The chitosan Market is likely to record a CAGR of 14% through 2032, Report by FMI

The global chitosan market is growing at a steady pace owing to the increasing application of chitosan in the treatment of cancer, diabetes, and tuberculosis. As per a study by Future Market Insights (FMI), the market has registered a CAGR of over 12.1% during 2016-2020 and is likely to exhibit a CAGR of over 14.3% during the forecast period 2021 to 2031.

According to the World Health Organization (WHO), around 10 million new cases of tuberculosis were recorded in 2019 and over 1.4 million people died because of the disease across the globe. Several studies have shown that the use of chitosan-based products assists in the cure of tuberculosis. Considering this, the demand for chitosan is expected to grow in the coming years.

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Chitosan helps in the treatment of obesity and weight management resulting in increasing demand from the dietary medicine segment. The segment is dominating the chitosan market and is expected to account for over 35% of the market share by 2021 resulting in propelling the growth of chitosan market.

Asia-Pacific dominated the global chitosan market with the largest market share in 2019, owing to the availability of crustacean waste and the rapid development of end-use industries in China, Japan, South Korea, and India.

"Leading market players are investing in R&D for launching new products to cater to the increasing demand from dietary vitamin powder and organic cosmetic application segment. Besides this, some of the market players are emphasizing on expanding their manufacturing facilities globally to strengthen their market presence," says the FMI analyst. 

Key Takeaways

Japan is leading the global chitosan market and is estimated to reach a valuation of over US$ 1.09 billion by the year 2031.
The U.S. is dominating the chitosan market in North America and is anticipated to hold over 80% of the market share in the region.
Owing to the surging demand for natural ingredients in personal care and cosmetics products, Germany is likely to account for over 21% of the market share in Europe.
Due to the high consumption of natural proteins, India is projected to hold the market share of around 45% in the South Asia market through 2021.
Based on form, the powder chitosan is anticipated to dominate the segment with around 88% of the global chitosan market in 2021.

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Key Drivers

Increasing prevalence of infectious diseases is expected to boost the demand for chitosan-based products.
Growing food additives application is spurring the growth of the chitosan market.
Rising demand for organic personal care and cosmetics products will bolster the growth of the market.
Increasing incidence of obesity and overweight will create growth opportunities for the market.

Key Restraints

High production cost is restraining the growth of the chitosan market.
The lengthy and time-consuming process for manufacturing chitosan might hamper the market growth.
Lack of raw material is a factor negatively affecting the growth of the chitosan market.

Competitive Landscape

Companies operating in the chitosan market are focusing on expanding their product portfolio by developing a wide range of chitosan-based products according to the application of the end-use industries. For instance,

Axio Biosolutions launched its new product named, MaxioCel, a next-generation wound care dressing chitosan-based product in 2019.
Friesland foods kievit, a Germany-based company, has created a new encapsulating technology to increasing the use of chitosan as a natural product. Friesland foods kievit has established a distinct business organization named, Kievit Ventures.

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Leading players profiled by FMI operating in chitosan market include:

Agratech (KYTOSAN USA, LLC)
Austanz Chitin Pty Ltd.
CarboMer, Inc.
Golden-Shell Pharamceuticals Co. Ltd
Heppe Medical Chitosan GmbH
KIMICA Corporation
Kitozyme, LLC
Kraeber & Co. GmbH
Meron Group & Others

More Insights on FMI's Chitosan Market

The latest market study on global chitosan market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and opportunities, the market is segmented

By Form:
Liquid
Powder
By Source:
Shrimp
Crab
Lobster
By End Use:
Food Additive
Crohn's Disease
Dental Cavities
Anemia
Periodontists
Weight Loss
Sports Nutrition
Immune & Digestive Health
Bone & Joint Health
Heart Health
Other Specific Requirements
Pharmaceuticals
Cosmetics
Hair Care
Nail Care
Skin Care
Toiletries
Spa

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.

This release was published on openPR.