The global chitosan market is estimated to account for US$ 5.51 Bn in terms of value by the end of 2022.
Key Takeaways
Key players operating in the chitosan market are GTC Bio Corporation, KitoZyme S.A., Biothera, Golden-Shell Pharmaceuticals Co., Ltd., FMC Health and Nutrition, Panvo Organics Pvt. Ltd., Heppe Medical Chitosan GmbH, Primex ehf, PT Biotech Surindo, Xianju Tengwang Chitosan Factory. These players are focusing on capacity expansion and new product launches to strengthen their market position.
The growing Chitosan Market Demand for chitosan from various end-use industries like pharmaceuticals, biomedical, cosmetics and water treatment is a major factor driving the market growth. Especially, the increasing use of chitosan in dietary supplements and wound healing products is propelling the demand.
Geographically, the Asia Pacific region currently dominates the chitosan market due to the presence of abundant raw material sources and growth of end-use industries in countries like India and China. However, other regions like North America and Europe are also witnessing significant market growth owing to rising health conscious population and improving healthcare infrastructure.
Market drivers
The increasing applications of chitosan in the healthcare and pharmaceutical industry is a key driver for the market growth. Chitosan finds numerous uses in drug delivery, tissue engineering, wound healing and surgical aids due to its excellent biocompatibility and antimicrobial properties. It is widely used to manufacture various medicinal products like capsules, creams, hydrogels, scaffolds for tissue regeneration. The booming pharmaceutical industry globally is hence augmenting the demand for chitosan.
The global Chitosan market is facing challenges due to ongoing geopolitical tensions and conflicts around the world. As economies get impacted by high inflation, rising interest rates and supply chain disruptions, companies producing and exporting Chitosan are seeing reduced demand from certain regions. Political instability and economic sanctions imposed by some countries on others are also affecting trade flows of this market.
With tensions high between major global powers, protecting domestic production of essential materials like Chitosan has become a priority. While protectionist policies aim to safeguard national interests in the short-term, they run the risk of disrupting established global supply chains and partnerships in the long-run. This could retard the growth of the Chitosan market. To succeed in such uncertain times, producers will need to diversify their supplier and customer bases across different geographies and explore opportunities in developing alternative supply sources within and outside their home countries. Forming strategic alliances with local partners in emerging markets and improving access to alternative raw material sources will help boost supply resilience.
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