Chitosan Market SWOT and PEST Analysis 2021-2031
The Chitosan Market size is projected to reach US$ 7.06 billion by 2031 from US$ 2.95 billion in 2023. The market is expected to register a CAGR of 11.5% in 2023–2031. Growing demand for eco-friendly alternatives across the end-use industries, is likely to remain key chitosan market trends.
Chitosan Market Analysis
Multi-functionality of chitosan and growing application of chitosan in cosmetics industry has aided the market growth of chitosan. It is recognized as a versatile biomaterial due to its non-toxicity, low allergenicity, biodegradability, and biocompatibility. Owing to these properties, it is used in a wide range of applications such as food & beverages, water treatment, medical & pharmaceuticals, cosmetics, and agrochemicals. Due to its tangible property of adsorption, chitosan has found a profound place in the water treatment application to adsorb metals, iron, toxic substances, and other impurities from the wastewater. Chitosan and its cationic derivatives have the potential to interact with keratin to form transparent, elastic films over hair. These films help in increasing hair strength, hair softness, and avoid hair damage. With the increasing demand for hair care products, the application of chitosan in haircare products is estimated to boost the market all over the globe. It has been estimated that the application of chitosan in the haircare and cosmetic products is estimated to be growing at a swift pace and will contribute to the expansion and development of the chitosan market all over the globe.
Chitosan Market Overview
Chitosan is a biocompatible and biodegradable polysaccharide, naturally derived from deacetylation of chitin, found in exoskeleton of crustacean and insects. Functional groups present in chitosan significantly impact its properties such as anti-microbial activity, pH stability, cationic nature, and mucoadhesion. Chitosan is available in various forms such as nanofibers, nanoparticles, nanocomposites, chitosan beads, and chitosan films. Chitosan is extensively used in pharmaceutical and biomedical sector. Furthermore, chitosan is highly researched for development of biomaterials and systems for tissue engineering and drugs development.
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Chitosan Market: Strategic Insights
Market Size Value in US$ 1,764.26 Million in 2018 Market Size Value by US$ 4,698.7 Million by 2027 Growth rate CAGR of 11.5% from 2019 to 2027 Forecast Period 2019-2027 Base Year 2019
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Chitosan Market: Strategic Insights
| Market Size Value in | US$ 1,764.26 Million in 2018 |
| Market Size Value by | US$ 4,698.7 Million by 2027 |
| Growth rate | CAGR of 11.5% from 2019 to 2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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Chitosan Market Drivers and Opportunities
Growing Application of Chitosan in the Cosmetics Industry to Favor Market
The rising emphasis on bioingredients and the transition of cosmetics industry towards green cosmetics supported by international regulations drive the demand for chitosan. Chitosan and its derivatives offer physicochemical and biological properties for formulating cosmetic products. One of the essential benefits of chitosan in the cosmetics industry is its utilization as a moisturizing agent to keep the skin hydrated and nourished. Chitosan is used in prevention of UV-induced skin dryness, epidermal hyperplasia, and wrinkle formation. The growing application of chitosan in the cosmetics industry, are major drivers of global chitosan market share.
Adoption of Chitosan for Development of Nanocomposites – An Opportunity in Chitosan Market
Chitosan-based nanocomposites offer several properties such as improved mechanical strength, thermal stability, barrier properties and other functionalities, making them suitable for broad application range. Chitosan-based nanocomposites are used in agricultural applications for controlled release fertilizers and pesticides. It is used to enhance plant growth and protect against pathogens. It is also used as the active food packaging material. Thus, adoption of chitosan for development of nanocomposites is expected to have a positive impact on the chitosan market.
Chitosan Market Report Segmentation Analysis
Key segments that contributed to the derivation of the chitosan market analysis are grade, source, and application.
- Based on grade, the chitosan market is divided into industrial grade, food grade, and pharmaceutical grade. Industrial grade segment held a larger market share in 2023.
- By source, the market is segmented into shrimp, prawns, insects, crab, and others. The shrimp segment held the largest share of the market in 2023.
- In terms of application, the market is categorized into water treatment, food and beverages, biomedical and pharmaceuticals, cosmetics, and others. The water treatment segment dominated the market in 2023.
Chitosan Market Share Analysis by Geography
The geographic scope of the chitosan market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
Asia Pacific has dominated the chitosan market. Factors such as rapid development of end-use industries such as water treatment, food and beverages, biomedical and pharmaceuticals, and cosmetics in Japan, China, India, and South Korea are boosting the demand for chitosan in the Asia Pacific region. For instance, products such as glucosamine and chit oligosaccharides are considered safe for use in dietary supplements, according to the Korea Food & Drug Administration. Likewise, in Japan, it is filed on the food additives in the list provided by The Japan Food Chemical Research Foundation. The surging demand for chitosan in the Asia Pacific is primarily driven by water treatment, food & beverages and pharmaceutical applications. Growing demand from manufacturing artificial skin and in wound dressing is also expected to positively impact the growth of the chitosan market in the Asia Pacific.
Chitosan Market Report Scope
Chitosan Market News and Recent Developments
The chitosan market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion and strategies:
- In March 2023, Heppe Medical Chitosan GmbH developed a new chitosan technology for the efficient release of mRNA active ingredients. The technology aims to ensure that drugs for the treatment of serious diseases can be better absorbed as well as processed by the body. (Source: Heppe Medical Chitosan GmbH, Press Release)
- In March 2023, the researchers at the University of Stuttgart developed a green composite material made from flax and chitosan. (Source: University of Stuttgart, Newsletter)
- In November 2022, Alpha Chitin and Novochizol SA announced a joint venture to produce a chitosan-based polysaccharide. (Source: Novochizol SA, Press Release)
Chitosan Market Report Coverage and Deliverables
The “Chitosan Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Grade ; Application ; Source
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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