Chitosan Market to Reach $42.8 Billion, Globally, by 2033 at 18.7% CAGR: Allied Market Research

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Aug 08, 2024, 02:09 ET

An increase in the use of chitosan in water treatment is driving the market growth due to its effectiveness in removing contaminants and heavy metals. Chitosan's biodegradable and non-toxic nature makes it an attractive choice for sustainable water purification, addressing the rise in environmental concerns and regulatory demands for cleaner water solutions.

WILMINGTON, Del., Aug. 8, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Chitosan Market by Source (Shrimp, Squid, Crab, Krill and Others), and Application (Water treatment, Biomedical and Pharmaceutical, Cosmetics, Food and Beverage and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the chitosan market was valued at $7.8 billion in 2023, and is estimated to reach $42.8 billion by 2033, growing at a CAGR of 18.7% from 2024 to 2033.

Prime determinants of growth

The global chitosan market is experiencing growth due to several factors such as the rise in demand for natural and biodegradable materials in various industries and the increasing health consciousness among consumers. However, high market costs associated with chitosan hinder market growth. Moreover, the rise in emphasis on sustainable and green chemistry presents a favorable environment present additional opportunity for the chitosan market.

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Report coverage and details:

Report Coverage	Details
Forecast Period	2024–2033
Base Year	2023
Market Size in 2023	$7.8billion
Market Size in 2033	$42.8billion
CAGR	18.7 %
No. of Pages in Report	300
Segments Covered	Source, Application, and Region.
Drivers	Increase in use in water treatment Expanding applications in medical and pharmaceutical industries
Opportunity	Expanding applications in food and beverage industry
Restraint	High production costs

Shrimp segment to maintain its dominance by 2033

By source, the shrimp segment held the highest market share in 2023 and is likely to retain its dominance during the forecast period. The growth of the shrimp-based chitosan market is driven by factors such as increasing global demand for seafood, which has led to higher shrimp production, resulting in abundant shrimp shell waste, a primary source of chitosan. Advances in extraction technologies have made chitosan production more efficient and cost-effective. In addition, rise in awareness of the benefits of chitosan in pharmaceuticals, agriculture, and water treatment is boosting its demand. The sustainable and eco-friendly nature of chitosan production from shrimp waste also aligns with the growing emphasis on green and sustainable products.

Water treatment segment is expected to lead the trail by 2033

Based on application, the water treatment segment held the highest market share in 2023 and is estimated to dominate the market during the forecast period. The growth of chitosan in water treatment applications is driven by its eco-friendly and biodegradable nature, making it an attractive alternative to synthetic chemicals. Chitosan's effectiveness in removing heavy metals, dyes, and other contaminants enhances its demand in the water treatment sector. Increasing environmental regulations and the need for sustainable water management solutions further propel its adoption. In addition, growing awareness about water pollution and the benefits of using natural coagulants contribute to the rising use of chitosan in both industrial and municipal water treatment processes.

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Asia-Pacific is expected to experience the fastest growth during the forecast period

Based on region, Asia-Pacific was the fastest-growing region in terms of revenue in 2023. The increasing demand for chitosan in the Asia-Pacific region is driven by several growth factors. The region's booming agriculture sector benefits from chitosan's applications in enhancing crop yield and protection. In addition, rise in demand for natural and biodegradable materials in the food and beverage industry supports its use as a food additive and preservative. In healthcare, chitosan's biocompatibility and biodegradability drive its adoption in wound care, drug delivery, and medical devices. Furthermore, the region's growing focus on environmental sustainability boosts the demand for chitosan in water treatment and bioplastics.

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Leading Market Players: -

PRIMEX EHF
ADVANCED BIOPOLYMERS AS
Panvo Organics Pvt. Ltd.
Heppe Medical Chitosan GmbH
G.T.C. Bio Corporation
Kitozyme S.A.
Novamatrix
Agratech International, Inc.
Golden-Shell Pharmaceutical Co. Ltd.
Qingdao Yunzhou Biochemistry Co. Ltd.

The report provides a detailed analysis of these key players in the global chitosan market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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