The global chitosan market accounted for US$ XX Mn in 2018 and burgeoning over the forthcoming years. Key factors for the market growth include ongoing R&D activities, rising water treatment activities mainly in emerging economies, abundant raw material availability, growing awareness about health globally, urban population & rapid pace of industrialization, booming personal care industry and increasing chitosan applications in various end users. However, high product cost and disadvantages of using chitosan in drug delivery system are the main factors hampering the market.
Global chitosan market segmented on the basis of source, application and region.
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Cosmetics Dominate the Global Chitosan Market
Based on application, global chitosan market segmented into cosmetics, food & beverage, pharmaceutical & biomedical, water treatment and others. Cosmetics held considerable market growth during estimated period. Chitosan in a form of a polymer having a molecular weight of from 3,000 to 700,000 is incorporated into a cosmetic preparation in an amount effective for inhibiting growth of microorganisms in the cosmetic preparation. Chitosan is a fine off white, odorless Powder extracted from crab and shrimp shells and its derivatives offer uses in three areas of cosmetics: hair care, skin care and oral care. Chitosan acts as an antistatic thereby orotectine hair from wavine and bleaching agents. It helps to retain moisture in low humidity and to maintain hair’s style in high humidity. The material can be used in shampoos, rinses, permanent wave agents, hair colourants, styling lotions, hair sprays and hair tonics.
Asia Pacific Leads the Global Chitosan market
PBI’s global chitosan market report analyses the market in different regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. According to regional analysis. Asia Pacific accounted for larger revenue share in global chitosan market with considerable CAGR. The growth in this region is due to the presence of a large number of manufacturers, rapid industrialization in countries like India, China and easy availability of raw material. Moreover, China is the major country in the region due to increasing demand from several end-use industries. Also, Europe held considerable market share during predicted period due to huge R&D expenditure and increasing popularity of natural cosmetic products in the region.
Strategic Launches are the key strategies adopted by market players
Global chitosan market further reveals that the key players increasingly adopting strategies such as launch of newer products, frequent product approvals, and long term alliance to improve market revenue share and gaining significant geographic presence across the region. For Instance, KitoZyme S.A. attained marketing authorization for two new products namely Gastrap and FiberSlim in December 2016, in the European market. These products are used in treating intestinal disorders and this move was intended to develop partnership with France, Germany, Italy and Poland.
Key player’s profiles in the report are Advanced Biopolymers AS (Norway), Agratech (US), BIO21 Co.Ltd. (Thailand), G.T.C. Bio Corporation (China), Heppe Medical Chitosan GmbH (Germany), KitoZyme S.A. (Belgium), Primex ehf (Iceland), Taizhou City Fengrun Biochemical Co.Ltd. (China), Vietnam Food (Vietnam) and Zhejiang Golden-Shell Pharmaceutical Co.Ltd. (China).
Precision Business Insights (PBI) in its report titled “Global Chitosan Market: Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2014-2018 and Forecast 2019-2025” assesses the market performance over seven years forecast period over 2019-2025. The report analyses the market value forecast and provides the strategic insights into the market driving factors, challenges that are hindering the market revenue growth over forecast period. Moreover, the report also includes the total revenue and volume for the market.
o Food & beverage
o Pharmaceutical & biomedical
o Water Treatment
o North America
• Rest of Europe
• Australia & New Zealand
• ASEAN (Includes Indonesia, Thailand, Vietnam, Philippines, Malaysia, and Others)
• South Korea
• Rest of Asia-Pacific
o Latin America
• Rest of Latin America
o Middle East and Africa (MEA)
• Gulf Cooperation Council (GCC) Countries
• South Africa
• Rest of MEA
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