Westford, US, Oct. 24, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the global chitosan market size will reach a value of USD 62.76 Billion by 2031, with a CAGR of 21.3% during the forecast period (2024-2031). Global market is predicted to witness explosive growth due to the ever-growing demand among consumers for organic and natural products. Chitosan fits the green and eco-friendly choices that consumers are increasingly opting for The demand for chitosan is also being driven by the growing pharmaceutical sector and growing health consciousness attributed to its excellent properties in tissue engineering, drug delivery systems, and wound healing.
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Asia-Pacific Dominance Due to Its Large Customer Base
The global chitosan market share was dominated by Asia-Pacific. The success of the region is owed to a number of factors. Among such factors are the strong presence of significant manufacturers, easy access to raw materials, and the strong food and pharmaceutical industries, which use significant quantities of chitosan in various applications. With more than 4.5 billion people living in its territory and growing sectors of industry fast, Asia-Pacific is one significant source of a considerable customer base and a lucrative market for chitosan products.
On the contrary, the North America chitosan market is anticipated to grow at the fastest rate. This growth is driven by growing awareness of the diverse benefits Chitosan could offer in most medical, cosmetic, and agricultural applications. In addition, robust legislation on green innovation combined with overwhelming demand for green and organic products has also contributed to better observance of chitosan application in North America.
Chitosan Market Report Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 13.39 Billion |
| Estimated Value by 2031 | USD 62.76 Billion |
| Growth Rate | Poised to grow at a CAGR of 21.3 % |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Source, Application, Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Chitosan and its Rising Demand |
| Key Market Opportunities | Emerging Applications of Chitosan |
| Key Market Drivers | Advancements in Extraction and Processing Technologies |
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Shrimp-Based Chitosan and its Prevalence Due to the Seafood Industry's Waste
The shrimp-based chitosan segment held the largest market share and also the biggest category in terms of source. The wide prevalence of chitosan derived from shrimp can be traced to the sheer amount of waste from shrimp produced by the seafood processing industry. Increased demand for shrimp, which is increasingly becoming a popular seafood product, has increased the market for shrimp-based chitosan. Shrimp shells are full of chitin. Moreover, high-quality and pure chitosan produced from shrimp is highly in demand by different end-use industries such as cosmetics, agriculture, and pharmaceuticals.
Rapid Growth of Chitosan in Biomedical & Pharmaceuticals Industry Due to Its Antibacterial Properties
The biomedical & pharmaceuticals segment is the fastest-growing category in the Chitosan market. Due to its outstanding antibacterial, biodegradable, and biocompatibility properties, chitosan is a great material for various medicinal applications. It is now gaining high application in tissue engineering, drug delivery systems, wound healing, and other fields of medicinal practice. The biomedical & pharmaceuticals industry is increasingly growing due to factors such as the increasing frequency of chronic illnesses, advanced drug delivery technologies, and demand for regenerative medicine.
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Chitosan Market Drivers
- Advancements in Extraction and Processing Technologies
- Agricultural Applications
- Growing Demand for Biodegradable Products
Chitosan Market Restraints
- High Production Costs
- Variability in Quality
- Regulatory Challenges
Chitosan Market Key Players
- Koyo World
- Primex Iceland
- Primex EHF
- KitoZyme SA
- CarboMer Inc.
- United Chitotechnologies Inc.
- Biophrame Technologies
- Primex
- G.T.C. Bio Corporation
- Golden-Shell Pharmaceutical Co., Ltd.
Key Questions Covered in the Chitosan Market Report
- What are the factors driving the growth of the global chitosan market?
- Which is the dominant region within the market?
- What are the major players operating within the market?
This report provides the following insights:
Analysis of key drivers (advancements in extraction & processing technologies, growing demand for biodegradable products), restraints (high production costs, regulatory challenges), opportunities (emerging applications, R&D), and challenges (sustainability of raw materials, competition from synthetic alternatives) influencing the growth of the chitosan market.
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the market.
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the market.
- Market Development: Comprehensive information on lucrative emerging regions.
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market.
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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