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According to the report, the growth of the chitosan market is driven by soaring demand for personal care and cosmetic products in Europe and North America, general demand for wastewater management, increased climate awareness, and rapid demand for antiviral drugs during COVID-19.
Selbyville, Delaware, December 14, 2021/PRNewswire/ - According to the latest research report by Global Market Insights Inc., the chitosan market in 2020 is estimated at US$1.83 billion, and the valuation is expected to reach Around US$4.35, it will reach 1 billion by 2027, with a compound annual growth rate of 14.8% from 2021 to 2027. The report analyzes in detail the driving factors and opportunities, market size and estimates, competition scenarios, best winning strategies, turbulent market trends and major investment areas.
Chitosan is made by processing chitin, which is mainly derived from sources such as prawns, shrimps, lobsters and crabs. It is widely used in various end-user industries, including cosmetics and toiletries, water treatment, food and beverages, and agrochemicals. The widespread use of chitosan is ready to promote market growth within the forecast time.
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Chitosan is used as a natural additive and has attracted great attention as a substitute for synthetic additives. Its anticoagulant effect can be used in biomedical applications, such as surgical sutures, bandages and other treatments, including anti-inflammatory effects, reducing oxidative stress in living cells, HIV1 inhibitors, anti-tumor activity, hypoglycemic and hypolipidemic effects, and anti-inflammatory effects. Hypertension, etc. Driven by these factors, it is estimated that by 2027, the market value of chitosan from shrimp sources will exceed US$490 million.
The main reasons for the growth of the chitosan market:
1. High absorption rate in cosmetics and personal care products. 2. Increasingly used in wastewater treatment activities. 3. The rapid advancement in medical applications during COVID-19.
Forecasts for 2027 show that the "cosmetics and toiletries" segment will maintain its dominant position:
According to end users, the cosmetics and toiletries segment is expected to grow at a compound annual growth rate of approximately 14% within the assessment time frame. Chitosan is cationic and has antifungal and antibacterial properties. In the field of cosmetics, chitosan is mainly used in skin care, dental care and hair care products, namely styling lotions, hair sprays, coloring products, cleansers, shampoos, exfoliants, soaps, toners, toothpastes, nail polishes, mouthwashes, teeth Glue, nail polish, etc. These extensive applications of chitosan in cosmetics will drive product demand.
At the same time, the water treatment sector occupies a considerable market share in 2020. Due to strong global sewage treatment activities, it is expected to grow at a strong rate from 2021 to 2027. Increasing attention to a cleaner environment has prompted the formulation and implementation of multiple compliance and laws, which will further promote the growth of the chitosan market segment.
Europe maintains its leading position in terms of revenue:
From a regional perspective, the European chitosan market is valued at more than US$210 million in 2020 and is expected to witness significant growth throughout the forecast period. Chitosan is widely used in the personal care industry. As consumers' awareness of sustainability continues to increase, the European personal care industry has turned to cosmetics based on natural ingredients. Most buyers are preparing to do business with sustainable suppliers to purchase raw materials that meet legal requirements, which may stimulate market growth in the next few years.
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The impact of the COVID-19 pandemic on the chitosan market:
The COVID-19 outbreak requires the cooperation of all healthcare systems and researchers around the world to control the raging epidemic. Due to the antiviral properties of chitosan, it was found to be a potential solution against the new coronavirus. Studies have found that chitosan-based anti-coronavirus compounds can effectively inhibit all low-pathogenic human coronavirus infections in vitro and in vitro. Therefore, the booming importance of chitosan as an antiviral solution against COVID-19 is conducive to industry expansion during the pandemic.
Some well-known companies operating in the global chitosan industry include Kitozyme SA, FMC Health, Promex, Marshal Marine, Kiomed Pharma, Tidal Vision Inc. and GTC Bio Corporation.
About Global Market Insight
Global Market Insights Inc., headquartered in Delaware, is a global market research and consulting service provider. Global Market Insights Inc. provides joint and customized research reports, growth consulting and business intelligence services to help clients obtain in-depth insights and actionable market data that help strategic decision-making.
Arun Hegde Corporate Sales, Global Market Insights Inc., USA Tel: +1-302-846-7766 Toll Free: 1-888-689-0688 Email: [Email Protection] Website: https://www.gminsights.com
Source: Global Market Insights Inc.
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