China’s chitosan industry is on the cusp of unprecedented growth, fueled by the country’s steadfast commitment to sustainable agriculture practices and its position as the global leader in seafood production. With the aquaculture sector driving demand, chitosan, a natural alternative to antibiotics, has emerged as a game-changer, revolutionizing the way fish and shrimp farming is conducted.
The global chitosan market is expected to reach a valuation of US$ 1,343.2 million in 2023, accelerating with a CAGR of 14.3% from 2023 to 2033. The demand for chitosan is likely to surpass US$ 5,112.14 million by 2033. The global chitosan market is growing at a steady pace owing to the increasing application of chitosan in the treatment of cancer, diabetes, and tuberculosis. As per a study by Future Market Insights (FMI), the market has registered a CAGR of over 12.1% during 2016-2020.
Request Sample Report and Drive Impactful Decisions: https://www.futuremarketinsights.com/reports/sample/rep-gb-11443
Key Points:
- Aquaculture Industry Catalyst: China’s robust aquaculture industry, the largest in the world, serves as a primary driver of growth for the chitosan market. With a focus on sustainable practices, the industry is increasingly turning to chitosan as a natural solution to replace antibiotics in fish and shrimp farming, paving the way for significant advancements in aquaculture techniques.
- Natural Alternative to Antibiotics: Chitosan’s efficacy as a natural alternative to antibiotics has positioned it as a cornerstone of sustainable aquaculture practices. As concerns about antibiotic resistance and environmental impact mount, chitosan offers a viable solution, providing farmers with a safe and effective means to maintain the health and integrity of aquatic ecosystems.
- Government Emphasis on Sustainability: China’s commitment to sustainable agriculture practices aligns with its broader environmental and economic objectives. With government initiatives promoting the adoption of eco-friendly technologies and practices, the use of chitosan in aquaculture is expected to soar, driving innovation and growth within the industry.
- Opportunities for Expansion: The projected market value of US$ 179.8 million by 2023 underscores the immense potential for growth in China’s chitosan industry. As demand continues to escalate, manufacturers and suppliers are presented with unprecedented opportunities to expand their operations, develop new products, and capitalize on the burgeoning aquaculture market.
- Global Implications: China’s leadership in the chitosan industry extends beyond its borders, with implications for global aquaculture practices. As other countries seek to enhance sustainability and reduce reliance on antibiotics in seafood production, China’s adoption of chitosan sets a precedent for industry standards worldwide.
Chitosan helps in the treatment of obesity and weight management resulting in increasing demand from the dietary supplements segment. The segment is dominating the chitosan market and is expected to account for over 35% of the market share by 2021 resulting in propelling the growth of chitosan market.
Asia-Pacific dominated the global chitosan market with the largest market share in 2019, owing to the availability of crustacean waste and the rapid development of end-use industries in China, Japan, South Korea, and India.
“Leading market players are investing in R&D for launching new products to cater to the increasing demand from dietary supplement and organic cosmetic application segment. Besides this, some of the market players are emphasizing on expanding their manufacturing facilities globally to strengthen their market presence,” says the FMI analyst.
Unlock the Power of Personalized Insights! Request Your Customization Report Today and Ignite Your Journey to Success: https://www.futuremarketinsights.com/customization-available/rep-gb-11443
Key Takeaways
- Japan is leading the global chitosan market and is estimated to reach a valuation of over US$ 1.09 billion by the year 2031.
- The U.S. is dominating the chitosan market in North America and is anticipated to hold over 80% of the market share in the region.
- Owing to the surging demand for natural ingredients in personal care and cosmetics products, Germany is likely to account for over 21% of the market share in Europe.
- Due to the high consumption of natural dietary supplements, India is projected to hold the market share of around 45% in the South Asia market through 2021.
- Based on form, the powder chitosan is anticipated to dominate the segment with around 88% of the global chitosan market in 2021.
Key Drivers
- Increasing prevalence of infectious diseases is expected to boost the demand for chitosan-based products.
- Growing food additives application is spurring the growth of the chitosan market.
- Rising demand for organic personal care and cosmetics products will bolster the growth of the market.
- Increasing incidence of obesity and overweight will create growth opportunities for the market.
Key Restraints
- High production cost is restraining the growth of the chitosan market.
- The lengthy and time-consuming process for manufacturing chitosan might hamper the market growth.
- Lack of raw material is a factor negatively affecting the growth of the chitosan market.
Competitive Landscape
Companies operating in the chitosan market are focusing on expanding their product portfolio by developing a wide range of chitosan-based products according to the application of the end-use industries. For instance,
- Axio Biosolutions launched its new product named, MaxioCel, a next-generation wound care dressing chitosan-based product in 2019.
- Friesland foods kievit, a Germany-based company, has created a new encapsulating technology to increasing the use of chitosan as a natural product. Friesland foods kievit has established a distinct business organization named, Kievit Ventures.
Leading players profiled by FMI operating in chitosan market include:
- Agratech (KYTOSAN USA, LLC)
- Austanz Chitin Pty Ltd.
- CarboMer, Inc.
- Golden-Shell Pharamceuticals Co. Ltd
- Heppe Medical Chitosan GmbH
- KIMICA Corporation
- Kitozyme, LLC
- Kraeber & Co. GmbH
- Meron Group
Purchase now and gain full access to the Chitosan Industry report, featuring comprehensive Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives.
Conclusion: China’s chitosan industry stands at the forefront of innovation, poised to transform the landscape of aquaculture and sustainable agriculture practices. With a growing emphasis on environmental stewardship and the adoption of natural solutions, chitosan offers a compelling opportunity to revolutionize fish and shrimp farming while addressing pressing global challenges. As China continues to lead the way in seafood production and sustainability, the future of the chitosan industry looks brighter than ever, promising unparalleled growth and impact in the years to come.