According to a new report published by Allied Market Research, titled, “Chitosan Market by Source, and Application – Global Opportunities Analysis and Industry Forecast, 2014 – 2022”, the chitosan market stood at $1,205 million in 2015 and is expected to reach $2,550 million by 2022, registering a CAGR of 10.7%. Asia-Pacific held two-thirds share in the global chitosan market in 2015 and is expected to maintain its lead during the forecast period.
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Chitosan is the deacetylated form of chitin which is key element in the exoskeleton of marine animals. Commercially, it is produced from the marine crustacean shell wastes such as squid, shrimp, krill, and crab. Chitosan finds applications in a variety of end use industries such as food, chemical, agriculture, cosmetics, pharmaceuticals, and others. However, the major end use industries include water treatment, biomedical & pharmaceuticals, cosmetics, food & beverage.
The emerging applications of chitosan coupled with abundant raw material availability are expected to drive the global chitosan market. In addition, R&D on the use of chitosan in water treatment, cosmetics, and biomedical & pharmaceuticals sector have also fueled the market.
According to Eswara Prasad, Team Lead Chemicals & Materials at Allied Market Research, “though the high production cost could hamper the market growth, the novel use of chitosan as a bioplastic is expected to create growth opportunities for key players in the value chain.”
It is obtained from bio-waste rich in chitin such as cell wall of fungi and exoskeleton of crustaceans. The major sources used for extracting chitosan are shrimp, squid, krill, and crabs. In 2015, shrimp accounted for over four-fifths of the total volume of chitosan generated globally, as shrimp shells contain the maximum percentage of chitin out of all the marine crustaceans. It can also be produced from certain fungi; however, low amount of chitin in the cell walls of fungi and the absence of an optimal procedure for its extraction on a commercial scale make fungi a less used source.
In 2015, the water treatment segment occupied more than one-third of the global chitosan market, in terms of revenue, and is expected to retain its share during the forecast period. This is due to the excellent flocculation properties of chitosan and the extensive need for water and effluent treatment in the chemical processing industries. Another major factor for the increasing use of chitosan in water treatment processes is the high purity percentage as compared to conventional water treatment methods such as sand filtration. Moreover, biomedical & pharmaceutical segment also accounted for more than one-fourth share of the chitosan market in 2015 and is expected to grow at the highest CAGR, in terms of revenue during 2016-2022.
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Key Finding of the study:
· Asia-Pacific is expected to continue to lead the global chitosan market, registering a CAGR of 12.8%, in terms of revenue, during 2016-2022.
· Shrimp occupied more than 80% of the total chitosan market volume in 2015.
· The biomedical & pharmaceutical segment is expected to grow at a high CAGR of 13.4% during the forecast period, in terms of revenue.
· LAMEA is projected to be the fastest growing region of global chitosan market, growing at a CAGR of 14.4%, in terms of volume, throughout 2016-2022.
Based on geography, the chitosan market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In 2015, Asia-Pacific accounted for about two-thirds of the total chitosan market, both in terms of revenue and volume. The major factor responsible for the growth of chitosan market in the Asia-Pacific region is presence of large number of chitosan players in the region, specifically in China, Japan, South Korea, Thailand, and India. In addition, increasing adoption of bio-based herbal hair care and skin care products is also driving the Asia-Pacific chitosan market.
Major companies profiled in the report include Advanced Biopolymers AS (Norway), Heppe Medical Chitosan GmbH (Germany), G.T.C. Bio Corporation (China), Primex ehf (Iceland), Kitozyme S.A. (Belgium), Novamatrix (Norway), Agratech International, Inc. (U.S.), Golden-Shell Pharmaceutical Co. Ltd. (China), Qingdao Yunzhou Biochemistry Co. Ltd. (China), and Panvo Organics Pvt Ltd. (India).
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