Chitosan Market share in biomedicine & pharmaceutical sector is expected to grow at a CAGR of 17% over 2016-2024.

ChitosanMarket share in biomedicine & pharmaceutical sector isexpected to grow at a CAGR of 17% over 2016-2024. The growth can be attributedto the wide use of the product in bandages as a result of its hemostatic,hypoallergenic & antibacterial properties, which helps in reducing pain,blood clotting, and bleeding.

Chitosan Industry size is expected to grow at a rate of 16% over the periodof 2016-2024, owing to its wide applications in agriculture, horticulture,winemaking, bioprinting, water treatment, polyurethane paint coatings,biomedicine & pharmaceuticals, cosmetics, food & beverages, andpharmaceuticals sectors. High demand for pure water due to rapidindustrialization and rising population is expected to drive global Chitosan Market trends over thecoming years. Its increasing use in the water treatment sector, owing to its non-toxicand biodegradable properties, is expected to boost chitosan market growth overthe next few years.

Furthermore, it helps to deliver medicine through the skin.Chitosan market size in water treatment sector estimated at USD 300 million in2015, is projected to witness a noticeable growth over the coming timeframe.The growth can be credited to its ability to remove oil, phosphorous, and heavymaterial impurities as well as suspended particles from water.

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Chitosan marketrevenue in food & beverages sector is expected to grow at a significantrate of 16% over the coming eight years, owing to its antibacterial,antifungal, antioxidant, and antiviral properties which helps in enhancing theshelf life of food. Its application in the cosmetics sector valued at USD 500million in 2015, is expected to grow significantly over the coming timeframedue to its growing use in anti-aging creams, haircare, and dental careproducts. Global cosmetics segment worth USD 260 billion, is projected torecord a CAGR of 4% over 2016-2024. The growth of the cosmetics segment isexpected to favorably influence the global chitosan industry growth.

North Americachitosan market price worth USD 550 million in 2015, is expected to growconsiderably over the next few years. The growth can be credited to rising healthawareness among consumers along with high expenditure on dietary supplements.U.S. is expected to be a major regional revenue contributor.

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Asia Pacificchitosan market is expected to record significant gains of 18% over 2016-2024,owing to its growing use as bio-pesticide in agriculture sector. Furthermore,rapidly growing industrial sector is predicted to contribute substantiallytowards the regional growth. Japan and China are expected to contributeconsiderably towards the regional share.

Market playerswill try to increase their brand visibility and revenue by implementingbusiness strategies such as strategic alliances and product differentiation.Key industry players include GTC Bio Corporation, KitoZyme, Xianju TengwangChitosan Factory, Panvo Organics Private Limited, FMC Health and Nutrition, andPT Biotech Surindo.

 

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