Scienza e Tecnologia
Chitosan Market to Garner $4.7 Billion, Globally, By 2027 at 14.5% CAGR, Says Allied Market Research
Increase in usage of chitofelx in hemostatic dressing and rise in demand for bio-based cosmetic products boost the growth of the global chitosan market. Conversely, high cost associated with the production of chitosan hinders the market growth. Nevertheless, rise in adoption of chitosan as bio-plastic is expected to create numbers of opportunities for the market players.
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Based on source, the shrimp segment contributed to the largest share in 2019, accounting for more than three-fourths of the global chitosan market, and is estimated to maintain its dominant position during the forecast period. This is owing to the large demand of shrimp chitosan in water treatment and the food and beverage industry. On the other hand, the crabs segment is estimated to portray the highest CAGR of 19.8% during the forecast period, due to growing utilization of crab waste in plantation to maintain soil biodiversity.
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Based on application, the water treatment segment accounted for the largest share in 2019, holding more than one-third of the global chitosan market, and is expected to maintain the largest share throughout the forecast period. Furthermore, the same segment is expected to register the highest CAGR of 15.9% from 2020 to 2027. This is owing to its biodegradable nature and effectiveness in removing toxic materials.
Based on region, Asia-Pacific , followed by North America , contributed to the highest share, accounting for nearly three-fifths of the global chitosan market share in 2019, and will maintain its dominance throughout the forecast period. Moreover, the region is also expected to grow at the highest CAGR of 15.3% from 2020 to 2027. This is owing to the easy availability of crustacean waste in coastal areas, in this region.
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