Chitosan Market to Gain Value of US$ 23.2 Bn by 2031, TMR Study

The chitosan market is projected to expand at a CAGR of 17.8% during 2021 to 2031

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Wilmington, Delaware, United States, Sept. 09, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The revenue of chitosan market is expected to reach a value of US$ 23.2 Bn 2031, according to an assessment by Transparency Market Research (TMR). Furthermore, the study by TMR highlights that the market is expected to expand at a CAGR of 17.8% during the forecast period, from 2021 to 2031.

The TMR report on the chitosan market delivers exhaustive study of the growth drivers, restraints, opportunities, and R&Ds in the market. Moreover, readers gain in-depth insights on the recent developments in the chitosan market and detailed study on the future market demand for chitosan market.

North America is the fastest growing market for chitosan. The growth of the North America chitosan market is ascribed to a surge in the use of chitosan in regional nations including Canada and the United States and increase in the need for wastewater treatment in the region.

Chitosan is the bi-product of the fishery industry. Hence, players operating in the global chitosan market are using strategies such as partnerships and collaborations with companies from the fishery industry in order to expand their businesses. Moreover, several enterprises are investing heavily in R&Ds so as to improve their product quality. Such efforts are likely to help in the expansion of the chitosan market during the forecast period, note analysts at TMR.

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Chitosan Market: Key Findings

  • Chitosan finds application in different end-use industries including the food & beverages, cosmetics, biomedicine & pharmaceuticals, industrial, water treatment, and agrochemical industry. This wide range of product application suggests that the global chitosan market is expected to gain sizable business opportunities during the forecast period.
  • Chitosan is being increasingly utilized in the wastewater treatment activities owing to its ability to absorb large metal ions. Hence, a rise in the need for drinkable water globally due to expanding global population and increase in the number of wastewater treatment projects are expected to help in the growth of the global chitosan market during the forecast period. Moreover, the demand for chitosan is being increasing in the countries with the high percentage of contaminated water bodies. This factor is boosting the growth of the market in these countries.
  • The government authorities of several nations around the world are taking initiatives to spread awareness on the advantages of chitosan in the wastewater treatment activities. In addition, many developing countries are executing stringent regulations pertaining to the wastewater treatment. These factors, in turn, are prognosticated to drive the business opportunities in the global chitosan market during the forecast period.
  • Chitosan also finds application in the pharmaceutical and biomedicine industries. Moreover, it is being increasingly used in the biomedical industry for the synthesis of drugs. This aside, a rise in the product use in the food & beverages industry is anticipated to fuel the growth prospects in the global chitosan market in the near future.        

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Chitosan Market: Growth Boosters

  • Surge in understanding on the advantages of chitosan is resulting into increase in its sales globally, which in turn, is driving the market growth
  • Rise in the product use in the wastewater treatment activities globally is fueling the market expansion

Chitosan Market: Key Players

Some of the key players profiled in the report are:

  • KitoZyme S.A.
  • GTC Bio Corporation
  • Golden-Shell Pharmaceutical Co., Ltd.
  • Biothera
  • Panvo Organics Pvt., Ltd.
  • FMC Health and Nutrition
  • Primex ehf
  • Heppe Medical Chitosan GmbH
  • Xianju Tengwang Chitosan Factory
  • PT Biotech Surindo

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Chitosan Market Segmentation

  • Application
    • Water Treatment
    • Biomedicine & Pharmaceuticals
    • Industrial
    • Food & Beverages
    • Cosmetics
    • Agrochemicals
    • Others (Including Fuel Cells and Photographic Products)

Regions Covered

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America

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