The global chitosan market is growing at a remarkable rate with its increasing demand in the pharmaceutical industry due to its various uses such as; it is used to treat complications such as kidney failure, anemia, loss of strength and appetite, and others. It is used to treat various medical conditions including high cholesterol and obesity.

Chitosan is a sugar that is obtained from the hard outer skeleton of shellfish including lobster, shrimp, and crab. It is a fibrous substance that might block the absorption of dietary fat and cholesterol. It is a natural biopolymer that is derived from chitin.

On the basis of grade, the market is bifurcated into industrial grade, food-grade, and pharmaceutical grade. Among these grades, the Industrial grade chitosan segment captures the largest market share in 2019. Industrial grade chitosan is widely used in various applications including water treatment, agrochemicals, and textiles due to its low-cost advantage.

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Easy and abundant availability, unique properties, and growing awareness related to its health benefits are the major growth drivers identified in the chitosan market. Chitin is the second most abundant resource in the world following cellulose, which is becoming a major attraction for various industries.

Stringent rules and regulations related to aquaculture are expected to pose as a main restraint in the chitosan market growth. In some countries, rigorous shrimp farming has led to environmental degradation and threats to the long-term sustainability of the industry; hence various guidelines have been set by regulatory authorities to maintain the balance in the industry.

The APAC is the largest contributor in the chitosan market and held the largest share in the market. The regional market is expected to register the fastest growth during the forecast period. This can be attributed to the presence of major producers in the region, which are fueling the market growth in the region.

Some of the key players operating in the chitosan market are Chitosan AS, Mahtani chitosan Pvt. ltd., AgraTech, JBIChem International, Primex Ehf, Heppe Medical Chitosan GmbH, Vietnam Food, Advanced Biopolymers AS, G.T.C. Bio Corporation, and KitoZyme S.A.

Source: VynZ Research