The chitosan market is expected to exhibit a robust 20% CAGR through the year 2024 owing to the rise in water treatment plans in several emerging economies. There is an increase in demand for the product by several industries like cosmetics and toiletries, food and beverage, health care and agrochemical industry. These will spur the growth of the market in the forecasted period.
What are the major drivers for the global chitosan market?
Excessive use of the ground water has led to its depletion which gives rise to the need of effective water treatment plans to provide safe and pure drinking water. The governments of various developing countries like China, India and Malaysia have taken measures to start efficient water treatment plans which increases the demand in the chitosan market. The advancements in health care and medical industries spur the growth of the market as it enhances the innovation and motivates the companies to create better products. The growing agricultural activities in the Asia-Pacific region along with the increase in demand by the cosmetics industry contributes to the growth of the market. These are the key drivers for the chitosan market in the forecasted period.
What are the key restraints to the chitosan market?
The cost of production is substantially high in the global chitosan market which poses a major challenge to the growth. The processes involved in the production are quite sophisticated and time-consuming which makes it difficult for the small to medium scale companies to cope up and puts a barrier to the entry of new players in the market. The lack in demand by industries sometimes affects the demand-supply chain and disrupts the market equilibrium. Acquiring the material from source requires attention and hard work and many times there is an unavailability of the product. These are the major challenges posed to the global chitosan market.
What is the distribution of the chitosan market on the basis of end-user?
The cosmetics and toiletries industry are expected to dominate the chitosan market in terms of end-user in the forecasted period owing to its application in the production of anti-ageing creams. It is mixed with other ingredients to make them stable and is also a viable replacement for hyaluronic acid in the manufacture of anti-ageing products. They are highly demanded by the oral and hair care industries as well. It is used to make shampoos, gels and hair sprays that soften and smoothen the hair to prevent dryness and damage. Anti-plaque and anti-decay properties of the product enables it to be used in the production of mouthwashes, toothpastes and other oral care products. This is the end-user distribution of the global chitosan market.
What is the regional distribution of the global chitosan market?
North America dominates the global chitosan market in terms of revenue and product led by the U.S. This is due to the advancements in technology in the region and high health care spending by the government. The major companies in the medical and pharmaceutical industries are flourished and focus mainly on research and development to deliver efficient products to customers worldwide. Europe has the second largest market for the product and is expected to witness gains in the forecasted period owing to the rise in innovations by key players in countries like the UK, Germany and France. The Asia-Pacific region has registered an increase in the demand due to the need of effective water treatment plans in the region.
What is the present market landscape for the chitosan market?
The key players in the market are focusing on innovation and research to develop latest products to provide efficient solutions to people all over the world. The major companies are formulating new strategies to attain a competitive edge over others.
Some of the major players in the market include GTC Bio Corporation, Panvo Organics Pvt., Ltd., KitoZyme S.A., Xianju Tengwang Chitosan Factory, FMC Health, Golden-Shell Pharmaceutical Co., PT Biotech Surindo, Primex, Heppe Medical Chitosan GmbH, United Chitotechnologies Inc., Koyo World (Hong Kong) Co. Ltd., Dainichiseika Color & Chemicals Mfg. Co. Ltd., Marshal Marine,
Tidal Vision Inc., Austanz Chitin Pty Ltd and KiOmed Pharma. These companies are thriving to create better products at a relatively cheaper cost to overcome the major restraints faced by the market.
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Conclusion The global chitosan market is expected to grow and expand in the following years due to the rise in employment of water treatment plans by various economies and the increase in demand for the product by multiple industries. The main players in the market are working in innovation and research to create effective solutions for people all over the world.