Chitosan Market Value To Reach USD 10.45 Billion In 2023

Published Date : 12 May 2023

The global chitosan market value has reached at USD 10.45 billion in 2023 and is projected to touch around USD 27.36 billion by 2030, growing at a CAGR of 25% between 2022 and 2030.

Market Overview

The characteristics and potential uses of chitosan have generated a lot of attention. This polymer is the subject of an increasing number of articles and patents each year. Chitosan's application is constrained in neutral and basic media due to its weak solubility. Its natural source is a further significant hindrance. Chitosan is a family of molecules with variations in their composition, size, and distribution of monomers rather than a single polymer with a well-defined structure.

The biological and technical performance of the polymer is fundamentally impacted by these characteristics. Significant demand for chitosan is anticipated from the food and beverage industry due to favorable regulatory support from developed countries and growing knowledge of the health advantages the product offers. The market has expanded as a result of rising demand for the product as a food stabilizer and preservative. The substance is increasingly used as a thickener in beverages, a clarifying agent in juices, and in the packaging of food goods, all of which are expected to drive demand.

The need for chitosan is also anticipated to rise in the upcoming years as wastewater treatment is prioritized by nations throughout the world to reduce pollution. In the Asia-Pacific region, there is a severe lack of potable freshwater due to declining groundwater levels and a fast-expanding metropolitan population. Governments and commercial companies have invested in water treatment as a result, mostly in India, China, and Malaysia.

For instance, the Indian Planning Commission planned around USD 26.5 billion between 2012 and 2017 to supply potable water to all Indians living in cities and the countryside. India will need a variety of services to address its water crisis, including sewage treatment, wastewater treatment, solid, liquid, and chemical waste management, water technologies, environmental services, desalination businesses, consultancy, and engineering.

Additionally, the Indian government planned to install water filtration systems in villages in 2019 with the help of the Bhabha Atomic Research Centre (BARC). By 2024, the government hopes to have clean water for everyone. It is therefore anticipated to fuel the segment's expansion during the forecast period as a result of the aforementioned causes.

Regional Snapshot:

North America will dominate the market with the highest revenue share in 2022

With the biggest revenue share of almost 46.0% in 2022, North America dominated the market. This is explained by the increased consumer demand for skin and hair care products made from biomaterials in the region's affluent countries. The need for organically derived, nontoxic water treatment chemicals in the region is anticipated to increase along with expanding government spending on water purification technologies.

As chitosan-based research and development has been developing in the production of treatments or protective equipment in the management of the disease, the COVID-19 pandemic has demonstrated a favorable response toward the chitosan market. The protective effect of a novel form of respirator with a filter element containing chitosan nanoparticles, which exhibit a favorable impact on the market, is being investigated in clinical tests in 2021.

During the projected period, Asia Pacific will experience tremendous growth. During the projection period, it is projected that the rising demand for skin care products, particularly among women and teenagers, would have a beneficial effect on the product market. Demand for organically derived hair and skin care products in the region is anticipated to rise over the course of the forecasted period as a result of the region's expanding fashion industry. The demand is anticipated to increase during the projected period as investments in municipal wastewater treatment and field usage of bio-derived chemicals both grow.

For instance, the Food and Agriculture Organization of the United Nations reports that China imported 285,900 tons of shrimp during the first half of 2019, primarily from Saudi Arabia, India, and Ecuador, which was 186% greater than the 100,000 tons imported in 2018. The market is therefore predicted to expand as a result of the aforementioned causes.

Chitosan Market Report Scope:

Report Coverage Details
Market Revenue in 2023 USD 10.45 Billion
Projected Forecast Revenue in 2030 USD 27.36 Billion
Growth Rate from 2022 to 2030 CAGR of 25%
Largest Market North America
Base Year 2022
Forecast Period 2022 to 2030
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Market Dynamics:

Market Drivers: 

The increase in uses for chitosan, the expansion in waste from the seafood industry, and government assistance for waste utilization are the key factors driving the worldwide chitosan market. The shell waste is transformed into high-value goods like chitin. Due to its ability to absorb lipids, chitosan a substance produced from crustaceans like crabs, shrimp, and lobster is frequently used to reduce body weight. Additionally, the increased use of Chitofelx in hemostatic dressings due to its anticoagulant qualities is anticipated to fuel market expansion. Additionally, throughout the anticipated period, a rise in demand for cosmetics made from bio-based materials is anticipated to fuel market expansion.

