application. Furthermore, constant focus on product innovation is expected to intensify competition in the chitosan market. The water treatment segment is projected to be lucrative throughout the forecast period.
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Chitosan Market: Key Drivers
- Continuous advancements in chitin processing and strides in genetic engineering methods have propelled the evolution of the chitosan market. The abundance of chitosan is a key driver for R&D in exploring the potential biomedical applications of this biopolymer.
- Advances in chitosan chemistry and advent of better enzymes will help manufacturers of chitosan target new streams of revenues in meeting the requirements of drug delivery systems
Chitosan Market: Regional Growth Dynamics
- Revenues in the North America chitosan market have risen considerably over the past few years. The U.S. and Canada have contributed sizable revenues to the regional market. The sales are anticipated to rise from the uptake of the products in wastewater treatment.
- Asia Pacific is anticipated to be a remarkably lucrative market in the next few years. Substantial extraction of chitosan especially in China and Japan have spurred lucrative opportunities in various end-use industries during the forecast period.
Chitosan Market: Key Players
Some of the key players in the chitosan market are Biothera, Xianju Tengwang Chitosan Factory, Primex ehf, Panvo Organics Pvt., Ltd., FMC Health and Nutrition, KitoZyme S.A., and GTC Bio Corporation.
Global Chitosan Market: Segmentation
Chitosan Market, by Application
- Water Treatment
- Biomedicine & Pharmaceuticals
- Food & Beverages
- Others (Including Fuel Cells and Photographic Products)
Chitosan Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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