Chitosan market players outside China are likely to consider production expansions during the pandemic, to meet the growing demand for chitosan source diversification from end user industries.
The chitosan market is expected to rise at 14.3% CAGR between 2021 and 2031 in comparison above 12.1% CAGR registered during 2016-2020. The coronavirus outbreak is likely to marginally impact the chitosan industry, as production activities in multiple countries have been limited by lockdown regulations. However, potential biomedical application of chitosan polymers as viral inhibitors will generate key growth opportunities during the crisis.
“Chitosan is known as good source of digestive fiber and is finding use increasingly in nutraceutical supplements intended for weight loss. The material is also playing critical roles in water treatment applications owing to its superior absorption capabilities, boosting demand through the forecast period,” says the FMI study.
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Chitosan Market – Leading Takeaways
Chitosan Market – Growth Factors
Chitosan Market – Constraints
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Expected Impact on Market by Coronavirus Outbreak:
Lockdown restrictions imposed by governments around the world has reduced the production of chitosan. Disruptions in supply chains of raw materials limit short term growth prospects. On the other hand, agriculture and waste water treatment applications will sustain demand during this period. Also, research into the use of chitosan polymers as a viral inhibitor in boosts demand for the material in biomedical applications for the covid-19 virus.
Some of the key players participating in the chitosan market are Kytosan LLC, Qingdao Yunzhou Biochemistry Co., Koyo World Co. Ltd., Panvo Organics Pvt. Ltd., Nano3 Bio, Advanced Bioplymers AS, Primex EHF, Meron Biopolymers, Golden-Shell Pharmaceutical Co., and Biophrame Technologies.
Leading players in the chitosan market have been increasingly investing in research to widen the scope of applications, particularly in the field of biomedicine to generate lucrative revenue sources.
For instance, Regenerative Technologies Inc. has initiated clinical studies on the use of chitosan biopolymers for rotator cuff tear repair applications. On a similar note, Kitozyme has unveiled a chitosan gel for osteoarthritis treatment. Monsanto is funding CRISPR gene editing research with chitosan for fruit and vegetable production.
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Chitosan Market by Category:
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