Chitin MarketSize and Trends

Chitin Market Taxonomy

On the basis of product type, the global chitin market is classified into:

α-Chitin
β-chitin

On the basis of end-use industry, the global chitin market is classified into:

Healthcare
Agriculture
Paper and Pulp
Personal care products
Biotechnology
Food and Beverages

Chitin Market Outlook – Rising Demand in Healthcare and allied Industries to be the Major Market Driver

Asia Pacific and North America are expected to be the most potential markets for chitin manufacturers. This owing to the rapidly growing healthcare industry coupled with growing medical tourism in developing countries such as India. According to IBEF, Indian healthcare industry is expected to reach at USD 280 billion by 2020. In the Union Budget 2017-18 of India, the health budget was increased from USD 5.96 billion to USD 7.3 billion. The Indian healthcare industry is budding swiftly due to its firming coverage, services and high expenditure by public and private players. India Brand Equity Foundation (IBEF) is a Trust established by the Ministry of Commerce and Industry, Department of Commerce in collaboration with the Government of India with the purpose of promoting and creating international awareness of goods manufactured in India.

Extensive use in the healthcare industry is fueling the growth of chitin market, especially in Asia Pacific and Middle East regions.