Chitosan Market size worth $7.9 billion by 2024: Global Market Insights Inc.
Chitosan Market size is expected to reach USD 7.90 billion by 2024; according to a new research report by Global Market Insights, Inc.
Global chitosan market applications include water treatment, food & beverage, cosmetics, industrial, biomedicine & pharmaceuticals, agrochemical, and others. Water treatment dominated the application base and accounted for over 30% of chitosan market share in 2015. Rapid industrialization in BRIC nations accompanied with growing urban population has propelled clean water demand across the globe owing to positively influence industry growth from 2016 to 2024. Whereas, biomedical & pharmaceuticals is projected to expand at greater rate over 17% owing to increasing health issues such as obesity.
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It is a coagulant for organic and inorganic compounds present in water, also used as chelating agent to bind toxic heavy metals that are present in industrial wastewater. Rising product demand in water treatment applications owing to its biodegradability, non-toxic nature, and easy availability is anticipated to complement chitosan market size by 2024. In addition, increasing water pollution in countries such as China, India, and Malaysia will further complement industry growth.
It is also a commercially viable substitute for hyaluronic acid, which is used widely in anti-aging cosmetics. Some recently additions anti-aging products containing chitosan are Murad White Brilliance, La Prairie White Caviar Illuminating Serum, and Murad Intensive Resurfacing Peel. These compounds are used in creams, lipsticks, lotions, pack materials, and nail enamels as well. Furthermore, apart from skin care products, they are also used to manufacture hair care and oral care products. They possess the ability to form an elastic film on hair, thereby imparting softness and physical strength to hair fiber. Increasing consumer’s awareness towards physical appearance is likely to upsurge chitosan market growth over the forecast timeframe.
Browse key industry insights spread across 102 pages with 93 market data tables & 10 figures & charts from the report, “Chitosan Market Size By Application (Water Treatment, Biomedicine & pharmaceuticals, Industrial, Food & Beverage, Cosmetics, Agrochemical), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Russia, Poland, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC) Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
Key insights from the report include:
- Water treatment application generated revenue more than USD 300 million in 2015. Rapid industrialization resulting in rising clean water demand is forecast to propel global chitosan market size for water treatment application.
- Food & Beverage application is anticipated to witness gains at over 16% application. Improved consumer lifestyles along with changing food habits will drive industry growth from 2016 to 2024.
- Cosmetics application was valued at over USD 500 million in 2015. Increasing product use in hair care, anti-aging creams, and dental care products will positively influence industry growth. For instance, cosmetics giant L’Oréal uses chitosan as an ingredient to manufacture a wide product range.
- North America, driven by U.S. chitosan market size, generated revenue more than USD 550 million in 2015. Increasing health awareness amongst consumers and high obesity rate in the region is likely to boost industry growth over the forecast timeframe.
- Asia Pacific dominated the chitosan market share and accounted approximately half of the global revenue in 2015. Fast growing industrial sector and improving customer’s lifestyle in the region will compliment industry growth by 2024. In addition, agrochemical is anticipated to be the fastest growing application in the region.
- Global chitosan market share is competitive. Major industry participants are Panvo Organics Pvt., Ltd, GTC Bio Corporation, Xianju Tengwang Chitosan Factory, and KitoZyme S.A. Others notable players include Golden-Shell Pharmaceutical Co., FMC Health and Nutrition, PT Biotech Surindo, and Panvo Organics Pvt., Ltd.
- Chitosan manufacturing companies such as Golden Shell Pharmaceutical Co., Ltd., Biothera, GTC Bio Corporation, Panvo Organics Pvt., Ltd. source raw materials and manufacture chitosan with varying molecular weights as required by the target market.