Future Market Insights (FMI), in a new study has forecast the Chitosan market to surpass US$ 1.05 Bn in 2031. Growth forecasts remain bullish for the market within North America as chitosan application is forecast to rise across diverse industries. The growing demand for the biocompatible and biodegradable polymers is anticipated to boost the market for chitosan in North America.
Chitosan is a linear structure biopolymer derived from chitin, which is naturally and abundantly available on the planet in the living organisms and also it is a renewable material. Chitosan can be used in various end use segments including pharmaceuticals and biomedical, agrochemicals, water treatment, food and beverages and many others.
Growing demand of pharmaceuticals and biomedical and biocompatible substances are one of the key factors for the growth of chitosan market in North America. Moreover, the growing demand of biocompatible and biodegradable substances in various end use industries like personal care, surgery, water treatment, agricultural chemicals and many others is expected to uplift the market of chitosan in the coming years. U.S. is anticipated to remain the dominating country during the assessment period for production and consumption of chitosan in North America.
While chitosan can be derived from multiple sources, shrimps remain most preferred within the U.S. It is expected to account for over half of chitosan produced in the country. Other sources of chitosan include crabs, lobsters, and fungi
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Key Takeaways from Chitosan Market Study
- Chitosan market will thrive in North America exhibiting 14.3% CAGR between 2021 and 2031
- The U.S. will remain dominant accounting for nearly 80% chitosan sales in the region
- Canada will exhibit impressive y-o-y growth in 2021 within the North America chitosan market
- Pharmaceutical and biomedical applications of chitosan will continue to surge in the U.S.
- Within Canada, the demand for chitosan derived from sources other than shrimps and crabs will rise at a higher pace
“The pandemic has had a negative impact on North America but, the region is anticipated to start showing improvement in its economic performance and industrial development in the forthcoming assessment period. End-use industries such as pharmaceuticals and biomedical, water and waste water treatment, personal care and many others are likely to exhibit high demand for chitosan within the region” said by a FMI analyst
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Who is Winning?
The North America Chitosan market can be considered as fragmented, since a fair share of the overall volume consumed in the region are been imported from Asian market also from the European countries. Some of the key manufacturers in the North American Chitosan market includes, Tidal Vision Inc., Chitolytic, CarboMer, Inc., Spectrum Chemical MFG Corp., Mycodev Group, Toronto research Chemicals, and MP Biomedicals and others are focusing on strengthening their product portfolio and expanding their market footprint through strategic acquisition and collaborations with other market participants. In order to survive in the market several market participants are focusing on product development through collaborations with other research centers to develop chitosan products to cater the growing demand from various end use industries.
Chitosan Market by Category
Source
- Shrimp
- Crab
- Others
Application
- Water Treatment
- Personal Care
- Pharmaceuticals & Biomedical
- Food & Beverages
- Agrochemicals
- Others
Region
- North America
Country
- U.S.
- Canada
To Know More about Chitosan Market:
A new market research report published by Future Market Insights (FMI) on the North America Chitosan market, offers in-depth insights into the market demand trends and assessment of opportunities over the forecast period. The report analyses the Chitosan market through three different segments- by source and by application and by country. The Chitosan report also offers detailed analysis of pricing analysis by different application in the market.
About FMI
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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