Global Chitin Market to Grow at 12.7% CAGR through 2027

The global chitin market is projected to grow at a CAGR of 12.7% during the assessment period 2017-2027, according to a new research study added to the repository of Market Research Reports Search Engine (MRRSE). The report titled “Chitin Market: Global Industry Analysis (2012 - 2016) and Opportunity Assessment (2017 - 2027)” projects the global market to reach US$ 2.9 Bn in revenues by the end of the forecast period.

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According to the report, global demand for chitin will be influenced by its growing applications in pharmaceuticals, biomedical applications, wastewater detoxification and organic farming. The report offers unbiased qualitative and quantitative analysis and insights on the chitin market, giving readers holistic and comprehensive analysis on the key factors influencing market growth. Growing use of chitin in the agrochemical sector, combined with wide ranging applications in the beverage industry are likely to fuel market growth during the assessment period. Although the outlook on chitin market is positive, negative perception with respect to its non-conformation to Halal food products is likely to impede market growth during the assessment period.

In a bid to give readers detailed insights on the global chitin market, the report has segmented the market on the basis of region, application, end-use industry, and derivative. According to the report, glucosamine segment is projected to reach a valuation of nearly US$ 1.84 billion by the end of 2027. By end-use industry, the healthcare segment is projected to grow at a robust CAGR during the assessment period. The report projects the healthcare segment to grow at over 14% CAGR during the assessment period.

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Asia Pacific excluding Japan continues to be the largest market for chitin, and it is projected that the status quo will remain unchanged during the assessment period. Steady demand from China and India will continue to drive market growth, whereas Southeast Asian countries will complement demand during the assessment period. The report projects the APEJ chitin market to grow at nearly 14% CAGR during the assessment period.

The report also offers detailed insights and analysis on the competitive landscape of chitin market. The key business and product strategies and developments of some of the notable players in the market has been analyzed. According to the report, some of the key players in the global chitin market include Meron Biopolymers, Panvo Organics Pvt Ltd., Bio21, CarboMer, Inc., DALIAN XINDIE CHITIN CO.,Ltd., Zhejiang Aoxing Biotechnology Co., Ltd., Golden-Shell Pharmaceutical Co. Ltd., Wellable, SHANDONG Yaizu Suisankagaku Industry Co., Ltd., Bayir Extracts Pvt. Ltd., Advanced Biopolymers AS, LAIZHOU HIGHLY BIO-PRODUCTS CO.Ltd., Tidal Vision, Primex ehf, Heppe Medical Chitosan GmbH, Kunpoong Bio Co. Ltd., and Mahtani Chitosan Pvt. Ltd.

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This release was published on openPR.