Global Chitosan Market to Reach US$4.22 bn by 2020 on Account of Growing Demand for Wastewater Treatment

Transparency Market Research has recently published a market research study, titled “Chitosan Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020.” The research study offers a comprehensive analysis of the global chitosan market, presenting insights into growth drivers, barriers, current trends, and potential opportunities. In addition, the product segmentation, major geographical segments, and competitive landscape of the global chitosan market have also been discussed in the scope of the report.

As per the research study, in 2013 the global chitosan market stood at US$1.35 bn and is projected to reach a value of US$4.22 bn by the end of 2020. The market is estimated to report a progressive 17.70% CAGR between 2014 and 2020.

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Chitosan is an organic carbohydrate polymer that is derived from chitin. It can also be derived from a fungal source through the process of substrate fermentation. In the last few years, chitosan has been widely used for diverse applications, owing to which, the global chitosan market is estimated to grow at a fast pace in the near future. Furthermore, the increasing research and development activities in this field is resulting in the expansion of application areas of chitosan.

global-chitosan-marketThe growing applications of chitosan are projected to bolster the growth of the market throughout the forecast period. Since the last few years, chitosan is being used as a dietary supplement, which holds immense growth opportunities for the growth of the overall market. In addition, chitosan is being produced from non-aquatic sources that results in enhanced functionality and quality of the final products. However, the high cost of production is one of the major factors curtailing the growth of the global chitosan market.

The global chitosan market has been divided on the basis of application into agrochemical, industrial, water treatment, food and beverage, biomedicine and pharmaceuticals, cosmetics, and others. The others segment has been sub-segmented into photographic products and fuel cells. The water treatment segment and cosmetics segment accounts for the largest share in the global chitosan market. The increasing demand for wastewater treatment chemicals owing to rapid industrialization and growing urban population is one of the major factors driving the water treatment segment. Chitosan is majorly used as a flocculant in order to treat wastewater. On the other hand, the growing demand for organic cosmetics in hair care, skin care, and oral care products is propelling the cosmetics segment.

The global chitosan market has been classified on the basis of geography into North America, Europe, Asia Pacific, and Rest of the World. In 2013, Asia Pacific held a 55% share in the global chitosan market owing to the substantial contribution from China and Japan. Asia Pacific was followed by North America, which accounts for the highest demand for chitosan. The rapid growth of North America can be attributed to the increasing demand for chitosan for application across diverse sectors such as pharmaceuticals, biomedical, and cosmetics.

Furthermore, the research report analyzes the leading players operating in the global chitosan market, based on their company overview, product portfolio, business policies, financial status, recent developments, and SWOT analysis. The prominent players mentioned in the research report include Primex ehf, GTC Bio Corporation, PT Biotech Surindo, Biothera, Panvo Organics Pvt., Ltd., Golden-Shell Pharmaceutical Co., Ltd., KitoZyme S.A., FMC Health and Nutrition, Xianju Tengwang Chitosan Factory, and Heppe Medical Chitosan GmbH.

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