Global chitosan market to reach US$4.22 bln by 2020

03-Mar-15

The global chitosan market was worth US$1.35 billion in 2013 and is estimated to reach the value of US$4.22 billion in 2020, according to Transparency Market Research. The market is likely to grow at a CAGR of 16% between 2014 and 2020. Chitosan is a carbohydrate polymer, extracted from chitin, which is a long chain polymer. It is found in abundance in crustacean sea animals such as lobsters, crabs, squids, and shrimps. It is also extracted from fungal source by substrate fermentation. Global chitosan market is opportunity-rich as this polymer has a wide range of applications in a number of end-use industries. On the basis of applications, the chitosan market can be divided into industrial, water treatment, cosmetics, biomedicine & pharmaceutics, food & beverages, agrochemical and others. This market is propelled by demand from water treatment and cosmetics applications, specifically from developed provinces such as Europe, North America, and Japan. Demand for chitosan is soaring in this application due to its non-toxic nature, biocompatibility, and biodegradability. The demand is likely to increase in developing nations of Asia Pacific in coming future. Rising demand for organic constituents in cosmetics and ample applicability of chitosan in hair care, oral care and skin care cosmetic formulations has also pushed the chitosan market ahead. High manufacturing cost of good quality chitosan is the only restrictive factor for the chitosan market.