Chitosan Market Size 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), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024
Published Date: September 2016 | 102 Pages | Report ID: GMI760 Report Format: PDF
Chitosan Market size was valued over USD 1.52 billion in 2015 and is forecast to experience gains exceeding 16% CAGR between 2016 and 2024.
U.S. Chitosan Market size, by application, 2013-2024 (USD million)
The lack of fresh water accompanied with growing urban population and industrialization have resulted in acute scarcity of usable water, resulting in massive investments by governments and private players in water treatment across the globe, particularly in high and middle income countries. These are used as flocculants in water treatment. In addition, global flocculants market size was valued at over USD 5 billion in 2013 and is forecast to reach USD 8.5 billion up to 2024, with estimated gains at over 5% CAGR. Fast growing flocculants market will consequently propel global chitosan market size over the forecast timeframe.
Consumers are increasingly attracted towards cosmetics with natural ingredients as these products are positioned as healthier and safer alternatives to conventional cosmetics. Chitosan is used extensively in hair care, skin care, and dental care products. They exhibit excellent skin moisturizing properties as it moisturizes the skin as well as prevents dehydration. Global cosmetics market was valued at over USD 260 billion in 2015 and is forecast to expand at over 4% CAGR up to 2024. Although the global cosmetics industry is growing at a moderate 4% CAGR. However, the growth of cosmetics with organic ingredients have been growing at a much swifter pace at over 8% CAGR, which may positively influence global chitosan market size.
Chitosan market price trend, due to high cost of manufacturing from raw materials is a key restraint. Manufacturing technique has been essentially unchanged from the time it was first proposed. Moreover, the cost of treating environmentally-hazardous waste produced during the manufacturing process is substantial. In addition, the industry faces competition from animal feed manufacturers who source the same raw materials. Shrimp meals are used to feed cattle, farm pigs, and other poultry animals as well as in aquaculture. The growth of meat consumption in Asia Pacific due to increasing purchasing power and changing food habits have led animal feed manufacturers to demand considerable volumes of crustacean waste. This has resulted in the higher shrimp shells demand, driving up the procurement cost. Although the price variation due to competition from animal feed manufacturers is not alarming, it is forecast to play a role as the demand increases gradually.
It is used as a dietary supplement due to its ability to reduce body weight through the fat binding mechanism. Obesity is the root cause of many health problems, including cardiac diseases, blood pressure issues, diabetes, gallbladder disease, osteoarthritis, and certain kinds of cancer. As a dietary supplement it has enormous opportunity owing to the large population of target market. Moreover, chitosan has been approved for its application as a dietary supplement in several countries. Increasing customer awareness towards health is likely to propel chitosan market growth from 2016 to 2024. The industry is anticipated to witness marginally increasing prices over the forecast timeframe, which is likely to increase profit margins for industry players.
Chitosan Market, By Application
Water treatment application was valued at over USD 300 million in 2015, with key action being an adsorption medium for various industrial chemicals, such as phenol and polychlorinated biphenyl (PCB) that are present in wastewater. Furthermore, they are increasingly finding acceptance in wastewater treatment technology owing to its easy availability, biodegradability, and non-toxic nature.
Biomedicine & pharmaceutical is projected to witness gains more than 17% CAGR over the forecast timeframe. It is extensively used to manufacture bandages owing to its exceptional wound healing characteristics. They are used in pharmaceuticals manufacturing as filler and as a carrier for controlled release drugs. In addition, it is used as a coating on pharmaceutical products to mask the unsavoury medicine taste. The above mentioned features and advantages will complement chitosan market size for biomedicine & pharmaceutical application over the forecast timeframe.
Chitosan Market, By Region
U.S. chitosan market size was marked more than USD 400 million in 2015. Regional growth is particularly driven by inclining health issues such as obesity accompanied with high consumer spending on dietary supplements is anticipated to propel industry growth in region up to 2024.
Asia Pacific is anticipated to witness highest gains around 18% CAGR from 2016 to 2024. Asia Pacific is the leading chitosan manufacturer. The industry is export based and considerable amount of different product grades is exported to North America and Europe. Japan is the highest manufacturer as well as consumer of chitosan in Asia Pacific, followed by China. In addition, rapid industrialization in the region, resulting in rising clean water demand will complement chitosan market over the forecast timeframe.
Competitive Market Share
Global chitosan market share is highly competitive, mainly in Asia Pacific. In addition, the industry is price sensitive. Major industry players include GTC Bio Corporation, Panvo Organics Pvt., Ltd., KitoZyme S.A., and Xianju Tengwang Chitosan Factory. Others significant industry players include FMC Health and Nutrition, Golden-Shell Pharmaceutical Co., Panvo Organics Pvt., Ltd., and PT Biotech Surindo.
The industry is highly integrated and most of the manufacturers produce chitosan as well as the end products. However, certain food supplement makers, cosmetics and biomedical product makers, pharmaceutical companies, cosmetic manufacturing companies, and natural diet supplement manufacturing companies procure from manufacturers and use it as an ingredient to manufacture the end products.
Chitosan Industry Background
Chitosan is a chitin derivative, which is a long chain polymer found abundantly in aquatic animals such as crabs, shrimp, lobsters, and squid. The global chitosan market is extremely attractive as this polymer has extensive applications in various end-use industries such as water treatment, food supplements, pharmaceutical, cosmetics, biomedical, paper manufacturing, and agriculture, among others. Extensive research and development initiatives continue to be undertaken in order to ascertain other future novel applications.
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