Billion-Dollar Chitosan Market Analysis | Market growth at a CAGR of 18.07 % Forecasted through 2023-2027
The Chitosan Market is anticipated to expand at a CAGR of 18.07% from 2022 to 2027. A rise of USD 11.15 billion is anticipated in the market size. The growing end-user industries' applications, the cosmetics industry's increased demand for chitosan, and the high demand from Asia are driving the expansion of the market.
Senior Analyst at Technavio Quoted ~ " Emerging applications from end-user industries is notably driving the market advancement of the Chitosan Market "
Emerging applications from end-user industries to Drive Market Advancements. The growing usage of chitosan in agrochemicals, fuel cells, photovoltaic products, cardiovascular disease treatments, textiles, ophthalmology, paper, and pulp has led to a surge in the demand for the material. Not to mention, more money is being spent on research and development, which is helping the industry.
Snapshot of Chitosan Market Analysis
Furthermore, because chitosan from crustacean shells, prawns, crabs, and krill is inexpensive and readily available, it is becoming more and more popular for a variety of uses. Its biological behavior, good ocular tolerance, and non-toxicity, chitosan is frequently used in ophthalmology to create ocular drug delivery systems. As a result, these variables are having a beneficial effect on the market, which will fuel its rise throughout the projection period.
Advanced Biopolymers AS, Axio Biosolutions Pvt. Ltd., Dainichiseika Color and Chemicals Mfg. Co. Ltd., Golden Shell Pharmaceutical, Heppe Medical Chitosan GmbH, KIMICA Corp., KitoZyme LLC, Kraeber Co GmbH, Marshall Marine Products, Meron Group, Nitta Gelatin India Ltd., Panvo Organics Pvt. Ltd., Qingdao Yunzhou Biochemistry Co. Ltd., Sisco Research Laboratories Pvt. Ltd., Tagrow Co. Ltd., Tokyo Chemical Industry Co. Ltd., Novamatrix, Primex ehf, and Xianju Tengwang Chitosan Factory are some of the major market participants.
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