Chitosan Market: Introduction
According to a recent business intelligence study on the chitosan market by Transparency Market Research (TMR), easy availability of raw materials and expanding application scope are expected to drive the chitosan market in the near future. Removal of pollutants in industries and municipal wastewater management facilities is expected to open up vast new opportunities for the chitosan market in the near future. As per the projections of the TMR report, the global chitosan market is anticipated to be valued at US$ 23.2 Bn by the end of 2031, with the demand growing at an impressive CAGR of 17.8% during the forecast period of 2021 to 2031.
Abundance of Raw Materials Encouraging New Players to Enter Global Chitosan Market
Chitosan is a natural biopolymer that is the second most abundant polysaccharide (after cellulose) in the world. Therefore, it is easy for new players to make a foray into and account for significant share of the chitosan market. The TMR report has identified and profiled a few prominent players of the chitosan market, including Xianju Tengwang Chitosan Factory, GTC Bio Corp., PT Biotech Surindo, Golden-Shell Pharmaceutical Co. Ltd., Biothera, Primex ehf, Panvo Organics Pvt. Ltd., Heppe Medical Chitosan GmbH, MC Health and Nutrition, and KitoZyme S.A. The value chain of the chitosan market includes a number of raw material suppliers, followed by manufacturers who process and supply finished products to end-use industries.
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Chitosan is procured from shrimp shell waste, which is a by-product of the fishery industry. Thus, partnering with those players is turning into a profitable strategy for major players operating in the chitosan market. This integration ensures consistent supply of raw materials. Since long, Japan-based companies have held major position in the chitosan market. However, players from other Asian countries such as China are now making a mark.
Based on application, the TMR report segments the chitosan market into agrochemical, cosmetics, food & beverages, industrial, biomedicine & pharmaceuticals, water treatment, and others (including fuel cells and photographic products). Among these, water treatment continues to be the leading application segment, leveraging the coagulation and flocculation properties as well as low cost of chitosan. Chitosan is capable of absorbing substantially big metal ions. Geographically, Asia Pacific is anticipated to remain the most lucrative region dominated by leading chitosan producers – China and Japan.
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Wastewater Treatment Application Driving Demand for Chitosan
Unique and useful properties of chitosan, abundant availability of raw materials, and growing awareness regarding its health benefits are some of the key factors driving the global demand for chitosan. On the other hand, stringent regulations pertaining to shrimp farming, striking disadvantages of the products in drug delivery systems, and instability in some of the other applications are hampering the chitosan market. According to the report, the production of chitosan from non-aquatic sources is likely to provide lucrative opportunities for the global chitosan market.
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