Chitosan Market Value To Reach Around US$ 22 Billion by 2026

LOS ANGELES, June 14, 2019 (GLOBE NEWSWIRE) — Acumen Research and Consulting, Recently Published Report on “Chitosan Market (By Application: Water Treatment, Food & Beverage, Cosmetics, Pharmaceutical & Biomedical, Others) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026.”

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Chitosan is a type of chitin that is the most important component in the marine animal exoskeleton. The marine shell waste, such as squid, shrimp, krill and crabs, is manufactured commercially. Chitosan is used in a wide range of end use sectors like food, chemicals, food, food and drug products, agriculture, cosmetics and more. However, water processing, bio-medicine, pharmaceuticals, cosmetics, food & beverage are the main end-use sectors.

The market is driven by the increased range of applications in cosmetics, water therapy for impurity removal and the medical industries. In addition, increasing demand is driving the market growth of biofunded chemicals and fewer fresh water resources. Because of the favorable prospects of the pharmaceutical industry in the area North America is anticipated to be a market leader in the near future.

In conjunction with public initiatives, increased demand from the cosmetic sector and the widening implementation of wastewater treatment also drive development. The demand for chitosan for different apps is anticipated to grow in the next few years. In order to propel the product demand, increasing waste water treatment needs are expected to be addressed in sectors such as textiles, milk products, paper & pulp, metal cutting and chemical. As a consequence, the growing demand for products is likewise expected to increase market growth as a result of water treatment and the stringent rules on wastewater disposal.

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The chitosan industry’s key variables are the rich supply of raw materials and the evolving apps in different sections of end use. Continuing R&D operations centered on the search for new uses for chitosan and the development of current technologies are also anticipated to contribute to chitosan market development during the period under examination. Nevertheless, elevated manufacturing costs of chitosan and its derivatives as well as product inconsistency could hinder market growth owing to seasonal, regional and chemical changes.

Wastewater Treatment Applications Driving Demand

Some of the main driving forces for demand in the worldwide chitosan industry are unique and helpful characteristics of chitosan, extensive supply of raw products and increased understanding of its health advantages. On the other side, the chitosan market is hampered by stringent laws relating to the cultivation of shrimps, striking drawbacks in drug delivery systems and instability in certain other areas. As an additional opportunity in this industry, the analyst has expected the development of chitosan from non-aquatic sources.

Key Findings

Increasing demand and growing preferences for natural-derived products by pharmaceutics and cosmetics producers are anticipated to make North America the fastest-growing region. 

A CAGR of approximately 21 percent is expected to grow in Canada’s pharmaceutical industry in due course to increase R&D in tissue engineering applications in product.

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Key Players & Strategies

FMC Corp., Qingdao Yunzhou Biochemistry Co., Golden Shell Pharmaceutical Co., Heppe Medical Chitosan GmbH Ltd., are some of the major businesses on the market. Major enterprises are faced with comparatively less national competition. However, over the forecast period, fast development of the Japanese and Chinese markets will hinder their development. In addition, the growing amount of market entrants is likely to intensify competitiveness over the forecast period, owing to an simple manufacturing method and increased product demand.

Manufacturers are more focused on lowering product costs while increasing output and quality to maintain and reinforce their industrial presence. Initiatives to develop the fishing sector in multiple nations like India are anticipated to increase the accessibility of raw materials. Current study by governments and private organisations in these areas should also promote the entry of fresh enterprises on the market and thus intensify competition between industries.

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