Chitosan Market 2021: Industry Future Set To Massive Growth With High CAGR Value

Chitosan Market
Chitosan Market

Chitosan is a highly sought-after for application in the food and beverages, pharmaceutical, and other sectors due to its biocompatibility, low toxicity, and high percentage of amino groups that confer unique functionalities, such as antimicrobial activity and wound healing acceleration.

According to a study by Future Market Insights (FMI), the chitosan market is forecast to reach a valuation of US$ 1.03 Bn by 2021. Growth will continue especially in response to the rising demand for non-GMO and clean label ingredients within the food sector.

As per the study, sales within dietary supplements segment will amplify at an impressive pace, accounting for over 36% of the market in 2021. The trend will continue well into the forthcoming years, as consumers from around the world show greater inclination towards a healthy lifestyle.

Consumption of chitosan in powder form is more than in liquid form. The increasing applications of powder chitosan in dietary supplements, cosmetics, and other sectors will seal dominance of powder chitosan in the market.

Key Takeaways from the Chitosan Market Study

  • The global chitosan market is expected to rise at 14.3% CAGR between 2021 and 2031
  • Increasing demand for dietary supplements will spur sales in the U.S., sealing its dominance in the North America market with a share of above 83% in 2021
  • Increasing focus on health and wellness will drive sales in the U.K., enabling it to register y-o-y growth at 10.3% in 2021
  • Increasing application in pharmaceutical sector will be a chief growth driver in Germany and France
  • Increasing focus on Non-GMO and clean label ingredients will seal Japan’s dominance in the East Asia market

“There is increasing focus on product launches in the global market. This trend will continue as competition gets fiercer in the coming years. Consequently, the market will exhibit increasing investment in research and development,” said a lead analyst at FMI

Increasing Application in Sports Nutrition Driving Growth

Sports nutrition products are becoming more popular, particularly among athletes and those who participate in demanding physical activity. Some of the important causes propelling the sports nutrition sector are growing focus on being in shape and maintaining a healthy body, as well as greater involvement in fitness, health clubs, sports clubs, and gyms.

Due to an increase in health concerns and changes in lifestyle, fitness centers and health clubs have seen impressive growth in recent years. With the rise in awareness regarding health and the need for proper dietary content in food, the market for health & fitness nutrition products infused with natural ingredients like chitosan has grown.

Who is winning?

Some of the leading companies offering chitosan are Agratech (KYTOSAN USA, LLC), Austanz Chitin Pty Ltd., CarboMer, Inc., Golden-Shell Pharamceuticals Co. Ltd, Heppe Medical Chitosan GmbH, KIMICA Corporation, Kitozyme, LLC., Kraeber & Co. GmbH, Meron Group, Qingdao Haijia Biology and Technology Co. Ltd, Tidal Vision Inc., Chitolytic, Marshall Marine Products, Zhejiang Aoxing Biotechnology Co. Ltd.,

Chitosan manufacturers are focusing on introducing innovative products in the market. The manufacturers are also focusing on research & development activity to cater the emerging demand from customer in the established and emerging markets.

Get Valuable Insights into Chitosan Market

Future Market Insights, in its new offering, provides an unbiased analysis of the Chitosan market presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the Chitosan market based on form (liquid and powder), by source (shrimp, crab and lobster), and by end use (food additives, dietary supplements, pharmaceuticals & biomedical and cosmetics & personal care) across seven major regions.

Source: https://www.futuremarketinsights.com/press-release/chitosan-market

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