Surging Need for Bioactive Materials To Boost Chitosan Market Growth In Future

Factors such as the rising consumption of chitosan in the biomedical, wastewater treatment, agrochemical, food and beverage, cosmetic, and bioplastic industries and increasing research and development (R&D) activities being carried out in this compound are expected to facilitate the chitosan market growth during the forecast years (2021–2030). According to P&S Intelligence, the market was valued at $1.8 billion in 2020. Chitosan refers to biodegradable and non-toxic sugar, which is derived from the hard outer skeleton of crab, shrimp, and lobster.

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One of the primary growth drivers for the market is the burgeoning demand for bioactive materials in the biomedical industry. Pharmaceutical companies are increasingly using chitosan to manufacture bioactive materials such as sponges, hydrogels, fibers, and films, due to its biocompatibility. Additionally, the large-scale consumption of this chemical in drug delivery systems, owing to its ability to enhance the water solubility and stability of drugs, reduce enzyme degradation, and prolong cycle time. The advantageous properties of chitosan, therefore, help in improving the effectiveness and safety of drugs.

Categories under the source segment of the chitosan market are lobster, shrimp, crab, prawn, and others, such as krills, fungi, squids, and central diatoms. Among these, the shrimp category generated the highest revenue during the historical period (2015–2020), and it is projected to continue this trend throughout the forecast period, due to the high content of chitosan in shrimp shells. Besides, the soaring demand for shrimp chitosan from wastewater treatment plants and increasing use of the compound as food preservatives will also contribute to the growth of this category in the upcoming years.

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Geographically, Asia-Pacific (APAC) held the largest share in the chitosan market during the historical period, and it is also expected to demonstrate the fastest growth throughout the forecast period. This can be attributed to the chelating feature of chitosan, which makes it ideal for the treatment of heavy-metal-laden industrial effluents. Moreover, the increasing R&D activities being conducted in chitosan and the surging incidence of chronic diseases will also augment the market growth in the region in the forthcoming years.

Thus, the rising consumption of chitosan in the biomedical and food and beverage industries will support the market growth in the upcoming years.

Contact:
Prajneesh Kumar
P&S Intelligence
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Web: https://www.psmarketresearch.com

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This release was published on openPR.