The Surging Demand for Natural Ingredients is Expected to Propel the Growth of the Global Chitin, Chitosan and Derivatives Market During the Forecast Period :

Pune, India, November 2019, MRFR Press Release/- Market Research Future has published a Cooked Research Report on the Global Chitin, Chitosan and Derivatives Market.

Market Highlights

Chitin, Chitosan and Derivatives Market has witnessed significant growth over the last few years and is projected to reach by USD 8,531.7 Million by 2025 at a CAGR of 8.7% from 2019 to 2025. Chitin is a natural polysaccharide found in crustacean shells, insect skin, and the cell walls of fungal species. Chitin and its derivatives such as chitosan and glucosamine find application in various industries. The major raw materials used to produce chitin and its derivatives are shrimp, crab, squid, lobster, insects, fungi, and yeasts. Chitin is a natural and main structural component of the exoskeleton of crustaceans. In insects, chitin is found in the cuticle, whereas, in fungi and yeast it is found in the cell walls. Crustacean shells are the largest source for the industrial production of chitin as it is inexpensive, rich in chitin, and available in abundance as a waste or by-product. Manufacturers of chitin and its derivatives are opting for sustainability and economic efficiency by utilizing crustacean waste, i.e., shells and skins, to produce chitin and its derivatives. The market is expected to be lucrative for the players during the forecast period due to the rising demand for natural ingredients in various application industries. However, the unsustainable and inconsistent production of chitin is restricting the growth of the market.

Segmental Analysis

The global chitin, chitosan, and derivatives market has been segmented on the basis of type, application, and region.

Based on type, the global market has been divided into chitin, chitosan, glucosamine, and others. In terms of revenue, the chitosan segment dominated the global chitin, chitosan, and derivatives market in 2018. However, the glucosamine segment is projected to register the highest CAGR of 9.1% during the forecast period. The surging demand for glucosamine as a dietary supplement in the nutraceutical industry is the major factor contributing to the growth of the segment.

By application, the market has been categorized as food & beverages, pharmaceuticals & nutraceuticals, animal feed, agriculture, and others. The pharmaceuticals & nutraceuticals segment garnered the largest share of the global chitin, chitosan, and derivatives market in 2018. In the nutraceuticals industry, chitin and its derivatives, such as glucosamine, are used in dietary supplements to aid the treatment of kidney disorders, arthritis, and heart diseases. However, the food & beverage segment is expected to register the highest CAGR during the forecast period.

Regional Analysis

Geographically, the global chitin, chitosan, and derivatives market has been segmented into North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. As per MRFR analysis, North America dominated the market, accounting for the largest market share of nearly 32%, in 2018. However, the Asia-Pacific chitin, chitosan, and derivatives market is expected to register the highest CAGR of 9.3% during the forecast period of 2019 to 2025.

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Key Players

Market Research Future recognizes Advanced Biopolymers AS (Norway), G.T.C. Bio Corporation (China), Golden-Shell Pharmaceutical Co. Ltd. (China), Heppe Medical Chitosan GmbH (Germany), Kitozyme, LLC (Belgium), Zhejiang Shinfuda Marine Biotechnology Corp. (China), Meron Group (India), Primex EHF (Iceland), Zhejiang Candorly Pharmaceutical Co. (China), and Panvo Organics Pvt Ltd (India) as the Key Players active in the Global Chitin, Chitosan and Derivatives Market.

Key Findings of the Study

  • The Global Chitin, Chitosan and Derivatives Market is expected to register a growth rate of 7% between 2019 and 2025. Increasing demand for natural food ingredients is anticipated to propel the growth of the global chitin, chitosan, and derivatives market.
  • By type, the chitosan segment is estimated to hold the largest market share during the forecast period and is projected to register a growth rate of 7%.
  • On the basis of application, the pharmaceuticals & nutraceuticals segment is projected to maintain its dominance from 2019 to 2025. The segment is expected to register a substantial growth rate of 5% during the forecast period.