Chitosan Market Size to Reach USD 46.3 Billion by 2032 growing at 16.5% CAGR - Exclusive Report by Acumen Research and Consulting

Author: Acumen Research and Consulting

Chitosan Market, valued at USD 10.3 Billion in 2022, is projected to surpass USD 46.3 Billion by 2032, indicating a robust CAGR of 16.5%

The chitosan market has grown significantly in recent years, owing mostly to the rise of the food and beverage sector, which has raised demand for chitosan as a natural preservative. Chitosan is made by deacetylating chitin, which is a major component of marine species' exoskeleton. Shell debris from marine organisms such as squids, shrimp, krill, and crabs is commercially processed to produce chitosan. This versatile molecule has uses in a variety of sectors, including food, chemicals, agriculture, cosmetics, and medicines. However, severe controls on shrimp agriculture and substantial limitations in medication delivery technologies, such as instability, are impeding the expansion of the chitosan industry. Despite these obstacles, the use of chitosan in cosmetics and personal care products, owing to its skin-enhancing characteristics, has fueled market expansion. As a result, market participants are looking into new developments, showing a rising tendency toward the pharmaceutical business in the chitosan market.

Chitosan Market Trend

Chitosan Market Statistics

  • The global chitosan market reached USD 10.3 billion in 2022, forecasting a robust CAGR of over 16.5% from 2023 to 2032
  • North America commands a substantial 46% market share in 2022, leading the global chitosan market
  • Asia-Pacific anticipates impressive growth, with a projected CAGR of 17% driven by expanding industrial activities
  • The industrial grade segment dominates with a significant 45% market share within the grade segment in 2022
  • The shrimps source segment achieves notable revenue in 2022, highlighting the significance of seafood processing in chitosan extraction
  • A discernible trend is the rising demand for eco-friendly and biodegradable materials, shaping the chitosan market's trajectory

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Chitosan Market Dynamics

Rising Demand for Wastewater Treatment Products Fuels the Chitosan Market Value

The chitosan market is expanding rapidly, driven by increased demand for wastewater treatment solutions that remove pollutants such heavy minerals, petroleum, and phosphorus. In North America, tight laws push plastic manufacturers to adopt bio-based materials. Furthermore, the increasing demand for chitosan in many nations drives up the need for chitosan in wastewater treatment. Furthermore, in locations with a high concentration of unclean water bodies, there is an increasing demand for chitosan. Furthermore, governments from numerous nations recognize the benefits of chitosan in wastewater treatment.Overall, increased demand for wastewater treatment is driving the value of the chitosan market.

Growing Cosmetics Industry Offers Significant Chitosan Market Opportunity

The cosmetics industry's fast growth creates a significant potential for the chitosan market. Chitosan, which is generated from the deacetylation of chitin found in marine exoskeletons, has acquired popularity because of its skin-enhancing characteristics. As consumers value natural and sustainable components in their skincare routines, the demand for chitosan as an active ingredient in cosmetics and personal care products has increased dramatically. Chitosan has a variety of advantages, including moisturization, anti-inflammatory characteristics, and the capacity to stimulate collagen formation, making it desirable to producers looking for novel solutions to match changing customer tastes.

Furthermore, chitosan's biocompatibility and biodegradability are consistent with the rising trend of ecologically friendly beauty products. Its flexibility makes it suitable for use in a variety of cosmetic formulas, such as creams, serums, masks, and hair care products. With the cosmetics sector expected to continue its upward trend, driven by rising disposable income and increased knowledge of skincare regimens, the chitosan market is positioned for considerable expansion. As a result, industry participants are focused on R&D efforts to fully realize the potential of chitosan in cosmetics and capitalize on this lucrative market opportunity.

Chitosan Market Segmentation

The global market for chitosan has been segmented into grade, source, application and region.

  • Grade segment is split into industrial grade, food grade and pharmaceutical grade
  • Source segment is sub-segmented into packaging shrimps, prawns, crabs and other sources
  • Application segment is sub-segmented into water treatment, food and beverages, cosmetics, pharmaceuticals and biomedical and others
  • The chitosan market is geographically split into North America, Latin America, Europe, APAC, and the Middle East and Africa

Chitosan Market Regional Outlook

Asia-Pacific is the fastest growing region in the chitosan market to the existence of several companies in Japan and the simple accessibility of raw materials. Market expansion is expected to benefit from the rapid growth in developing markets like China, Korea, and India, especially in the food and beverage, pharmaceutical, and cosmetics industries. The acceptance of chitosan as a natural food ingredient and rising consumer knowledge of its advantages fuel the market's expansion.

In North America, the chitosan market is steadily growing, owing to consumers' growing awareness of natural and ecological goods. Stringent rules on synthetic preservatives in food and cosmetics increase demand for chitosan as a natural alternative. Furthermore, the existence of strong pharmaceutical and biotechnology firms in these locations encourages R&D activity, resulting in advances in chitosan-based drug delivery systems and medical devices.

Europe is the second fastest growing region in the global chitosan market. The rising demand for natural cosmetics in the area would increase product demand in this region. Countries like France, Germany and U.K further propel the demand due to presence of robust number of key players. Furthermore, increasing demand for this market in the Europe in pharmaceutical industry and agricultural industry further propel the growth.

Chitosan Market Players

Chitosan companies profiled in the report include Heppe Medical Chitosan GmbH, Primex EHF, KitoZyme S.A., Vietnam Food, Advanced Biopolymers AS (Norway), Agratech, Taizhou City Fengrun Biochemical Co., Ltd., G.T.C. Bio Corporation, Zhejiang Golden-Shell Pharmaceutical Co., Ltd., BIO21 Co., Ltd., and Biophrame Technologies.

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Acumen Research and Consulting

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