As per the latest research report by Global Market Insights Inc., the Chitosan Market was estimated at USD 1.83 billion in 2020 and is anticipated to reach a valuation of around USD 4.35 billion by 2027 , registering with a CAGR of 14.8% from 2021 to 2027. The report provides a detailed analysis of drivers & opportunities, market size & estimations, competitive scenario, top winning strategies, wavering market trends, and major investment pockets.
Chitosan is made by treating chitin, which is mainly obtained from prawns, shrimps, lobsters, and crabs, among other sources. It is widely applied in various end-user industries, including cosmetics & toiletries, water treatment, food & beverage, and agrochemical. Wide-ranging uses of chitosan are primed to enhance market growth over the forecast timeline.
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Chitosan is used as a natural additive and has garnered high interest as an alternatives to synthetic additives. Its anticoagulant effects are useful in biomedical applications, such as surgical sutures, bandages, and other treatments, including anti-inflammatory effects, reducing oxidative stress in living cells, HIV1 inhibitors, antitumor activity, hypoglycemic & hypolipidemic effects, and antihypertensive effects, among others. Driven by these factors, the chitosan market from the prawns source segment is estimated to be valued at above USD 490 million by 2027.
Key reasons for chitosan market growth:
1. High uptake in cosmetics and personal care products.
2. Growing adoption in wastewater treatment activities.
3. Surging prominence in medical applications during COVID-19.
2027 forecasts show ‘cosmetic & toiletries’ segment retaining its dominance:
Based on end-user, the cosmetic & toiletries segment is projected to grow at approximately 14% CAGR through the assessment timeframe. Chitosan is cationic and has anti-fungal and anti-bacterial properties. In the cosmetics sector, chitosan is chiefly utilized in skincare, dental care, and hair care products viz., setting lotion, hairspray, coloring products, cleansing milk, shampoo, face peel, soap, facial toner, toothpaste, nail enamels, mouthwash, tooth gel, nail polish, and others. These widespread applications of chitosan in cosmetic products are slated to boost product demand.
Meanwhile, the water treatment segment accounted for a considerable market share in 2020 and is expected to grow at a robust pace 2021-2027 owing to strong wastewater treatment activities across the globe. Increasing focus on attaining a cleaner environment has prompted the formulation and implementation of several compliances and laws, which is set to further bolster the growth of the chitosan market segment.
Europe to maintain top status in terms of revenue:
From the regional perspective, the Europe chitosan market exceeded a valuation of USD 210 million in 2020 and is projected to witness notable growth through the forecast period. Chitosan is used extensively in the personal care industry. The European personal care industry has seen a shift towards natural ingredient-based cosmetic products supported by the rising awareness among consumers pertaining to sustainability. Most buyers are poised to do business with sustainable suppliers in order to procure ingredients that could comply with legal requirements, which is likely to stimulate market growth over the following years.
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Impact of COVID-19 pandemic on chitosan market:
The COVID-19 outbreak necessitated the collaboration of all healthcare systems and researchers from across the globe to bring the raging pandemic under control. Due to chitosan’s anti-viral properties, it was found to be a potential solution against the novel coronavirus. Studies found that chitosan-based anti-coronavirus compounds could efficiently curb infection caused by all low pathogenic human coronaviruses both ex vivo and in vitro. As a result, booming significance of chitosan as an anti-viral solution against COVID-19 has been favorable for industry expansion during the pandemic.
Leading market players:
Some prominent companies operating in the global chitosan industry are Kitozyme S.A., FMC Health, Promex, Marshal Marine, Kiomed Pharma, Tidal Vision Inc., and GTC Bio Corporation, among others.
