The global Chitosan Market is anticipated to rise at a surprising CAGR of 14.3% between the forecast period of 2021 and 2031. The previous year's forecast was evaluated at a CAGR of 12.1% during 2016-2020. A noticeable increase in the application of chitosan for fighting infectious diseases and strengthening immunity has driven the market growth.
Increased consumer shift towards organic and natural products has led to rising application of chitosan among customers. Post pandemic, more and more consumers are on a constant lookout for environmental friendly and healthy alternatives, creating sales opportunities for the market due to chitosan’s renewability.
Chitosan is a natural ingredient that helps food products remain fresh and retain their quality. In addition to that, it is also registered to have increased food additives application, making the food products tastier and healthier. Backed by these factors’ the chitosan market is registering high growth during the forecast years.
Competitive Landscape
Agratech (KYTOSAN USA, LLC), Austanz Chitin Pty Ltd., CarboMer, Inc., Golden-Shell Pharamceuticals Co. Ltd, Heppe Medical Chitosan GmbH, KIMICA Corporation, Kitozyme, LLC, Kraeber Co. GmbH, Meron Group, Qingdao Haijia Biology and Technology Co. Ltd, Tidal Vision Inc., Chitolytic, Marshall Marine Products, Zhejiang Aoxing Biotechnology Co. Ltd., are some of the key companies profiled in the full version of the report.
Companies are nowadays investing in research and development to launch new products with significantly enhanced properties. Patients with chronic injuries such as venous leg ulcers, diabetic foot ulcers, post-operative surgical wounds, pressure ulcers, skin abrasions, cavity wounds, and donor sites may benefit from the "first of its type" solution, which is supposed to give relief and speed recovery.
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More Insights into the Chitosan Market
With diverse usage of chitosan-derived products, it is also used in the manufacturing of contact lenses. Therefore, the promising uses of chitosan in the healthcare industry are expected to drive the chitosan market during the forecast period.
As per FMI, the North American chitosan market is anticipated to offer lucrative growth opportunities over the forecast period. In 2021, the U.S. is expected to hold over 80% of the market. Consumers in the United States have health and well-being as their top priorities due to which a product that offers various health benefits backed by research results is likely to gain popularity.
With a market share of nearly 21% in 2021, Germany remains a leading market for chitosan in Europe. The growing demand for personal care products in Germany is providing new opportunities for players in the chitosan market.
The never-ending demand for natural ingredients in cosmetics and personal care products is also expected to result in significantly higher sales of the ingredients used in these products. Japan remains one of the leading markets for chitosan in East Asia, accounting for 55% market share in 2021.
Evolving customer preferences have grown the popularity of chitosan-based products in the Japanese market. Clean label products have been introduced in the dietary supplements food additives market, with Chitosan playing a significant role.
China's chitosan market is poised to gain an attractive value share over the forecast period. It is expected to account for a share of nearly 30% in 2021 in the East Asia market. India is expected to lead the South Asian market over the forecast years as it accounted for 45% of market care in 2021.
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