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Chitosan Market incredible future growth | 2018 Key Players are FMC Corporation, Shell, Primex Pharmaceuticals, KitoZyme, PT Bio Takara, GTCbio
Chitosan Market
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Water treatment held the major share of chitosan market in 2016. The product is majorly used in water treatment as a flocculant, particularly due to its characteristics such as biodegradability, non-toxicity and ample free amino groups in it.
Food & beverage will exhibit gains close to 17% CAGR from 2017 to 2024. The growth is majorly attributed to the growing awareness among consumers about chitosan content in dietary supplements that helps in body weight reduction by fat binding process. The product is also gaining popularity in packaging and preservation of food products by increasing the food shelf life.
Biomedicines & Pharmaceuticals will witness growth close to 16% CAGR over the forecast duration. It is widely used in tablets as a filler, bandage manufacturing, in controlled release drugs as a carrier mainly due to its antibacterial properties, ability to clot blood and mucoadhesive nature. Furthermore, biocompatibility and biodegradability of chitosan makes it preferred in biomedicines and pharmaceutical applications.
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Global Chitosan Application Analysis (Volume: Kilo tons; Revenue: USD Million, 2013 - 2024)
• Water Treatment
• Biomedicine & Pharmaceuticals
• Industrial
• Food & Beverage
• Cosmetics
• Agrochemical
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.
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