Transparency Market Research observes that chitosan manufacturing companies are collaborating with end-product manufacturing companies to ensure consistency in revenues. Manufacturers are also establishing reliable tie-ups with e-commerce websites to ensure sales and strong distribution network. Some of the leading players operating in the global chitosan market are Golden Shell Pharmaceutical Co., Ltd., Biothera, GTC Bio Corporation, Panvo Organics Pvt., Ltd. “Manufacturing chitosan-based food supplements is expected to open up a wide range of opportunities for the vendors in the global market,” states the lead author of the research report. A large number of consumers are expected to demand chitosan as it is known to act as a key agent in reducing weight.
North America Chitosan Market Surges at 15.8% between 2014 and 2020
According to the research report, the opportunity in the global chitosan market is expected to be worth US$4.20 bn by 2020 as the market rises at a CAGR of 17.70% between 2014 and 2020. The report predicts that North America chitosan market will progress at a formidable CAGR 15.8% between 2014 and 2020 as the region is witnessing a surging demand for pharmaceutical and biomedical products. On the other hand, the water treatment segment will rise at a significant CAGR of 17.6% during the forecast period as demand for clean water surges in regions of Asia Pacific and North America.
Wide Applications of Chitosan Keep the Market Upbeat
Depleting water resources and the growing issue of water pollution have collectively led organizations, both public and private, to devise ways for accurate water treatment. This factor has considerably driven the global chitosan market as it is extensively used for water treatment purposes across the globe. Chitosan is used for treating waste water, especially for the removal of toxic chemicals and metal ions. The relentless demand for clean water in various industries such as textile, dairy, chemical and metal cutting, and paper and pulp is expected to fuel the demand for chitosan in water treatment application.
Chitosan is also popularly used in the production of cosmetics. With changing lifestyles, improving disposable incomes, and modifying perceptions of beauty, the demand for cosmetics has shot up. There has also been a sizeable rise in the number of consumers opting for bio-derived body care products. Both of these factors have made a remarkable contribution towards surging revenues of chitosan market. The TMR report also states that rising demand for paper and pulp, agrochemicals, and photography chemicals will boost the uptake of chitosan during the forecast period.
Demand for chitosan is also considerable high in the food and beverage industry as it used as a food stabilizer, preservative, and a crucial coagulation agent. Its growing usage in dental care products such as toothpaste and mouthwashes is also anticipated to play a key role in propelling the overall market.
High Production Cost of Raw Materials Hampers Market Growth
The global chitosan market is being restrained due to the high cost of manufacturing chitin derivative from raw materials. Due to lack of development in the process of manufacturing chitosan, the costs have remained the same, with a significant increase in them over time. Thus, the demand for chitosan in the end-use industries is being hampered by their high production costs. The market also faces tough competition from the animal feed manufacturers, who also source the raw materials.
The review of the global market is based on Transparency Market Research’s report, titled “Chitosan Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020.”
The global chitosan market is segmented into:
- Water treatment
- Biomedicine & pharmaceutics
- Food & beverages
- Others (Including fuel cells, photographic products, etc.)
- North America
- Asia Pacific
- Rest of the World
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