Press release
Chitosan Market Top Key Players: GTC Bio Corporation, Panvo Organics Pvt., Ltd., KitoZyme S.A., and Xianju Tengwang Chitosan Factory. Others significant industry players include FMC Health and Nutrition, Golden-Shell Pharmaceutical Co., Panvo Organics Pvt
Global Market Insights, Inc.
Food & Beverage application is anticipated to witness gains at over 16% application. Improved consumer lifestyles along with changing food habits will drive industry growth from 2016 to 2024.
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Cosmetics application was valued at over USD 500 million in 2015. Increasing product use in hair care, anti-aging creams, and dental care products will positively influence industry growth. For instance, cosmetics giant L'Oréal uses chitosan as an ingredient to manufacture a wide product range.
Sturdy growth indicators in the water treatment and cosmetics business globally will be the chief growth driver for the chitosan market for the forecast timespan. The industry will follow similar growth dynamics with biomedicine sector, as the product is extensively used in bandage and medicines manufacturing. Chitosan, being an organic polymer is used in water processing as a part of filtration process. It is also used in industries to treat toxic chemicals waste water after production process. In agrochemical segment, it is majorly used as crop growth enhancer and in seed treatment. Additionally, the global flocculants market was approximately USD 5 billion in 2013 and is anticipated to grow at nearly 5% CAGR close to USD 8.5 billion by 2024. This rise in flocculants demand will eventually propel the chitosan market share.
In 2016, the global cosmetics industry was close to USD 260 billion and is anticipated to reach USD 420 billion by 2024 at a CAGR close to 4%. This trend will stimulate chitosan based natural cosmetics market share, as the product is widely used in skin care, hair care and dental care products. Rising consumer attraction towards natural ingredients cosmetics as a ecofriendly and organic substitute to traditional chemical cosmetics will be positively influencing the chitosan market in the forecast period. The high manufacturing cost and cost to treat environmentally hazardous waste post production is a major hurdle for chitosan market. In addition, animal feed manufacturers give tough competition to chitosan market due to the usage of same raw material (shrimp shells, crabs and lobsters) for manufacturing. Growing meat consumption in Asia Pacific has led animal feed manufacturers demand significant quantities of raw material. This has led to augmented shrimp and crab demand, which ultimately adds up to the procurement cost.
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Global Market Insights has segmented the chitosan industry on the basis of application, and region:
Global Chitosan Application Analysis (Volume: Kilo tons; Revenue: USD Million, 2013 - 2024)
• Water Treatment
• Biomedicine & Pharmaceuticals
• Industrial
• Food & Beverage
• Cosmetics
• Agrochemical
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North America, driven by U.S. chitosan market size, generated revenue more than USD 550 million in 2015. Increasing health awareness amongst consumers and high obesity rate in the region is likely to boost industry growth over the forecast timeframe.
Asia Pacific dominated the chitosan market share and accounted approximately half of the global revenue in 2015. Fast growing industrial sector and improving customer’s lifestyle in the region will compliment industry growth by 2024. In addition, agrochemical is anticipated to be the fastest growing application in the region.
In 2016, chitosan market was fragmented with key companies holding close to 30% industry share. Key industry players are FMC Health Nutrition, Dainichiseika Color & Chemicals, Golden Shell Pharmaceutical, GTC Bio Corporation, Heppe Medical Chitosan and Kitozyme S.A.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Global Market Insights, Inc.
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