Chitosan's Market size was close to USD 9.65 billion in 2021 and is estimated to grow at a CAGR of around 7.2% to reach USD 11.3 billion by 2027.

HYDERABAD, TELANGANA, INDIA, September 8, 2022 /EINPresswire.com/ -- The Chitosan Market size was close to USD 9.65 billion in 2021 and is estimated to grow at a CAGR of around 7.2% to reach USD 11.3 billion by 2027.

Chitosan is a sugar that comes from the outer skeleton of shellfish, lobster, shrimp, and including crab. It is used for medicine and drug manufacturing. Chitosan is a natural biodegradable and biocompatible polysaccharide derived from the deacetylation of chitin. The side effects of chitosan supplements may include upset stomach, constipation, and nausea. Chitosan is a fibrous substance that might reduce how much fat and cholesterol the body absorbs from foods.

Drivers:

The growing demand for product applications such as food and beverage, water treatment, cosmetics, and pharmaceutical and biomedical industries is driving the market’s revenue. Increasing the unique properties of chitosan to drive market growth. The growing concern about overweight and obesity is the major factor driving the market growth. The growing demand for the personal care industries to driving the market growth. The rising expansion in waste from the seafood industry ton driven by market growth. The rising awareness of environmentally friendly measures for crop disease management is expected to drive market growth.

Restraints:

The High Production cost owing to the irregular supply of the raw material is a major factor hampering the market growth. The government regulations over preserving natural resources and marine life also restrain the market growth.

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Segmentation Analysis:

Chitosan Market – By Source:
• Shrimp Shells
• Crabs
• Squid and Krill

Based on the source:

The Shrimp shells segment was recorded as the largest market share in the chitosan market in 2022 and it is anticipated to grow significantly during the forecast period. The shrimp cells are used in biocompatible, eco-friendly polyelectrolyte biomaterial, and antibacterial. It is also used in novel fibers in textiles, and photographic paper these applications drive the market growth.

Chitosan Market – By Application:

• Agrochemicals
• Cosmetics
• Food and Beverage
• Biomedicine and Pharmaceuticals
• Water Treatment

Based on the application:

Water Treatment held the largest share in the chitosan market in 2022 and it is anticipated to grow significantly during the forecast period. Owing to its growing demand from industrial, and municipal waste treatment plants, commercial, fiber grade properties, toxicity, and adsorption it is used in various range of applications coagulating, and flocculants in water treatment to drive the market growth.

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Chitosan Market-By Grade:

• Industrial Grade
• Food Grade
• Pharmaceutical Grade

Based on the grade:

The industrial grade segment held the largest share market in the chitosan market in 2022 and it is anticipated to grow significantly during the forecast period. The industrial grade is used for water treatment and other applications and therefore it is extremely important in the chitosan market.

Regional Analysis:

• North America
• Europe
• The Asia Pacific
• Latin America
• The Middle East and Africa

The Asia Pacific is the largest growing region in the chitosan market and is expected to grow significantly during the forecast period. The Asia Pacific has a high availability in the countries such as China, Japan, India, Indonesia, and South Korea. The reason for this dominance of the region is the growth and popularity of the chitosan market and the increasing rapid development of water treatment, cosmetics, food and beverage, pharmaceutical & biomedical, and other industries and this is likely to create growth in the region’s market. China is the largest market supporting the growth of the chitosan market. There has been rapid growth in the chitosan market in the region leading to global market growth.
North America is expected to be growing lucratively in the chitosan market.

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Latest Industry Developments:

In April 2020, MaxioCel which is a next-generation wound dressing made from chitosan has been launched by Axio Biosolutions Private Limited. The MaxioCel provides faster healing and a high comfort level to patients that are suffering from pressure ulcers, venous leg ulcers, diabetic foot ulcers, post-surgical wounds, cavity wounds, donor site wounds, and skin abrasions.

In March 2021, VESTA clinical trial was conducted by collaboration with University of Brasilia, University of Campinas, Hospital da Região Leste , Hospital Universitário de Brasília Hospital Regional da Asa Norte, and Centro de Pesquisa em Biotecnologia Ltda. The clinical trials were conducted in order to measure the effectiveness of a novel respirator equipped with chitosan nanoparticles in order to effectively reduce the incidence of Covid-19 infection in healthcare professionals.

In August 2021, Checkpoint Surgical Inc, a US-based medical device company, acquired all the assets of Monarch Bioimplants GmbH, for an undisclosed amount. The acquisition strengthens Monarch’s vision to improve its expertise in peripheral nerve repair. Monarch Bioimplants GmbH is a Switzerland-based biomedical start-up that is involved in the development of a revolutionary chitosan membrane supporting the healing process of damaged peripheral nerves. Monarch’s biosynthetic peripheral nerve regeneration technology.

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