Chitin, Chitosan and Derivatives Market has witnessed significant growth over the last few years and is projected to reach by USD 8,531.7 Million by 2025 at a CAGR of 8.7% from 2019 to 2025. Chitin is a natural polysaccharide found in crustacean shells, insect skin, and the cell walls of fungal species. Chitin and its derivatives such as chitosan and glucosamine find application in various industries. The major raw materials used to produce chitin and its derivatives are shrimp, crab, squid, lobster, insects, fungi, and yeasts. Chitin is a natural and main structural component of the exoskeleton of crustaceans. In insects, chitin is found in the cuticle, whereas, in fungi and yeast it is found in the cell walls. Crustacean shells are the largest source for the industrial production of chitin as it is inexpensive, rich in chitin, and available in abundance as a waste or by-product. Manufacturers of chitin and its derivatives are opting for sustainability and economic efficiency by utilizing crustacean waste, i.e., shells and skins, to produce chitin and its derivatives. The market is expected to be lucrative for the players during the forecast period due to the rising demand for natural ingredients in various application industries. However, the unsustainable and inconsistent production of chitin is restricting the growth of the market.
Chitin,
Chitosan, and Derivatives Market Growth
Segmental Analysis
The global chitin, chitosan, and derivatives market has been
segmented on the basis of type, application, and region.
Based on type, the global market has been divided into chitin,
chitosan, glucosamine, and others. In terms of revenue, the chitosan segment
dominated the global chitin, chitosan, and derivatives market in 2018. However,
the glucosamine segment is projected to register the highest CAGR of 9.1%
during the forecast period. The surging demand for glucosamine as a dietary
supplement in the nutraceutical industry is the major factor contributing to
the growth of the segment.
By application, the market has been categorized as food &
beverages, pharmaceuticals & nutraceuticals, animal feed, agriculture, and
others. The pharmaceuticals & nutraceuticals segment garnered the largest
share of the global chitin, chitosan, and derivatives market in 2018. In the
nutraceuticals industry, chitin and its derivatives, such as glucosamine, are
used in dietary supplements to aid the treatment of kidney disorders,
arthritis, and heart diseases. However, the food & beverage segment is
expected to register the highest CAGR during the forecast period.
Key Players
Market Research Future recognizes Advanced Biopolymers AS
(Norway), G.T.C. Bio Corporation (China), Golden-Shell Pharmaceutical Co. Ltd.
(China), Heppe Medical Chitosan GmbH (Germany), Kitozyme, LLC (Belgium),
Zhejiang Shinfuda Marine Biotechnology Corp. (China), Meron Group (India),
Primex EHF (Iceland), Zhejiang Candorly Pharmaceutical Co. (China), and Panvo
Organics Pvt Ltd (India) as the Key Players active in the Global Chitin,
Chitosan and Derivatives Market.
Key Findings of the Study
The Global Chitin, Chitosan and Derivatives Market is expected
to register a growth rate of 7% between 2019 and 2025. Increasing demand for
natural food ingredients is anticipated to propel the growth of the global
chitin, chitosan, and derivatives market.
By type, the chitosan segment is estimated to hold the largest
market share during the forecast period and is projected to register a growth
rate of 7%.
On the basis of application, the pharmaceuticals &
nutraceuticals segment is projected to maintain its dominance from 2019 to
2025. The segment is expected to register a substantial growth rate of 5%
during the forecast period.
Complete Report Details @ https://www.marketresearchfuture.com/reports/chitin-chitosan-derivatives-market-8589
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