ESOMAR-certified consulting firm Future Market Insights’ report on North America chitosan market presents a positive growth outlook through 2031. According to the report, the market is expected to surpass nearly US$ 1.05 Bn. Rising demand from pharmaceutical and biomedical industry is primarily underpinning growth in the market. Furthermore, FMI projects an impressive CAGR of nearly 14.3% through 2031.
Canada is projected to exhibit an impressive y-o-y growth in 2021, as demand for chitosan derived from sources other than shrimps and crabs rise at higher pace. Following the outbreak of COVID-19, the North America market is set to recover backed by the surge in demand from the end-use industries such as pharmaceuticals and biomedical. Also, rising demand for development of eco-friendly biopolymers is anticipated to boost the demand of chitosan through 2021.
Fortunately, markets such as Canada and the United States are expected to post credible gains, with the consumption of chitosan rising by nearly 3.8 times during the forecast period. Manufacturers are using chitosan for tissue engineering, drug delivery owing to its biocompatible nature, bolstering the growth.
“Chitosan market in North America is set to recover at a steady pace on the back of initiatives taken by government for economic recovery and to boost the performance in industrial sector,” remarks an FMI analyst.
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- By source type, shrimps to generate half of the total revenue for North America chitosan market
- United States to account for nearly 80% chitosan sales
- Based on application, pharmaceutical & biomedical to remain dominant
- Canada to witness an impressive growth through 2021
- Water treatment to emerge as a potential segment backed by growing demand from water and waste water treatment industry
- High investment in research & development for advanced and innovative products is a chief growth driver
- High cost and bulk usage in end-use applications such as pharmaceuticals, food & beverages and others to boost the chitosan production
- Growing demand for biodegradable and biocompatible substances in end-use industries to increase the profit margin
- Strict regulations and policies related to shrimp farming is posing a challenge for the growth of the market
- Disadvantages of using chitosan in drug delivery system is likely to hamper the demand in U.S.
Discover more about the North America chitosan market with 35 figures and 7 data tables, along with the table of contents. You will also find detailed market segmentation on https://www.futuremarketinsights.com/ask-question/rep-gb-13039
Prominent chitosan manufacturers in FMI’s analysis include KitoZyme S.A., Tidal Vision Inc., Chitolytic, CarboMer Inc., Spectrum Chemical MFG Corp., Foodchem International Corporation, Meron Group, Mycodev Group, Toronto Research Chemicals, and MP Biomedicals. The market seems to be fairly fragmented, evaluates the market study by FMI. Key manufacturers are focusing on improving their product quality and expand their revenues by strategic mergers and acquisitions with other key players.
For instance, in March 2020, Bioavanta-Bosti, a leader in chitosan nanoparticles research announced the launch of Novochizol™ nanoparticle, an aerosol formulation which can be used to deliver and confine any potential anti- COVID-19 drug to the lungs of acutely ill patients.
Also, in August 2020, the Environmental Protection Agency (EPA) of United States announced that it is adding chitosan to the list of active ingredients allowed for in minimum risk pesticides exempted from pesticide registration requirements under Federal Insecticide, Fungicide, and Rodenticide Act (FIFRA) Section 25(b), which is the regulation sought by many key players to cater the demand for a sustainable solution increasing their future growth prospects in the region.
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