Chitosan Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2034

Chitosan is a type of sugar that is derived from the outer skeleton of shellfish, such as shrimp, crab, and lobster. It is utilized in the production of drugs and as medicine. This fiber material is likely to lessen the amount of fat and cholesterol that the body absorbs from food. It creates a moist, healing environment that promotes tissue regeneration and quickens the healing process.  

MARKET OVERVIEW

The Chitosan market is valued at approximately USD 7.8 billion in 2023 and is projected to reach USD 51.41 billion by 2034 exhibiting a compound annual growth rate (CAGR) of 18.7% during the forecast period of 2024-2034. It is frequently used as a wound dressing due to its antibacterial qualities, which aid in preventing wound infections.

GROWTH DRIVERS

According to the World Health Organization, in 2022, more than 2.5 billion adults aged 18 years and older were overweight, with over 890 million adults suffering from obesity. Growing public awareness of these type of health problems including obesity and high cholesterol has led to a shift in preference for chitosan-containing dietary supplements among consumers as it is expected to lessen the amount of fat and cholesterol that the body absorbs from food.

The market for chitosan is significantly driven by consumers' increased preference for natural and organic products. With the rise of health consciousness, individuals are seeking natural alternatives to synthetic ingredients in food, cosmetics, and pharmaceuticals. This trend is beneficial for chitosan, a naturally occurring biopolymer made from the shells of crustaceans. For instance, chitosan's antibacterial properties are used in the food sector as a natural preservative as they contribute to longer shelf life without the use of hazardous chemicals.

MARKET SEGMENTATION:

By Grade -

·         Industrial Grade

·         Food Grade

·         Pharmaceutical Grade

By Form –

·         Liquid

·         Powder

By Source –

·         Shrimp

·         Crabs

·         Lobsters

·         Fungi

By Application –

·         Water Treatment

·         Food & Beverages

·         Cosmetics

·         Medical & Pharmaceutical

·         Agrochemicals

·         Other Applications

By Region -

·         North America

·         Europe

·         Asia Pacific

·         Latin America

·         Middle East and Africa

Chitosan Market By Grade Segment Review:

The market for industrial grade chitosan is propelled by its numerous applications in a variety of sectors, such as cosmetics, water treatment, and agriculture. It is being used more often as an environmentally acceptable substitute for synthetic polymers due to the growing demand for biodegradable materials. It is demanded in agriculture to improve crop quality and yield by acting as a natural insecticide and soil conditioner.

Chitosan Market By Form Segment Review:

The use of liquid chitosan is growing across several sectors, including cosmetics, pharmaceuticals, and agriculture. The appeal of it is increased by its simplicity to incorporate into formulations or apply as a spray.

Chitosan powder is frequently employed as a food additive due to its inherent preservation qualities and capacity to improve food quality by prolonging shelf life and avoiding spoiling.

Chitosan Market By Source Segment Review:

Shrimps are one of the main sources of chitosan because of their abundance in marine habitats and the large-scale shrimp farming industry. Shrimp shells are being used more often to produce chitosan as a result of the growing demand for sustainable methods in aquaculture and seafood processing. Furthermore, the health advantages of chitosan, like its possible contribution to cholesterol reduction and weight control, increase the demand for shrimp-derived chitosan.

Chitosan Market By Application Segment Review:

Chitosan is finding application in water treatment procedures with increasing frequency because of its inherent polymer qualities, which enable it to efficiently extract impurities from water. Its capacity to flocculate, or group together, suspended particles, makes it a perfect agent for wastewater treatment and drinking water purification. The necessity for sustainable treatment techniques and the growing global concern over water quality are key factors driving this market's expansion.

Chitosan Market By Region Segment Review:

The market is anticipated to be dominated by North America due to rising consumer demand for bio-derived skin and hair care products, along with increasing government spending on water purification technologies. Asia Pacific is expected to expand at the maximum rate during the forecast period due to rapid industrialization and increasing investments in wastewater treatment technologies.

Chitosan Market Regional Synopsis:

The market for chitosan in North America is characterized by a robust demand for skin and hair care products generated from biotechnology. Growing customer knowledge of health and wellbeing is driving this growth and creating a preference for natural ingredients in personal care products.

Chitosan is becoming increasingly popular in Europe because of its numerous applications in the food and beverage, pharmaceutical, and other industries. The region is benefited by strict laws that support green products, which raise the popularity of chitosan as a sustainable substitute.

Over the course of the projection period, the Asia Pacific market is expected to rise at the maximum rate. The expanding fashion industry and the increasing customer demand for hair and skin care products made from natural sources are anticipated to propel its growth over the projected period.

The market for chitosan is progressively growing in Latin America due to the increasing awareness about the health benefits of chitosan, and heightened interest in cosmetic products and clean water solutions.

The Middle East & Africa region shows potential for growth within the market because of the urbanization trends and increasing use of chitosan in water treatment applications.

Chitosan Market Key Challenges:

The cost and availability of raw materials, which are mostly made from the shells of shrimp and crabs, tend to have considerable influence on production costs. Furthermore, its extraction process often requires expensive and complex chemical processes. It is likely to be difficult for prospective manufacturers to enter the market or increase their production capacity due to these high processing costs.

Although the trend toward natural products is expanding, there are possibilities that consumers are still not fully aware about the benefits of chitosan, which is likely to hinder its market growth.

Chitosan Market Competitive Landscape:

The global market for Chitosan is characterized by a competitive environment that includes a mix of established players and emerging companies striving to enhance their market presence through various strategic initiatives such as mergers, acquisitions, product innovations, and expansions. Several companies are placing a strong emphasis on eco-friendly production methods and sustainable raw material procurement in response to rising customer awareness of environmental concerns. Furthermore, numerous participants are expanding their production capacities to fulfill the growing demand. For instance, G.T.C. Bio Corporation offers chitosan products that are designed for various different applications, such as water treatment and food preservation.

Chitosan Key Players:

·         Heppe Medical Chitosan GmbH

·         Qingdao Yunzhou Biochemistry Co.

·         Advanced Biopolymers AS

·         Meron Biopolymers

·         KitoZyme S.A.

·         Golden-Shell Pharmaceutical Co. Ltd.

·         Primex EHF

·         Dainichiseika Color & Chemicals Mfg. Co. Ltd.

·         Bio 21 Incubator

·         Mirae Biotech

·         Other Key & Niche Players