The chitosan market is projected to reach USD 1,088.0 million by 2022, at a CAGR of 14.5% between 2017 and 2022. Chitosan is a rich source of fiber, and as such, it is increasingly being used as a dietary supplement for weight loss. Chitosan is used to treat water as it absorbs toxic substances, greases, oil, and metals from water. It is also used in a number of applications such as food & beverages, agrochemicals, and medical & pharmaceuticals.
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Based on application, the agrochemicals segment of the chitosan market is projected to grow at the highest CAGR, in terms of volume during the forecast period. Chitosan is used in the agriculture sector for different applications. Chitosan-treated seeds have shown accelerated and enhanced growth. Addition of chitosan to soil results in a significant reduction in root knots, infections, and fungal pathogens among plants. It also protects plants from fungus, viruses, and nematodes, thereby stimulating the plant growth.
Based on grade, the industrial grade segment of the chitosan market is projected to grow at the highest CAGR, in terms of value during the forecast period. Industrial grade chitosan is used as an alternative to chemical products in applications such as water treatment, agrochemicals, pulp & paper, and textiles. It is used as an adsorbent and a flocculent in the water treatment application. Chitosan coagulates toxic heavy metals and organic compounds. It adsorbs dyes and small concentrations of phenol present in the industrial wastewater.
The Asia Pacific chitosan market is projected to grow at the highest CAGR, in terms of value during the forecast period. The growth of the Asia Pacific chitosan market can be attributed to the easy availability of both, raw materials on a large scale and low-cost labor, coupled with significant domestic demand for chitosan from the region. The increasing inflow of wastewater from various industries and growing demand for fresh water is expected to drive the growth of the Asia Pacific chitosan market during the forecast period.
Chitosan is increasingly used in the water treatment and agrochemicals applications across the globe. The increasing demand for fresh water across the globe is leading to the growing use of chitosan for water treatment to enable reuse of the treated water.
The key players operating in the Chitosan Market include Primex ehf (Iceland), Heppe Medical Chitosan GmbH (Germany), Vietnam Food (Vietnam), KitoZyme S.A. (Belgium), Agratech (US), Advanced Biopolymers AS (Norway), BIO21 Co., Ltd. (Thailand), G.T.C. Bio Corporation (China), Taizhou City Fengrun Biochemical Co., Ltd. (China), and Zhejiang Golden-Shell Pharmaceutical Co., Ltd. (China).