Market Restraints: The market is hampered by high production costs in bulk.

Strict rules and high product costs limit market expansion. High product costs that are based on quality and purity could impede market expansion. Market expansion is hampered by strict controls on shrimp farming and alleged flaws in chitosan products used in medicine delivery systems.

Market Opportunities: Intense market competition and overcoming obstacles to develop chances

If marine debris becomes scarce, an increase in the number of new sources for chitosan, including fungi, snails, and other mollusks, may take the place of more traditional sources like crab and shrimp. There may be lucrative potential for the expansion of the chitosan market due to the easy availability of fungus waste in agriculture and the artificial creation of fungi using inexpensive nutrients and straightforward chemical processes. Competitors of chitosan benefit financially from the rising competition among leading market players. Additionally, rising demand for chitosan from numerous industries, including the pharmaceutical and cosmetic industries, is propelling the expansion of the global chitosan market. To remain competitive, market actors also prioritize product innovation and research.

Source Insights

According to the sources, crab comes in second on the chitosan market after shrimp. Because shrimp contains between 25% and 40% chitin and crab shells have 15% to 20%, shrimp is thought to be the main source of chitosan. These sources can be used to quickly and cheaply generate chitosan. After China, India is the country that produces the most shrimp and exports the most shrimp worldwide. For instance, India produced 800 000 MT of shrimp in 2019, representing a double-digit increase over the previous ten years. The rapid growth of the chitosan market will be aided by the increased production of shrimp in the near future.

Application Insights

The market was dominated by biomedical applications in 2022, with a revenue share of 32.9%. This is a result of the rising need for bio-based ingredients in the production of pharmaceuticals. The demand for improved healthcare goods along with high investments in the pharmaceutical and medical sectors are anticipated to positively affect market growth over the forecast period. A number of market participants in the sector are heavily spending on research and development operations in order to create new applications. On the other hand, the rising demand for personal care products made from biomaterials is anticipated to be a major factor in the market's expansion. Chitosan's bacteriostatic and fungistatic qualities are anticipated to expand the product market in cosmetic applications.

Recent Development

  • In March 2021, The VESTA clinical trial was conducted in Brazil by the University of Brasilia in conjunction with the University of Campinas, Brazil, Centro de Pesquisa em Biotecnologia Ltda, Hospital Regional da Asa Norte (HRAN), Hospital da Regio Leste (HRL), and Hospital Universitário de Brasil (HUB/UnB), to determine the efficacy of a novel respirator with chitosan nanoparticle
  • In March 2020, Novochizol is a novel chitosan nanoparticle technology that can be utilized to transport and limit any prospective anti-COVID-19 medicine to the lungs of critically ill patients. Bioavanta-Bosti is a pioneer in the study of chitosan nanoparticles.

Some of the prominent players:

  • Primex EHF
  • Heppe Medical Chitosan GmbH
  • Vietnam Food
  • KitoZyme S.A.
  • Agratech
  • Advanced Biopolymers AS (Norway)
  • BIO21 Co., Ltd.
  • G.T.C. Bio Corporation
  • Taizhou City Fengrun Biochemical Co., Ltd.
  • Zhejiang Golden-Shell Pharmaceutical Co., Ltd.
  • Biophrame Technologies
  • Heppe Medical Chitosan GmbH
  • Meron Biopolymer
  • Qingdao Yunzhou Biochemistry Co.
  • Golden-Shell Pharmaceutical Co. Ltd
  • FMC Corp.

Segments Covered in the Report

By Source

  • Shrimps
  • Prawns
  • Crabs
  • Other Sources

By Application

  • Water treatment
  • Cosmetics
  • Pharmaceutical and Biomedical
  • Food and Beverage
  • Other Applications

Buy this Research Report@

You can place an order or ask any questions, please feel free to contact at | +1 9197 992 333