Asia Pacific Chitosan Market impressive growth rate will be stimulated by personal care sector by 2024 | Key Players are FMC Corporation, Shell, Primex Pharmaceuticals, KitoZyme

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.

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The Middle East & Africa chitosan market is probable to witness gains close to 19.5% by 2024. It is primarily due to rising initiatives by government towards water treatment technologies in Middle East countries, for instance UAE has taken initiate to bring awareness towards cleanliness and maintaining healthy environment. Additionally, growing food & beverage industry in the region due to strong population rise will also have succeeding impact on product demand, thereby triggering chitosan market by 2024.

Chitosan attained from prawns market is expected to witness gains of approximately19% by 2024. Prawns are small aquatic crustaceans with an exoskeleton and ten legs. They are broadly used in the development of chitin via multistep process involving washing, blending, decalcification, deproteination, followed by deacetylation of Chitin to produce the final product. It finds wide-ranging applications in water treatment, agrochemical, food & beverage, personal care, healthcare, among various others. For instance, in the personal care industry, product is used to produce skin care, hair care as well as dental care products. Additionally, significant demand for organic, non-toxic ingredients in cosmetics is likely to make noteworthy contribution to the overall chitosan market by 2024.

According to end-user industry, chitosan market for agrochemical industry captured close to 20% of the global business size in 2017. It is mainly credited to product use in enhancing seed viability, increasing yield, and reducing decay of fruits and vegetables. Additionally, it is also used as fertilizer in the controlled agrochemical release to improve plant productivity. Rising research initiatives mainly in the BRIC nations to attain higher yield will have positive impact on the product demand and thereby driving chitosan market by 2024.

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Product is used as a flocculating agent for waste water treatment and as a chelating agent for removal of metal traces in waste water. Furthermore, Europe has an established frozen meat market, due to which food additives are in demand for preservation. For instance, food & beverage industry accounts for the third largest industry in Germany with more than 85 million consumers in Germany's retail food business in 2017. Product is widely applicable in making biodegradable films for packaging food, due to its non-toxicity, which will make notable contribution to the chitosan market by 2024.

Strong competition from animal feed manufacturers who are also engaged in procuring shrimps, prawns, crabs, etc. to feed cattle, farm pigs, and other poultry animals as well as in aquaculture. It resulted in the higher demand for shrimp shells, escalating procurement cost due to bottleneck supply, which is probable to hinder the growth of chitosan market by 2024.

The major chitosan industry share players are: FMC Health & Nutrition, Primex, Panvo Organics, GTC Bio Corp., PT Biotech Surindo, KitoZyme, Golden-Shell Pharmaceutical, among various others. The company's in the business are making substantial contribution to enhance its portfolio to gain monopoly in the industry. For example, in April 2013, Primex ehf introduced a new product named LipoSan Ultra, a weight loss product to be used in beverages and functional foods.

Chitosan market by end-user
o Water treatment
o Cosmetic & toiletries
o Food & beverage
o Healthcare/Medical
o Agrochemical
o Biotechnology
o Others

Browse key industry insights spread across 226 pages with 331 market data tables & 27 figures & charts from the report, “Chitosan Market” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/chitosan-market

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