Global Chitosan Market is forecast to chart a double-digit growth rate (16%) in the next seven years owing to the product’s widespread applications across various sectors. Chitosan being one of the most abundantly available biopolymers in the market, is extensively used in water treatment, agrochemical industry, cosmetics, and textile industries.
In addition to this, the product is also recommended by physicians as a dietary supplement. Growing shift of consumer focus toward health and hygiene will further augment chitosan industry growth in the years ahead. According to Global Market Insights, Inc., "Chitosan market generated a revenue over USD 1.52 billion in 2015, and is poised to grow significantly at a CAGR of more than 16% over the period 2016-2024."
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Rapid industrialization and urbanization especially across BRICS nations have propelled the demand for clean water globally, which in turn is linearly boosting the overall industry. Water treatment being a dominating application base accounted for 30% of the total chitosan market share in 2015. Driven by the product’s recent penetration in wastewater management, the overall industry is foreseen to benefit from the wastewater treatment sector as well.
The demand for the compound in biomedicine and pharmaceutical sector is also expected to heighten. Chitosan market from biomedicine and pharmaceutical applications is projected to grow at an annual rate of more than 17% over 2016-2023.
A paradigm shift in preference for cosmetics with organic ingredients over chemical beauty products will positively influence global chitosan industry. Due to the product’s excellent moisturizing properties, it is highly used for skin care. For instance, some of the anti-aging beauty products containing chitosan (Murad White Brilliance, Murad Intensive Resurfacing Peel, and La Prairie White Caviar Illuminating Serum) are already gaining profitable returns. Apart from skin care, chitosan is also used for hair and dental care.
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Considering the global landscape, Asia Pacific accounted for almost 50% of the total revenue, dominating the market in 2015. Japan being the leading manufacturer of chitosan, will remain a major revenue pocket for the APAC industry. It is expected that APAC chitosan market will record a striking growth by 2024, owing to upgraded consumer lifestyles and a fast paced growth of industries in this region.
Global chitosan industry share is highly integrated and thereby competitive. Major market participants are Panvo Organics Pvt., Ltd, Xianju Tengwang Chitosan Factory, Ltd, GTC Bio Corporation, and KitoZyme S.A. Rigorous R&D initiatives are continuously undertaken in order to incorporate chitosan in other novel applications.
Browse key industry insights spread across 102 pages with 93 market data tables & 10 figures & charts from the report, “Chitosan Market 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:
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Global Chitosan Application Analysis (Volume: Kilo tons; Revenue: USD Million, 2013 - 2024)
- Water Treatment
- Biomedicine & Pharmaceuticals
- Industrial
- Food & Beverage
- Cosmetics
- Agrochemical
- Others
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