Chitosan Market Analysis

Chitosan Market Analysis

Shrimps based chitosan market was valued at USD 700 million in 2020 and, with a CAGR over 15.5%, is anticipated to reach USD 1.7 billion by 2027. Shrimp shell-derived chitosan is used as antibacterial, biocompatible, and eco-friendly polyelectrolyte biomaterial with a wide range of applications including use in chromatography, water treatment, additives for cosmetics, and textile treatment for antimicrobial activity. Furthermore, shrimp-based chitosan is used as novel fibers in textiles, biodegradable films, photographic papers, and biomedical devices along with microcapsule implants for controlled release in drug delivery.
 

The food & beverage end-user segment will showcase significant growth and is expected to grow over 15% CAGR from 2021 to 2027. The film-forming ability of chitosan enables its application in the formation of biodegradable films & coatings and immobilization of enzymes. The product is widely used as a food preservative and shelf-life enhancer owing to its antimicrobial activities.
 

Additionally, the product is increasingly being used as a dietary supplement for weight loss owing to its hypocholesterolemia properties. Rising health concerns among youth have triggered demand for dietary supplements mainly in the U.S. and European countries, which will boost product demand and thereby likely contribute to the total chitosan market size during the forecast timeframe.

The North America will showcase a growth rate of around 13% CAGR from 2021 to 2027 and is expected to generate over USD 960 million in revenue by 2027. A strong presence in the North America pharmaceutical industry is expected to drive market growth. In the pharmaceutical industry, chitosan is used to manufacture pharmaceutical drugs, i.e., as a filler and carrier in controlled release drugs. In addition, it is used as a coating on pharmaceutical products to mask the unsavory medicine taste.
 

Strong investments in the healthcare & medical sector by key players present in the region for new developments will act as a potential for the market size in the coming years. Additionally, strong legislation and laws formulated by the EPA to save the environment from the harmful impact of wastewater released from the industrial sector will continue to trigger product demand owing to its excellent flocculant applications.