Global Chitosan Market to reach $5.1 Bn by 2024

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Chitosan Market to reach 5.1 Bn by 2024 Global
Market Insights Inc.
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Industry Overview

• Chitosan Market to surpass USD 5.1 billion by
  2024 driven by Rising water treatment activities
  in Asia Pacific. Strong product demand in
  personal care cosmetics industry in Europe and
  North America will majorly contribute to the
  chitosan market size in the near future.
  Consumers in these regions are increasingly
  attracted towards cosmetics with natural
  ingredients as they are positioned as healthier
  and safer alternatives to conventional cosmetics.
  Product finds wide-spread applications in hair
  care, skin care, and dental care products. They
  exhibit excellent skin moisturizing properties as
  it moisturizes the skin as well as prevents
  dehydration.
• Europe cosmetics personal care industry was
  valued close to USD 87 billion in 2017, which is
  anticipated to grow at a moderate rate in the
  coming years. However, the growth of cosmetics
  with organic ingredients is being increasingly
  preferable and therefore likely to trigger
  product demand significantly in the coming years
  and thereby resulting in attaining higher gains
  to the chitosan market size by 2024.
• Significant cost of production is probable to
  impede the overall the chitosan market size by
  2024. This is mainly attributed to multistep
  production process which needs close monitoring
  as product end-use vary based on its quality.
  However, rising product use across various
  end-users such as pharmaceutical, food
  beverage, water treatment, agriculture, etc. will
  generate sufficient opportunities for chitosan
  market growth by 2024.

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• Crabs based chitosan market size is anticipated
  to grow at a CAGR close to 19.0 by 2024. This is
  mainly attributed to extensive product use across
  various end-user industries including
  healthcare/medical, cosmetics, water treatment,
  cosmetics, agriculture, etc. For instance, crabs
  based chitosan are widely used in the production
  of medicines which are used to treat obesity,
  high cholesterol, prevention of increase in blood
  pressure, improving intestinal environment, etc.
  The product derived from chitosan is also used
  widely in food beverage industry which includes
  formation of biodegradable films coatings,
  immobilization of enzymes, as an antimicrobial
  agent and dietary supplement, owing to its
  hypocholesterolemic properties.
• Based on end-users, chitosan market size for
  healthcare/medical constituted approximately 20
  of the overall poliglusam market share in 2017.
  This is mainly used in the production of bandages
  owing to its exceptional wound healing
  characteristics. Product also finds application
  in manufacturing pharmaceutical drugs as filler
  and as a carrier for controlled release drugs. In
  addition, it is used as a coating on
  pharmaceutical products to mask the unsavoury
  medicine taste. The above-mentioned features and
  advantages will complement chitosan market size
  for healthcare/medical application over the
  forecast timeframe.

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U.S. chitosan market size, by end-user, 2013 -
2024 (USD Million)

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Industry Coverage

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• Asia Pacific led the total chitosan market and
  accounted for more than 55 of the industry size
  in 2017. This is attributed to rapidly growing
  cosmetic market which is mainly due to rise in
  socio-economic factors and youth population in
  India and China. Moreover, Asia Pacific has a
  tremendous potential in pharmaceutical market, as
  many foreign companies are investing in India due
  to its business-friendly policies. Additionally,
  India and China have a wider scope in biomedicine
  field due to the continuing research in this
  area. The personal care and health care industry
  is rapidly evolving in India, Indonesia, Malaysia
  and Vietnam. Therefore, the above-mentioned
  factors are likely to augment chitosan demand in
  Asia Pacific, which will have subsequent impact
  on poliglusam market size in the forecast
  timeframe. Food beverage industry in the region
  is also growing at a higher pace which is
  attributed to rising working population and high
  demand for packaged food products and drinks.
  This escalating growth in food industry is
  because of ease comfort offered by packed foods
  and improving living standards in the region.
• Key poliglusam market share contributors are
  Panvo Organics, KitoZyme, GTC Bio Corporation,
  FMC Health Nutrition, Golden Shell
  Pharmaceutical, Marshal Marine, Primex, among
  others. Some of these companies are investing to
  form strategic alliances to generate higher gains
  and attain higher market presence in the market.
  For instance, FMC Corporation had announced about
  acquiring DuPont crop protection business portion
  to enhance its sales and attain higher gains
  across the globe.

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