Chitosan Market: Information by Source (Squid, Crab, Krill, Shrimp), Application (Biomedical & Pharmaceutical, Food & Beverage, Cosmetics, Water Treatment), and Region — Forecast Till 2026

Chitosan is found in the exoskeleton of crabs, shrimps, squids, krill, and some fungi as well; however, there is no established procedure for the extract of chitosan from fungi and thus, is not included in the scope of the report. Chitosan’s inherent properties such as triglyceride trapping, hypoglycaemic and antibacterial effects, and antioxidant activity, drive its applications in the treatment of chronic diseases. Several economies are observing an increase in public and private investments for the construction of artificial ponds and lakes to promote commercial fishing, providing impetus to the chitosan market.

Advances in science and rising capital inflow in research and development have made it possible to extract chitosan by the deacetylation of chitin from the exoskeleton of shrimps, squids, crabs, and krill. Growth in the consumption of food and beverages, cosmetics, and medicines, owing to better healthcare facilities, attractive packaging, and influencer marketing is expected to boost the growth of the chitosan market. Additionally, the potential application of chitosan as a non-degradable polymer is also expected to aid market growth.

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The chitosan market is expected to register a CAGR of around 13.9% during the forecast period (2019–2026) and attain a value of USD 4.61 billion by 2026.

Intended Audience

Chitosan Manufacturers
Raw Material Suppliers
Potential Investors
Research and Development Institutes
Traders, Distributors, and Suppliers of Chitosan
Segmentation Analysis

Based on source, the market can be segmented into squid, crab, krill, and shrimp. The shrimp segment is anticipated to register the highest growth rate, with shrimp expected to remain as the most prominent source of chitosan during the forecast period. The higher availability of shrimps, aided by commercial shrimp farming, drives the growth of this segment. As per FAO-UN, the global production of farmed shrimp reached around four million tonnes in 2018.

On the basis of application, the market can be segmented into biomedical and pharmaceutical, food & beverage, cosmetics, water treatment, and others. The biomedical & pharmaceutical application segment is expected to record the highest CAGR during the forecast period. The significant rise in the number of desk jobs, with the use of technology and digitization, has led to an increase in the prevalence of lifestyle diseases such as chronic body pain and other such health issues, providing impetus to pharmaceutical trading. As per a report released by the International Trade Administration (ITA), over 100,000 OTC drugs are sold and marketed in a variety of outlets across the U.S.

Regional Analysis

The U.S. and Canada are the most prominent growth drivers globally. Canada has a considerable presence in the global pharmaceutical sector, owing to investments in research & development, access to developed economies such as the U.S. and those in Europe, among others. The Patented Medicine Prices Review Board mentioned in a report that total pharmaceutical sales doubled to around USD 27 billion from 2002 to 2017, out of which over 87.7% of the drugs were sold to retail outlets and 12.3% to hospitals. Furthermore, the U.S., Mexico, and Canada have notably high marine capture production and feature among the top global producers. Together, these countries held a share of around 8.9% in 2016 as per estimates by the UN. High marine capture is expected to lead to the greater production of chitosan, in turn driving the growth of the market in North America.

Europe is one of the most technologically-advanced and economically-stable regions. Improved trade relations, blue-card network, and availability of natural resources are some of the factors contributing to the market growth in the region. Chitosan has been identified as a suitable alternative for biopolymer nanofilms used in food and beverage packaging, and Europe is host to a flourishing food and beverage industry. As per statistics by Food & Drink, Europe, the European food and beverage industry has an annual turnover of around USD 1242 billion and provides employment to around 4.57 million people, making it one of the most prosperous sectors in this region. Growth in one of the leading applicants of chitosan is likely to result in the growth of this market in Europe.

Economies such as Japan, China, South Korea, and India drive the market in Asia-Pacific. The shift from traditional approaches to a more capitalist approach drives economic growth in prominent economies. As per statistics released by the International Trade Administration (ITA), in 2016, China, Singapore, Thailand, Malaysia, India, Philippines, and Vietnam were among the leading consumers of cosmetics, with 21%, 8%, 7%, 25%, 10%, 8%, and 33% growth, respectively over a three-year time frame. Additionally, this region is home to around 60% of the global population, and as per the Asia Development Bank, around 3400 million people in Asia-Pacific live in water-stressed areas, which makes it important to purify water to accommodate this population. Thus, water treatment and cosmetic applications are expected to play a pivotal role in the market growth in Asia-Pacific.

The Latin America, Middle East, and Africa region is anticipated to witness a slightly lower growth rate as compared to other regions of this market. Brazil, Saudi Arabia, and Dubai are some of the economies that have witnessed significant growth in consumer income, which has translated in an upsurge in demand for products and services where chitosan finds application.

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Key Players

Panvo Organics Pvt. Ltd., GTC Bio Corporation, Kitozyme LLC, Xianju Tengwang Chitosan Factory, DuPont Corporation (NovaMatrix), ZHEJIANG FENGRUN BIOTECH CO., LTD, Advanced BIOPOLYMERS AS, Agratech, Vietnam Food, Heppe Medical Chitosan GmbH, and Primex ehf, among others.

Chitosan Market Segmentation

By Source

Squid
Crab
Krill
Shrimp
By Application

Biomedical & pharmaceutical
Food & beverage
Cosmetics
Water treatment
Others
By Region

North America
Europe
Asia-Pacific
Latin America
Middle East & Africa

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This release was published on openPR.