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Chitosan Market Overview:The global chitosan market is projected to grow at a significant rate of 7.1% from 2019 to 2024 to reach a market value of USD 7.35 billion by the end of 2024.
There are abundant factors that is propelling the growth of the chitosan market. These factors as per the Market Research Future (MRFR) report include easy availability of abundant raw materials, emerging applications of chitosan from different end use segments, ongoing research and development activities to discover its new applications, development of the existing technology, unique properties of chitosan such as ease of chemical modification, excellent biodegradability and high biocompatibility.
On the contrary, high production cost both of chitosan as well as its derivatives, product inconsistency owing to chemical, regional and seasonal modification, strict regulations related to shrimp farming, instability in few applications and its striking disadvantage in the drug delivery system are factors that may impede the growth of the chitosan market.
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Chitosan Industry/ Innovation/ Related News:
April 2019- Western Sydney University researchers have introduced a scientific breakthrough via regenerating peripheral nerves that are injured with negligible side effects, thereby giving people with spinal cord injury, carpal tunnel syndrome and chronic pain new hope. This graft antenna is a minimally invasive and innovative device which acts as a biodegradable scaffold and wireless stimulator for nerve repair. It is created from chitosan, derived from the shrimp shell. This thin film tightly clings to the nerve grafts while it also features a tiny golden ring which serves as the antenna. Gold and chitosan both are biologically compatible and also non-toxic in nature.
January 23, 2016- Introduction of bio-based chitosan food packaging by National University of Singapore (NUS). This development is addressed as first non-commercial over the last 10 years. Researcher’s form National University of Singapore have succeeded successfully developed an environmentally friendly food packaging material that is free from chemical additives, by fortifying natural chitosan-based composite film with grapefruit seed extract. Chitosan, a natural and biodegradable polymer has significant applications in food industry owing to its biocompatibility, non-toxicity, short time biodegradability and excellent film forming ability. Major market players in chitosan market has started to recognising importance of bio-based chitosan food packaging which expected to offer growth opportunities.
Feb12, 2014- TriStar Wellness Solutions® launched New Patent for HemCon's Chitosan Technology in Japan. The company has awarded for introducing patent that supports emerging status in the Japanese medical/dental markets. The chitosan based medical products for japan market anticipated to open up new opportunities in coming years. This development addressed as one of the key trends, which will encourage other industry participants to come up with products innovations.
Chitosan Market Key Players:
• Heppe Medical Chitosan GmbH (Germany)
• Advanced Biopolymers AS (Norway)
• G.T.C. Bio Corporation (China)
• Novamatrix (Norway)
• Agratech International, Inc. (U.S.)
• Golden-Shell Pharmaceutical Co. Ltd. (China)
• Qingdao Yunzhou Biochemistry Co. Ltd. (China)
• Panvo Organics Pvt Ltd. (India)
• Kitozyme S.A. (Belgium)
• Primex ehf (Iceland)
and others are some of the prominent players at the forefront of competition in the Global Chitosan Market and are profiled in MRFR Analysis.
Chitosan Market Regional Analysis:
Geographically, Asia Pacific has been the traditional global leader in this market and had acquired more than half of the market. Japan had played key role in the domination of Asia Pacific over the global market, as it has abundance raw material linked with early awareness regarding the benefits offered by the product.
The country held majority shares in this region due to waste water applications which is a major application segment. Innovative solution in cosmetics industry in Chain and South Korea has been complementing the regional demand over the past few years for chitosan. The region will be retaining its global control due to flourishing demand offered by food, pharmaceutical and cosmetics industry.
Chitosan Market Table of Content to be Continue………,
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