How will Chitosan Market perform through 2024?

The escalating government interest in water treatment projects is making the worldwide chitosan market an appealing business proposition of late. Chitosan is extensively used as a flocculating agent in the treatment of wastewater. Its robust properties of hydrophobicity, biocompatibility, non-toxicity, and biodegradability have prompted the chemical to be effectively used as adsorbent material for the eradication of wastewater pollutants.

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In light of this, stringent governmental policies have been rolled out by the European Commission, focusing majorly on the adoption of wastewater treatment plans across the region. Estimates claim that an overall investment of USD 25 billion has been made by the EU Commission to achieve the implementation of Urban Wastewater Treatment Development in the region. Evidently, this move is irrefutably indicative of the increasing demand for chitosan, which would enable the global chitosan market to foresee phenomenal gains over the forecast period.

As per the research report put forth by Global Market Insights, Inc., chitosan market size is expected to target an overall valuation of USD 5.1 billion by the end of 2024 in the terms of revenue.
Elaborating further, chitosan is also marking its remarkable presence in the realm of food packaging. As per credible sources, Europe holds a predominant stance in frozen meat industry allowing the massive traction of food additives for preservation. As a matter of fact, food and beverages industry emerges as the third largest market in Germany housing over 85 million consumers. Chitosan across this industry is vividly used in the production of biodegradable films for packaging foods owing to its in-toxic nature.

On the other hand, the MEA region for chitosan market is poised to witness a massive growth rate of 19.5 per cent over 2018-2024 perhaps attributing to the expanding initiatives by the regional governments towards the water treatment technologies. Backed by this, the UAE government has undertaken an oath to bring about the awareness towards cleanliness and maintenance of healthy environment across the region. MEA chitosan market trends are also witnessing fluctuating gains due to the burgeoning food and beverage industry to suffice the huge population base.

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The worldwide chitosan industry is highly consolidated and faces fierce competition from myriad animal feed manufacturers who are keenly looking forward to acquiring the sea animals like the shrimps, prawns and crabs to feed poultry. However, this is promoting the increased demands for shrimp cells and high purchasing costs which is likely to obstruct the growth dynamics of chitosan market.

Segmented as per the source type, chitosan market size from prawns segment may register a CAGR of 19 per cent through 2024. Prawns being small aquatic creatures are expansively used in the development of chitin through a multistep process including washing, bending, deproteination, to further produce the end product. Prawn sourced chitosan finds large scale applications in wastewater treatment, food and beverage, agrochemical, healthcare, and other sectors.

Top Five Companies in this market:

1. GTCbio
2. Panvo Organics P Ltd
3. KitoZyme
4. FMC Corporation
5. Shell

In fact, chitosan from prawn source is used across the personal care industry to produce skin care products along with various dental care products. Moreover, a paradigm shift towards organic and non-toxic ingredients in personal care products and cosmetics has added an impetus to the global product demand.

Meanwhile, chitosan market from the agrochemical industry is likely to stand tall in the upcoming years. For the records, agrochemical industry in 2017 accounted for nearly 20 per cent for the global business share. This growth can be aptly credited to the high end product usage for augmenting the seed sustainability, increasing the profitability, and reducing the decomposition of the fruits and vegetables.

Chitosan also finds its use as a fertilizer in the controlled agrochemical release on the grounds of improving the plant productivity. With an intent to accomplishing high profits, numerous research initiatives have been undertaken over the years in the BRIC nations. This is estimated to leverage positive growth prospects for chitosan market across the agrochemical industry.

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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
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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.

This release was published on openPR.