Global Chitosan Market is estimated to grow at a CAGR of 15% in the forecast period due to the rising application of chitosan in water treatment, medical and cosmetic industry. Chitosan is a natural polycationic linear polysaccharide made from partial deacetylation of chitin. Chitin is a large, structural polysaccharide derived from the chains of refined glucose. Both chitosan and chitin possess outstanding properties like bio-compatibility, non-toxicity, biodegradability, hydration, moisturization, and absorption. It is today extensively researched as a potential drug carrier because of its biocompatibility property. Chitosan is also suggested to cover nanoparticles made from other materials to reduce their effect on body and increase bioavailability.
Property of chitosan as a chelating polymer for water treatment is expected to be a major driver of chitosan market. Hence, increasing demand for chitosan in water treatment and nutraceutical applications is propelling the growth of market. Easy availability of raw materials, increasing application in cosmetic segment and growing demand for pharmaceutical industry are also boosting the market. However, significant cost required for the production of chitosan and adulteration during the manufacturing process is hampering the growth of market. Furthermore, rising application of chitosan as bioplastic is expected to introduce new market opportunities in the coming years. The solubility of chitosan is low in alkaline and neutral solution limiting its application that challenges the market growth.
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The market is categorized on the basis of source, application, and geography. On the basis of source, market is divided into crab, shrimp, squid, and krill. Shrimp, followed by crab is expected to lead market owing to extensive use for the production of chitosan.
In terms of application, market is split into biomedical & pharmaceuticals, food & beverages, water treatment and cosmetics Water treatment is projected to lead the market due to increased application of chitosan for water treatment due to its properties like bio sorbent, which allows it to get rid of pollutants from the water.
Geographically, market is segmented as North America, Latin America, Europe, Asia Pacific and Middle East & Africa. Asia Pacific is predicted to dominate chitosan market due to the large number of prominent players in the region. This is followed by North America owing to the escalating demand for cosmetics and application of chitosan in several pharmaceutical and biomedical items.
The prominent players of chitosan market include KitoZyme, Advanced Biopolymers, Golden-Shell Biochemical, G.T.C. Bio Corporation, FMC Corporation, Primex, Axio Biosolutions, Heppe Medical Chitosan, Agra Tech, Nitta Gelatin India, Kunpoong Bio, TAGROW, Marshall Marine Products, Meron, Panvo Organics, TCI Chemicals, and SRL.
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