Seafood Waste Utilization and Rising Demand for Chitosan in Cosmetics Propel North American Market Growth

The North American chitosan market size is anticipated to attain a valuation of USD 11.2 billion in 2023 and is expected to reach USD 44 billion by 2033. According to Future Market Insights, the market is expected to incline at a CAGR of 14.6% during the forecast period.

The demand for chitosan in wastewater treatment is rising as countries in North America seek solutions for obtaining drinkable water. Areas with heavily contaminated water bodies are experiencing a growing need for chitosan. Governments are actively promoting the benefits of chitosan in wastewater treatment, and developing countries have stringent regulations in place, further driving the growth of the chitosan market.

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The chitosan market in North America holds a significant share, driven by increasing utilization in countries like the United States and Canada. The growing demand for wastewater treatment is also fuelling the market. Furthermore, the increasing need for potable water in countries like Canada and the United States is expected to further boost the demand for chitosan in North America during the forecast period.

The market growth is fuelled by the growing waste from the seafood industry, the expanding applications of chitosan, and government support for waste utilization. Additionally, the market is benefiting from the rising adoption of Chitofelx as a hemostatic dressing due to its anticoagulant properties. Moreover, the increasing demand for bio-based cosmetic products is driving the global market growth.

Efforts made by manufacturers and researchers to enhance purity and meet product standards are anticipated to create opportunities for both existing and new market players in the projected period. Moreover, the increasing demand for chitosan as a pharmacological agent with antibacterial, anti-cancer, anti-inflammatory, and anti-fungal properties is expected to drive market demand throughout the forecast period.

Key Takeaways

- United States is expected to grow with a CAGR of 14.8% during the forecast period.
- The market in Canada is expected to grow with a CAGR of 14.4% during the forecast period.
- By application, the water treatment segment is projected to grow with an impressive CAGR of 15.1% during the forecast period.
- By source, the shrimp segment is expected to dominate the market with a CAGR of 15.3% during the forecast period.

"Increasing demand of chitosan for water treatment is expected to drive market growth during the forecast period," comments an FMI analyst.

Competitive Landscape

The North America Chitosan market is intensely competitive, with several key industry players investing heavily in providing these services.

The key industry players are

KitoZyme S.A.
Tidal Vision Inc.
Chitolytic
CarboMer Inc.
Spectrum Chemical MFG Corp.
Foodchem International Corporation
Meron Group
Mycodev Group
Toronto Research Chemicals
MP Biomedicals

Some recent developments in the market are:

- In March 2021, the University of Brasilia in Brazil, in partnership with the University of Campinas, Centro de Pesquisa em Biotecnologia Ltda, Hospital Regional da Asa Norte (HRAN), Hospital da Região Leste (HRL), and Hospital Universitário de Brasília (HUB/UnB), initiated the VESTA clinical trial. The trial aimed to evaluate the efficacy of a new respirator equipped with chitosan nanoparticles in reducing SARS-CoV-2 infections among healthcare professionals.
- In August 2021, United States medical device company Checkpoint Surgical Inc. acquired all assets of Switzerland-based start-up Monarch Bioimplants GmbH. The undisclosed acquisition aims to enhance Monarch's capabilities in peripheral nerve repair by leveraging its expertise in developing a groundbreaking chitosan membrane that aids in the healing of damaged peripheral nerves.
- In March 2020, Bioavanta-Bosti, a renowned researcher in chitosan nanoparticles, introduced Novochizol. This innovative chitosan nanoparticle technology enables targeted delivery and containment of potential anti-COVID-19 drugs specifically to the lungs of critically ill patients.

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More Valuable Insights Available

Future Market Insights offers an unbiased analysis of the global North America Chitosan market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.

To understand opportunities in the North America chitosan market, the market is segmented on the basis of source (shrimp, crab, and others) and application (water treatment, personal care, pharmaceuticals & biomedical, food & beverages, agrochemicals, and others) across two countries (United States and Canada).

Key Segments Profiled in the North America Chitosan Industry Survey

Source:

Shrimp
Crab
Others

Application:

Water Treatment
Personal Care
Pharmaceuticals & Biomedical
Food & Beverages
Agrochemicals
Others

Country:

United States
Canada

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This release was published on openPR.