Chitosan market to grow at CAGR 20.2%, market value to reach USD 22 billion by 2026
Acumen Research and Consulting
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Global Chitosan market is estimated to grow at a stunning CAGR 20.2% to reach market value of USD 22 billion by 2026 as per market research firm Acumen research and consulting. Chitosan of industrial grade is widely utilized in water treatment, healthcare, agrochemicals,?food and drinks, biomedical, and cosmetics. Industrial grade chitosan market is growing due to rising demand for the non-chemical products as well as?technologies like UV disinfection and?membranes for?water treatment as well as agrochemical applications. Increased waste from the seafood industry, increased use of chitosan, and government support for waste utilization. The low cost of shrimp reduces the manufacturing cost of Chitosan, making it more readily available. The growing need for sophisticated eco-friendly packaging materials is also expected to drive the market. Bactericidal and antifungal qualities that are extremely effective against seed-borne diseases. biodegradability and efficacy in eliminating hazardous compounds.?
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Dynamics of chitosan market?
There is a growing demand for the waste water treatment produce to take away impurities like heavy metals phosphorus and petroleum. In many developed countries there are strict rules imposing the usage of bio-based products moreover many private companies have adopted the usage of chitosan polymers. Cosmetic pharmaceutical and biomedical industries have been rising very rapidly since last few years which is also one of the reasons why the chitosan market will keep expanding. Pharmaceutical industry was the biggest end-user industry of chitosan, and is likely to be dominant in the coming years. And in the coming years there will be a huge demand for clean water as the underground water resources has been depleting rapidly since many years, in the future many major cities could face severe water crisis, hence there could be a huge demand for waste water treatment plants and related chemicals.?
There is a rising demand for chitosan in the food additives and food supplement industry the food industry will have the highest CAGR demand for chitosan. Another industry that requires chitosan exclusively is the agricultural industries it uses chitosan make various types of fertilizers and other chemical products.?
Chitosan market?Regional overview:
Asia Pacific is expected to grow at a percentage of 20.08 during the forecast period China and Japan are two of the biggest producers of chitosan. Closely following countries that also produce chitosan are India, Thailand and Vietnam.?India and China are two of the most populated countries in the world and due to the high population, there will be a surging demand for freshwater. Asia-Pacific region also has a robust food, pharmaceutical, biomedical and cosmetic industry which will keep rising over a period of many years.?
The markets of Europe and North America are also two of the biggest markets for chitosan. Since there is a high demand for pharmaceutical and cosmetics products in the given regions. North American and European countries call also have dynamic research and development facilities, along with being high income countries.?
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Chitosan key market?players
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