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Chitosan Market to grow at 20% CAGR between 2018 to 2024 | | Key Players are GTCbio, KitoZyme, FMC Corporation, Shell, Primex Plastics Corporation, KiOmed Pharma
Chitosan Market
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Europe cosmetics & personal care industry was valued close to USD 87 billion in 2017, which is anticipated to grow at a moderate rate in the coming years. However, the growth of cosmetics with organic ingredients is being increasingly preferable and therefore likely to trigger product demand significantly in the coming years and thereby resulting in attaining higher gains to the chitosan market size by 2024.
Significant cost of production is probable to impede the overall the chitosan market size by 2024. This is mainly attributed to multistep production process which needs close monitoring as product end-use vary based on its quality. However, rising product use across various end-users such as pharmaceutical, food & beverage, water treatment, agriculture, etc. will generate sufficient opportunities for chitosan market growth by 2024.
Crabs based chitosan market size is anticipated to grow at a CAGR close to 19.0% by 2024. This is mainly attributed to extensive product use across various end-user industries including healthcare/medical, cosmetics, water treatment, cosmetics, agriculture, etc. For instance, crabs based chitosan are widely used in the production of medicines which are used to treat obesity, high cholesterol, prevention of increase in blood pressure, improving intestinal environment, etc. The product derived from chitosan is also used widely in food & beverage industry which includes formation of biodegradable films & coatings, immobilization of enzymes, as an antimicrobial agent and dietary supplement, owing to its hypocholesterolemic properties.
Based on end-users, chitosan market size for healthcare/medical constituted approximately 20% of the overall poliglusam market share in 2017. This is mainly used in the production of bandages owing to its exceptional wound healing characteristics. Product also finds application in manufacturing pharmaceutical drugs as filler and as a carrier for controlled release drugs. In addition, it is used as a coating on pharmaceutical products to mask the unsavoury medicine taste. The above-mentioned features and advantages will complement chitosan market size for healthcare/medical application over the forecast timeframe.
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Asia Pacific led the total chitosan market and accounted for more than 55% of the industry size in 2017. This is attributed to rapidly growing cosmetic market which is mainly due to rise in socio-economic factors and youth population in India and China. Moreover, Asia Pacific has a tremendous potential in pharmaceutical market, as many foreign companies are investing in India due to its business-friendly policies. Additionally, India and China have a wider scope in biomedicine field due to the continuing research in this area. The personal care and health care industry is rapidly evolving in India, Indonesia, Malaysia and Vietnam. Therefore, the above-mentioned factors are likely to augment chitosan demand in Asia Pacific, which will have subsequent impact on poliglusam market size in the forecast timeframe. Food & beverage industry in the region is also growing at a higher pace which is attributed to rising working population and high demand for packaged food products and drinks. This escalating growth in food industry is because of ease & comfort offered by packed foods and improving living standards in the region.
Key poliglusam market share contributors are Panvo Organics, KitoZyme, GTC Bio Corporation, FMC Health & Nutrition, Golden Shell Pharmaceutical, Marshal Marine, Primex, among others. Some of these companies are investing to form strategic alliances to generate higher gains and attain higher market presence in the market. For instance, FMC Corporation had announced about acquiring DuPont crop protection business portion to enhance its sales and attain higher gains across the globe.
Browse key industry insights spread across 226 pages with 331 market data tables & 27 figures & charts from the report, “Chitosan Market Size By Source (Shrimps, Prawns, Crabs, Lobsters), By End-user (Water Treatment, Cosmetic & Toiletries, Food & Beverage, Healthcare/Medical, Agrochemical, Biotechnology), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, Saudi Arabia, UAE), Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/chitosan-market
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