CHITOSAN MARKET ANALYSIS

The global chitosan market is estimated to account for US$ 5.51 Bn in terms of value by the end of 2022.

Global Chitosan Market: Growth Drivers

Pharmaceuticals Excipient Driving Chitosan Sales

In the pharmaceutical business, chitosan is being utilized more often as an excipient for tablet disintegration, direct tablet compression, the creation of sustained-release solid dosage forms, and the enhancement of drug solubility. Chitosan's ability to promote Trans mucosal absorption has lately been investigated for use in the oral and nasal administration of polar goods including proteins and peptides as well as vaccines. Chitosan is a viable and intriguing excipient for present and future uses in the pharmaceutical industry due to its characteristics and low toxicity profile. For Instance 2021, According to the National Institute of Health, it is commonly used as an excipient in tablet formulation for oral medication. High-molecular-weight chitosan is more viscous and delays the release of the active ingredient prolongs the duration of drug activity, improves therapeutic efficiency as well as reduces the side effects of oral tablets. Chitosan microspheres have been extensively investigated for the controlled release of drugs and vaccines through oral and nasal delivery. They were prepared by complexation between the cationic chitosan in addition to the anionic compounds such as tripolyphosphate or alginates.

Non-modified Functional Ingredients Boosting Chitosan Sales

Non-GMO cosmetics components like chitosan are in great demand due to the rising number of health-conscious consumers. The need for non-GMO-certified goods among consumers was foreshadowed by the trend in the worldwide market for cosmetic components. Parenting-related concerns regarding the ingredients in baby goods on the market have led to a preference for functional substances that are non-GMO and unmodified. This will probably open the door for the chitosan market to grow soon. For instance,  in March 2021, VESTA clinical trial was conducted in collaboration with the University of Brasilia, University of Campinas, Hospital da Região Leste (HRL), Hospital Universitário de Brasília (HUB/UnB), Hospital Regional da Asa Norte (HRAN), and Centro de Pesquisa em Biotecnologia Ltda. The clinical trials were conducted to measure the effectiveness of a novel respirator equipped with chitosan nanoparticles in order to effectively reduce the incidence of COVID-19 infection in healthcare professionals.

Global Chitosan Market: Restraints

Governmental restrictions on protecting the environment and marine life

The Global Chitosan Market will be affected due to restrictions over raw materials use. Shellfish such as shrimp, crab, and others are used for the commercial production of chitosan, shrimp being the majorly used raw material. Governmental regulations over preserving natural resources and marine life are likely to affect the market growth, thus restraining the market for chitosan.

Global Chitosan Market: Market Opportunity

The growing use of chitosan in the agriculture industry is projected to offer new market opportunities over the forecast period. Chitosan is used in fertilizers and controlled agrochemical release due to its antifungal properties. Moreover, growing research and development in the field of chitosan nanoparticles to expand its use in novel applications is further anticipated to foster the market growth of chitosan over the forecast period. Increasing production of fish, shrimp, and other aquatic species in the Asia Pacific region is projected to offer lucrative market opportunities to the market in the near future. According to The National Fisheries Development Board, in India, total fish production during 2020 is estimated to be 12.60 million metric tons, of which nearly 65% is from the inland sector and about 50% of the total production is from culture fisheries and constitutes about 6.3% of the global fish production.

Global Chitosan Market: Market Trend

Growing consumption of packaged food products is a rising trend due to the hectic lifestyle and increasing disposable income of consumers. It is used as an antimicrobial agent in food processing industries. The expansion of the food industry due to increased spending by consumers on food products coupled with the rising demand for convenience and packed food products are again expected to propel the market growth of chitosan. Increasing investment by manufacturers in developing safe and cost-effective production technologies is one of the major trends. Also, the growing focus of manufacturers on developing a wide range of chitosan products coupled with the increasing focus of the manufacturer on an established new plant near coastal areas is further projected to augment the market growth over the forecast period.

Global Chitosan Market: Market Segmentation

Figure 1: Global Chitosan Market Share (%) in terms of Value, By Region, in 2022

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Asia Pacific region dominated the global chitosan market in 2022, accounting for a 50.6% share in terms of value.

Global Chitosan Market: By Application

Figure 2: Global Chitosan Market Share (%) in terms of Value, By Application, in 2022

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On the basis of application in 2022, the biomedicine & pharmaceuticals segment has accounted for the largest market share of 40.8% in terms of value, followed by the cosmetics and water treatment segment respectively.

Global Chitosan Market: Recent Development

• In April 2020, MaxioCel, a chitosan-based next-generation wound care dressing, was introduced by Axio Biosolutions. Patients with chronic injuries such as venous leg ulcers, diabetic foot ulcers, post-operative surgical wounds, pressure ulcers, skin abrasions, cavity wounds, and donor sites may benefit from the "first of its type" solution, which is supposed to give relief and speed recovery. With its integrated scar healing, hemostatic, and pain management properties, MaxioCel fills a significant market gap.
• In May 2021, Friesland foods Kievit a prominent player who has created this novel encapsulating technology to promote the usage of chitosan as a natural product. By establishing a distinct business organization, Kievit Ventures, Friesland Foods Kievit claims to have accelerated long-term innovation in encapsulation technology. Manufacturers are also focusing on the expansion of manufacturing facilities globally to maintain their global presence.

• In March 2021, in Brazil, the University of Brasilia, in collaboration with the University of Campinas, Brazil, Centro de Pesquisa em Biotecnologia Ltda, Hospital Regional da Asa Norte (HRAN), Hospital da Região Leste (HRL), and Hospital Universitário de Brasília (HUB/UnB), was conducting VESTA clinical trial to assess the effectiveness of a novel respirator with chitosan nanoparticles to reduce the incidence of SARS-CoV-2 infection in healthcare professionals.
• In March 2020, Bioavanta-Bosti, a leader in chitosan nanoparticles research, launched Novochizol, which is a unique chitosan nanoparticle technology that can be used to deliver and confine any potential anti-COVID-19 drug to the lungs of acutely ill patients.

Global Chitosan Market: Key Companies

GTC Bio Corporation, KitoZyme S.A., Biothera, Golden-Shell Pharmaceuticals Co., Ltd., FMC Health and Nutrition, Panvo Organics Pvt. Ltd., Heppe Medical Chitosan GmbH, Primex ehf, PT Biotech Surindo, Xianju Tengwang Chitosan Factory

*Definition: Chitosan is a derivative of chitin that is extracted from shells of aquatic species such as lobsters, shrimps, and crabs. Chitosan is widely used in dietary supplements as it inhibits lipid absorption in the gastrointestinal tract. It is also used in various healthcare applications due to its biodegradability and biocompatibility properties. It is used in hemostatic dressing in order to treat wounds owing to its anticoagulant properties.