Chitosan Market Segments Analysis, Future Opportunity, Geographical Regions and Industry Forecast to 2030

The major drivers in the global chitosan market are the swift deployment of this compound in several sectors including cosmetic, bioplastic, agrochemical, pharmaceutical, food and beverage, and wastewater treatment. The market will potentially grow in the coming years. Originated from a natural source, this linear polysaccharide is not only non-toxic but also biodegradable. This helps the industries to propel the compound's demand in pharmacological and biomedical applications, apart from meeting the sustainability standards. Therefore, all of this will together augment the growth in the market.

The outbreak of COVID-19 had ruptured the entire circular economy, and the chitosan market was among the few exceptions. This market witnessed growth amid the global pandemic because chitosan can act as a prospective agent for COVID-19 drug delivery systems according to numerous researchers. This can be attributed to its ability to connect easily with many molecules via hydrogen bonds. This bonding ease is on account of its structure which comprises hydroxy and amine groups. Additionally, the healthcare sector was allowed to function during the stringent lockdowns, to treat the infected patients.

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Within the source segment, the shrimp category dominates the chitosan market, and it will continue to exhibit this dominance in the coming years as well, both in terms of volume and revenue. This can be ascribed to the snowballing demand for shrimp chitosan as a food preservative and wastewater treatment ingredient. The category will witness a high growth rate in the coming years on account of its application in various sectors.

When segmented under application, the highest revenue will be generated by the water treatment category in the chitosan market throughout this decade. Furthermore, the gradual adoption of technologically advanced devices will provide lucrative opportunities to the market players including Marshall Marine Products Private Limited and Golden-Shell Pharmaceutical Co. Ltd. to adapt to the existing market dynamics and gain a competitive edge. This can be ascribed to its coagulation capacity on both the inorganic and organic compounds within the water. Furthermore, it assists in flocculation and dye removal.

Geographically, APAC will rule the chitosan market in the coming years being home to some of the most populous countries, such as Japan, China, and India. Furthermore, the market will exhibit the highest CAGR in the coming years. This is because chitosan is an appropriate treatment of heavy-metal-laden industrial effluents on account of its chelating property. In addition, an influx of skyrocketing spending by the private corporations and government for water treatment in India, Malaysia, and China will augment growth in the market.

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The rising inclination of the food preservative industries toward chitosan in comparison to formalin will spur the chitosan market growth. These food preservatives are added to perishable food products to increase their shelf life, which in turn, will enhance the scalability of the perishable food products corporations. It is preferred over formalin because of the hazardous impact of the latter on the people. Moreover, its impact may even extend to lung illnesses, skin diseases, and cancer.

Therefore, the biocompatibility of traditional preservatives over the conventional methods will drive the market, generating a large revenue.

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