The global chitosan market is expected to reach USD 1.49 billion by 2022, according to a new report by Grand View Research, Inc. Market demand is primarily driven by abundant raw material availability, low price, and superior product quality. Rising applications scope of the product as an eco-friendly option in textile and agrochemical industry is expected to propel demand over the projected period.
The increasing use of chitosan as a chelating, coagulating and flocculating agent in waste water treatment is expected to have a positive impact on the market growth. Furthermore, rising use of bio-based skin and hair care products including shampoo, color cosmetics and hair sprays among female consumers is likely to augment demand over the next seven years.
Chitosan is a bio-polymer primarily obtained from shrimp shells. Shrimp shells are disposed of as waste material in fishery industry. As a result, integration with the fishery industries to source raw material is the key factor promoting growth. In addition, abundant raw material availability coupled with low cost is expected to propel demand over the forecast period.
Rising consumer awareness regarding benefits of chitosan coupled with demand-supply gap due to low production volumes especially in North America and Europe is expected to offer an opportunity for new players.
U.S chitosan market revenue, by application, 2012-2022 (USD Million)
View summary of “Chitosan Market Analysis Report” @ http://www.grandviewresearch.com/industry-analysis/global-chitosan-market
Further key findings from the report suggest:
- Water treatment was the largest application segment for chitosan and is expected to grow at a CAGR over 17% from 2015 to 2022. Rising demand for the compound in removing metals and various chemicals from waste water including pesticides, surfactants, phenol and polychlorinated biphenyls is expected to have a positive impact on the market growth over the projected period.
- The market is anticipated to witness significant growth in pharmaceutical applications going forward till 2022. The market is likely to grow at a CAGR of over 20% from 2015 to 2022 owing to its low toxicity and bio-compatibility in various pharmaceutical compositions. The increasing use of the product as an inactive ingredient and a bio-filler in tablet and capsule manufacturing is likely to be a key driver promoting growth.
- Europe demand for food & beverage application was valued over 7.0 Million in 2014, growing at a CAGR of over 17%, from 2015 to 2022. In Europe, chitosan hydrochloride is approved as a substance in food industry which complies with Regulation (EC) No 1107/2009 of the European Parliament and of the Council, which is expected to have a positive impact on the market growth. Growing food industry in the region coupled with rising requirement of bio-derived food ingredients in food formulations is expected to propel growth.
- In North America, cosmetics was the largest application segment and was valued over USD 25 million in 2014. The robust manufacturing base of global cosmetic manufacturers such as Unilever, Johnson & Johnson and Procter& Gamble in the U.S. is expected to promote demand personal care products formulation.
- Key players in the industry include Yunzhou Biochemistry Co., Advanced Biopolymers AS, Biophrame Technologies, United Chitotechnologies Inc., Koyo World (Hong Kong) Co. Ltd., Dainichiseika Color & Chemicals Mfg. Co. Ltd., Agratech LLC., Kraeber& Co. GmbH, Foodchem International Corporation, and FMC Corporation.
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