The global chitosan market was valued at US$ 1,764.3 million in 2018 and is projected to reach US$ 4,698.7 million by 2027; it is expected to grow at a CAGR of 11.5% from 2019 to 2027.
Chitosan is a natural fibrous material derived from chitin. Chitin is a substance that is produced in the outer shell of shellfish such as lobsters, crabs, and shrimps. Shrimps are considered to be a major source of chitosan as they contain about 25% to 40% of chitin content. Besides shell fish and crustaceans, certain varieties of fungi have also been known to produce low amounts of chitin in their cell walls. However, the lack of an optimal procedure for extraction of chitin on a commercial scale from fungi makes it a less used source for obtaining chitosan. Chitosan is a rich fiber source and is increasingly incorporated into dietary supplements for promoting weight loss. It is a fibrous material which blocks the absorption of cholesterol and dietary fats and hence is used in medicines to cure diseases such as high cholesterol, obesity, and crohn’s disease. Chitosan is also directly applied on the gums to alleviate inflammation of the gums.
Based on grade, the chitosan market is segmented into industrial grade, food grade, and pharmaceutical grade. The industrial grade segment accounted for the largest share of the global chitosan market in 2018; however, the food grade segment is expected to register the fastest growth rate during the forecast period. Offshore crabs and shrimps are basic materials used for the production of chitosan of industrial grade. Chitosan is versatile and due to its solubility, high density of positive charges, and reactive free amino groups that make it suitable for industrial applications. Chitosan acts as a chelating agent and a heavy metal trapper. Besides, chitosan n-benzyl sulphonate derivatives are used as a sorbent to remove metal ions in acidic medium. Chitosan is used as a dye deepening agent in the textile industry. Since chitosan is a form of the cationic polymer, it is used as a suitable fixing agent for anionic dyes. Salt-free dyeing is also possible using chitosan with some other additives. Chitosan is widely used in the agricultural industry in the form of coatings for seed, leaf, fruit, and vegetable coating as a fertilizer. It is also applied in a controlled agrochemical release to stimulate the immunity of plants, increase the plant products and to protect the plants from microorganisms.
Geographically, the global chitosan market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East and Africa. Asia Pacific holds the largest share in the global chitosan market, which is followed by North America and Europe. Japan is dominating the chitosan market in APAC region, followed by China and the South Korea. The chitosan market in Japan is estimated to be the largest. The demand for chitosan in Japan is expected to rise due to growing investment in research and development by manufacturers along with the growing number of applications such as food and beverages, pharmaceuticals, and others. Additionally, robust growth in product offerings is impacting the market growth in this country.
Advanced Biopolymers AS, Kitosano SL, FMC Corporation, GTC Bio corporation, Golden-Shell Pharmaceutical Co. Ltd., Heppe Medical Chitosan GmbH., Kitozyme LLC., Panvo Organics Pvt. Ltd., Primex EHF, and Qingdao Yunzhou Biochemistry Co., Ltd, are some of the players present in global chitosan market.
Overall size of the global chitosan market has been derived using primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the global chitosan market. Also, multiple primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the global chitosan market.