Global Chitosan Market Generated ~$1.8 Billion Revenue in 2020, APAC Region was the Largest Contributor Says P&S Intelligence

NEW YORK, Aug. 12, 2021 /PRNewswire/ -- Chitosan market generated revenue of ~$1.8 Billion in 2020 and is predicted to witness significant growth during 2021–2030, the soaring adoption of chitosan in various industries such as food and beverages, agrochemicals, pharmaceuticals, cosmetics, bioplastics, and fisheries, and increasing research and development (R&D) activities being carried out in chitosan are the major growth drivers of the global chitosan market. Furthermore, the mushrooming requirement for chitosan in wastewater treatment applications and surging demand for bioactive materials are also fueling the growth of the market.

The governments of many countries have imposed strict lockdowns for mitigating the spread of the COVID-19 disease. This caused the closing down of many industries, except the healthcare industry, which experienced sharp growth across the world. Moreover, many researchers identified chitosan as a potential agent for COVID-19 drug delivery devices during the pandemic, because of chitosan's flexible joining ability with other molecules. Due to these reasons, it can be said that the COVID-19 pandemic positively impacted the progress of the chitosan market.

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The chitosan market is divided into prawn, shrimp, lobster, and crab, depending on source. Out of these, the shrimp category dominated the market, both in terms of revenue and volume, between 2015 and 2020. Furthermore, the category is predicted to hold the largest share in the market during the forecast period. This is credited to the ability of shrimps to produce high-yield and high-quality chitosan and the burgeoning demand for shrimp chitosan.

Based on application, the chitosan market is categorized into medical, water treatment, food and beverages, and agriculture. Amongst these, the water treatment category dominated the market in 2020, because of the coagulating characteristics of chitosan, which assist in removing metal and non-metal ions from water.

Browse detailed report with COVID-19 impact analysis on Chitosan Market Research Report: By Source (Shrimp, Prawn, Crab, Lobster), Application (Water Treatment, Medical, Cosmetics, Food & Beverages, Agriculture), Grade (Industrial, Food, Pharmaceutical) - Global Industry Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/chitosan-market

Across the globe, Asia-Pacific (APAC) contributed the highest revenue to the chitosan market during the historical period, and it is predicted to retain its dominance in the forthcoming years. This is attributed to the surging R&D activities being conducted in chitosan and increasing incidence of chronic diseases in the region.

The players operating in the chitosan market are focusing on launching products for enhancing their presence in the industry. For example,

In April 2020, MaxioCel, which is a wound dressing product made from chitosan, was launched by Axio Biosolutions Private Limited. This product provides faster healing with effective scar improvement, significant pain relief, and higher comfort.

Some of the major global chitosan market players are Heppe Medical Chitosan GmbH, Marshall Marine Products Private Limited, Golden-Shell Pharmaceutical Co. Ltd., Primex ehf, AgraTech International Inc., Advanced Biopolymers AS, Bio21 Co., Meron Group, Axio Biosolutions Private Limited, KitoZyme LLC, and FMC Corporation.

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Water Treatment Chemicals Market - Geographically, the water treatment chemicals market is predicted to record the highest growth in Asia-Pacific in the upcoming years. This would be a result of the existence of numerous industries and the high living standards of the people living in this region.

Green Chemicals Market - Globally, the green chemicals market is predicted to exhibit rapid expansion in the Asia-Pacific region in the coming years. This will be because of the burgeoning requirement for these chemicals in various end-use industries such as automotive, agriculture, and personal care and the growing public awareness about the several advantages of using these chemicals over the traditional synthetic ones, especially in the emerging economies such as China and India.

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SOURCE P&S Intelligence