Chitosan Market to Surpass US$ 26.3 Bn by 2030

Chitosan is a type of deacetylated chitin, a major component found in marine animals. Chitosan has excellent biocompatibility, low allergen city, and biodegradability property which makes it suitable for various industrial applications. Chitosan has a wide range of applications across end-user industries such as agriculture, food &beverage, cosmetics, chemical, and pharmaceutical. Moreover, it is also used in the flocculants in the water treatment industry.

The global chitosan market is estimated to account for US$ 26.3 Bn in terms of value by the end of 2022.

Drivers:

High demand for organic cosmetic ingredients from the cosmetic industry is propelling the market growth of chitosan. The growing demand for safer and healthy ingredients due to growing awareness regarding the side effects associated with conventional cosmetic ingredients is further projected to foster the market growth of chitosan over the forecast period. Chitosan possesses exceptional skin moisturizing properties and prevents dehydration due to which it is used in anti-aging cosmetics creams.

Market Opportunities

The growing demand for chitosan from dietary supplements due to its various health advantage is expected to bring profitable opportunities in the near future. Moreover, chitosan-based dietary supplements can reduce body weight through a fat-binding mechanism. According to the vitro studies, chitosan binds fat molecules and bile acid to avoid absorption of the former by the body. The ingested chitosan binds with unwanted fat molecules inside the digestive system, which is then removed through the excretory system. Thus, the growing demand for chitosan-based dietary supplement applications will favor market growth in the near future.

Market Restraints

High raw material procurement competition due to animal feed manufacturers who source the same raw materials for feeding cattle, farm pigs, and other poultry animals is hindering market growth. This is also attributed to the high demand for meat among consumers which has led manufacturers of animal feed to demand considerable volumes of the same raw material. This has resulted in competition and a high cost of procurement, thereby inhibiting the market growth of chitosan over the forecast timeframe.

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https://www.coherentmarketinsights.com/market-insight/chitosan-market-4127

Key Takeaways:

Global chitosan market was valued at US$ 5.51 Bn market in 2022 and is forecast to reach a value of US$ 26.3 Bn by 2030 at a CAGR of 21.6% between 2023 and 2030.

The biomedicine & pharmaceutical segment dominated the global chitosan market in 2022, accounting for a 40.8 % share in terms of value, followed by the cosmetics and water treatment segments, respectively.

Market Trends

Increasing consumption of wine around the globe is a growing trend due to rising westernization fostering market growth. Chitosan is widely used in the production of wine where it is used as a fining agent and helps in prevention of the spoilage. Moreover, the growing demand for bio-based products across different end-user industries coupled with the favorable government policies across developing regions such as China and India is further anticipated to foster the market growth of chitosan over the forecast period.

Chitosan is gaining traction in the healthcare industry where it is used in the manufacturing of bio-based products for wound care management. For instance, in April 2020, Axio Biosolutions expanded its state-of-the-art manufacturing facility at Gujarat Pharma Techno Park in Ahmedabad, to over a million units annually of medical sponge. Its application stops bleeding instantly from severe bleeding. Thus, the growing use of chitosan for wound care management is expected to foster market growth in the near future.

Global Chitosan Market - Impact of Coronavirus (Covid-19) Pandemic

COVID-19 has increased obesity rates across the globe. Moreover, the World Health Organization suggests that obesity is associated with a higher risk for intensive care unit (ICU) admission and poorer outcomes for COVID-19 thereby, increasing demand for the chitosan market till the year 2021.

Competitive Section:

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