According to FMI, the North America chitosan market is expected to offer lucrative growth opportunities over the forecast period. In 2021, the U.S. is expected to hold over 80% of the market.
NEWARK, Del: The global chitosan market is growing at a steady pace owing to the increasing application of chitosan in the treatment of cancer, diabetes, and tuberculosis. As per a study by Future Market Insights (FMI), the market has registered a CAGR of over 12.1% during 2016-2020 and is likely to exhibit a CAGR of over 14.3% through the forecast period.
According to the World Health Organization (WHO), around 10 million new cases of tuberculosis were recorded in 2019 and over 1.4 million people died because of the disease across the globe. Several studies have shown that the use of chitosan-based products assists in the cure of tuberculosis. Considering this, the demand for chitosan is expected to grow in the coming years.
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Chitosan helps in the treatment of obesity and weight management resulting in increasing demand from the dietary supplements segment. The segment is dominating the chitosan market and is expected to account for over 35% of the market share by 2021 resulting in propelling the growth of chitosan market.
Asia-Pacific dominated the global chitosan market with the largest market share in 2019, owing to the availability of crustacean waste and the rapid development of end-use industries in China, Japan, South Korea, and India.
“Leading market players are investing in R&D for launching new products to cater to the increasing demand from dietary supplement and organic cosmetic application segment. Besides this, some of the market players are emphasizing on expanding their manufacturing facilities globally to strengthen their market presence,” says the FMI analyst.
- Japan is leading the global chitosan market and is estimated to reach a valuation of over US$ 1.09 billion by the year 2031.
- The U.S. is dominating the chitosan market in North America and is anticipated to hold over 80% of the market share in the region.
- Owing to the surging demand for natural ingredients in personal care and cosmetics products, Germany is likely to account for over 21% of the market share in Europe.
- Due to the high consumption of natural dietary supplements, India is projected to hold the market share of around 45% in the South Asia market through 2021.
- Based on form, the powder chitosan is anticipated to dominate the segment with around 88% of the global chitosan market in 2021.
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- Increasing prevalence of infectious diseases is expected to boost the demand for chitosan-based products.
- Growing food additives application is spurring the growth of the chitosan market.
- Rising demand for organic personal care and cosmetics products will bolster the growth of the market.
- Increasing incidence of obesity and overweight will create growth opportunities for the market.
- High production cost is restraining the growth of the chitosan market.
- The lengthy and time-consuming process for manufacturing chitosan might hamper the market growth.
- Lack of raw material is a factor negatively affecting the growth of the chitosan market.
Companies operating in the chitosan market are focusing on expanding their product portfolio by developing a wide range of chitosan-based products according to the application of the end-use industries. For instance,
- Axio Biosolutions launched its new product named, MaxioCel, a next-generation wound care dressing chitosan-based product in 2019.
- Friesland foods kievit, a Germany-based company, has created a new encapsulating technology to increasing the use of chitosan as a natural product. Friesland foods kievit has established a distinct business organization named, Kievit Ventures.
Leading players profiled by FMI operating in chitosan market include:
- Agratech (KYTOSAN USA, LLC)
- Austanz Chitin Pty Ltd.
- CarboMer, Inc.
- Golden-Shell Pharamceuticals Co. Ltd
- Heppe Medical Chitosan GmbH
- KIMICA Corporation
- Kitozyme, LLC
- Kraeber & Co. GmbH
- Meron Group
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More Insights on FMI’s Chitosan Market
The latest market study on global chitosan market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and opportunities, the market is segmented
- By Form:
- By Source:
- By End Use:
- Food Additive
- Dietary Supplements
- Crohn’s Disease
- Dental Cavities
- Weight Loss
- Sports Nutrition
- Immune & Digestive Health
- Bone & Joint Health
- Heart Health
- Other Specific Requirements
Report Preview: https://www.futuremarketinsights.com/reports/chitosan-market
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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