The global size of the Chitin Market is estimated at around US$ 1,604.0 Million in 2022 and is expected to be US$ 5,026.4 million by 2032. The global chitin market is expected to grow at a sizeable CAGR of 12.1% during the forecast period, between 2022 and 2032 will be recorded.
Increasing chitin consumption in various end-use industries such as food & beverage, agrochemicals, and healthcare is expected to boost sales during the forecast period. In the food and beverage industry, chitin is often used as a thickening agent in cooking, which would boost growth.
The report reveals an analysis of end-use industries using chitin for various applications. It lays emphasis on opportunities for growth in the chitin market along with key factors pushing the growth of the global market.
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Chitin market is categorized based on derivative type, its application in various end-use industries, and by region. The various facets of the global market across important geographies are monitored. The impact of factors changes from region to region thus changing the course of the chitin market in that particular region.
This gives a brief idea about the market potential for chitin in various regions that key stakeholders can use to plan future expansion. The comprehensive research study portrays a realistic picture of the global chitin market by including a weighted market segmentation along with forecast projections for 10 years from 2017 to 2027.
Global Chitin Market: Competitive Scenario
The research report on the global chitin market covers an analysis of various key players operating in the market. The list includes major companies such as Wellable, SHANDONG LAIZHOU HIGHLY BIO-PRODUCTS CO.Ltd., Yaizu Suisankagaku Industry Co., Ltd., Zhejiang Aoxing Biotechnology Co., Ltd., Bayir Extracts Pvt. Ltd., Golden-Shell Pharmaceutical Co. Ltd., Bio21, Panvo Organics Pvt Ltd., Tidal Vision, Primex ehf, Meron Biopolymers, Heppe Medical Chitosan GmbH, CarboMer, Inc., DALIAN XINDIE CHITIN CO., Ltd., Kunpoong Bio Co. Ltd., Advanced Biopolymers AS and Mahtani Chitosan Pvt. Ltd.
Global Chitin Market: Growth Influencing Aspects
Increasing use in the agrochemical industry, rising shrimp waste generation, increasing awareness regarding the benefits of chitin-based products in several end-use industries, growing use of chitin in various applications in the healthcare industry, increasing production and consumption of chitosan and glucosamine (derivatives of chitin), and growing use of chitosan in the beverage industry are few of the drivers that are fuelling the growth of the chitin market across the globe.
However, the market is not devoid of challenges. Hindrances such as non-conformance to halal food standards, increase in pricing, low effectiveness of chitin-based medicines as compared to non-chitin-based medicines, high overhead costs associated with the production of chitin and adulteration are certain factors restricting the growth of the global chitin market.
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Global Chitin Market: Segmental Outlook
The global chitin market is segmented by end-use industry, derivative type, and by region.
- By region, Asia Pacific excluding Japan (APEJ) is the largest. The chitin market in the APEJ region is estimated to reach a high value of a little over US$ 1 Bn by 2027 end. This region is highly lucrative for the growth of the chitin market. The chitin market in APEJ is projected to grow at a high-value CAGR of 13.9% during the forecast period.
- By derivative type, the glucosamine segment reflects the high value and is expected to reach US$ 1,840 Mn by 2027 end. The chitosan segment is expected to grow at a higher CAGR during the said period.
- By end-use industry, the healthcare segment is the largest in terms of both value and volume. This segment is projected to grow at the highest rate in the coming years to register a CAGR of 14.2% in terms of value.
Market Segmentation
The research report on the global chitin market covers weighted market segmentation that covers every angle of the market.
By Derivative Type:
- Glucosamine
- Chitosan
- Others
By End Use Industry:
- Food and Beverages
- Agrochemical
- Healthcare
- Cosmetics and Toiletries
- Waste and Water Treatment
- Others
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Global Chitin Market: Future Market Projections
The global chitin market is expected to reach a valuation of just under US$ 5,026.4 Mn by the end of the assessment year in 2032 from a valuation of around US$ 1,604.0 Mn in 2022, with an exponential value CAGR of 12.1% throughout forecast (2022 – 2032).
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