Global Chitosan Market to exceed $4.35 billion by 2027

According to a new research report by Global Market Insights Inc., the global Chitosan Market size is estimated to surpass USD 4.35 billion by 2027.
 

Chitosan is extensively used in the cosmetics and biomedical & healthcare industries. Moreover, fibers made up of chitosan are used as absorbable sutures and wound dressing materials. The high nitrogen content of chitosan enables its use as fertilizer in the agrochemical industry. It is also used in seed coatings and pesticides. The product use across several end-user industries will drive product demand, which will help it attain promising gains in the overall chitosan market size by 2027.
 

Strict government regulations are forcing manufacturers to cut back on plastic bags, resulting in increased demand for biodegradable plastics in which chitin is widely used. This factor has led to the increased adoption of chitosan, further boosting the market growth during the projected timeframe. Furthermore, chitosan is a natural polysaccharide, which exhibits properties such as biodegradability, biocompatibility, hemostatic, non-toxicity, and improving bio adhesion & penetration. In addition, it has antimicrobial properties, which are likely to fuel the chitosan market growth in the coming years.
 

High production cost chitosan likely to restrain the market growth at some extent over the forecast period. The production process involves the derivation of commercial grade by deacetylation to obtain chitosan from crustacean shells, washing, mechanical grinding, decalcification of the shells, and deproteinization of chitin. The quality of chitosan is determined by the degree of deacetylation of chitin. These processes take time and require careful monitoring. However, the biodegradability and non-toxic nature & applications in different end-user industries will generate many opportunities for the chitosan market size during the projected timeframe.
 

Browse key industry insights spread across 350 pages with 485 market data tables & 29 figures & charts from the report, “Chitosan Market By Source (Shrimps, Prawns, Crabs, Lobsters, Fungi), By End-user (Water Treatment, Cosmetics & Toiletries, Food & Beverage, Healthcare/Medical, Agrochemical, Biotechnology), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/chitosan-market
 

The healthcare/medical sector will boost market demand

Based on end-user, the healthcare/medical sector is likely to showcase a CAGR of nearly 15% by 2027. Superior properties of the product, such as renewable origin, biocompatibility, non-allergenicity, non-toxicity, and biodegradability, allow its use in various medical and health applications. In addition, the product has various properties, such as anti-bacterial, anti-fungal, anti-tumor, immunoadjuvant, anti-cholesterol, anti-thrombogenic, and bio-adhesive, etc., which make it preferable as an absorption promoter & moisturizer and for film production & wound healing.

Based on source, the crab segment is anticipated to generate a revenue of over USD 1.5 billion by 2027 at a CAGR of over 15%. Crab is another important source of chitosan after shrimp. Chitosan obtained from crab shell is widely used in the food industry as a food ingredient, in preserving food against microbial deterioration, forming biodegradable films, and recovering materials from processing waste. It is also used as a dietary fiber and as a functional food ingredient. The chemical properties and low toxicity of chitosan obtained from the shell of the crab are likely to stimulate segment growth.
 

The pharmaceutical market will showcase significant growth in Asia Pacific

Asia Pacific led the chitosan market and is likely to showcase a CAGR of 15.7% by 2027 due to rapid growth in the cosmetics market mainly due to increasing factors such as socio-economic and young population in China & India. In addition, Asia Pacific has enormous potential in the pharmaceutical market as many foreign companies invest in India due to its business-friendly policies. In addition, India and China have a broader reach in the field of biomedicine due to ongoing research in this area.
 

The personal care & healthcare industry is changing rapidly in India, Malaysia, Indonesia, and Vietnam. Hence, the above factors are likely to increase the demand for chitosan in Asia Pacific, which will further impact the market size of chitosan during the forecast period.
 

Some of the key players in the chitosan industry include FMC Health, Kitozyme S.A., GTC Bio Corporation, Promex, Marshal Marine, Tidal Vision Inc., and Kiomed Pharma, among several others.