Key Chitosan Market Trend 2024-2033: Kiomed Pharma Kiomedinevsone
Chitosan Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The chitosan market has seen significant growth over the past few years and is expected to rise from $7.24 billion in 2023 to $8.7 billion in 2024, reflecting a compound annual growth rate CAGR of 20.2%. This historic growth period can be attributed to several variables, such as the processing of seafood waste, biomedical applications, increased use in the agricultural sector, the food and beverage industry, and the paper and pulp industry. Furthermore, its ability for metal ion chelation has made a significant contribution.
What does this market hold in the near future?
The chitosan market is projected to experience phenomenal growth in the upcoming years. The market is set to grow to $18.61 billion by 2028, registering a compound annual growth rate CAGR of 20.9%. This forecasted growth can be accredited to a multitude of factors, comprising the development of bioplastics, nutraceuticals, and dietary supplements, growing environmental concerns, agricultural biostimulants, functional food ingredients, and regulatory support. Emerging trends projected for the forecast period include water filtration technologies, the introduction of chitosan derivatives and modifications, the use of chitosan nanoparticles in drug delivery, chitosan in biomedical scaffolds, and chitosan in tissue engineering.
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What are the critical drivers of the chitosan market?
A significant driver that is projected to propel the growth of the chitosan market is the global increase in requirements for wastewater treatment. Defined as the procedure of removing impurities from wastewater before it reaches natural bodies or aquifers such as oceans, lakes, and rivers, wastewater treatment has become a crucial factor propelling the chitosan market. Chitosan plays a fundamental role in wastewater treatment as it aids in heavy metal or metalloid adsorption, the removal of dyes from industrial wastewater, and other organic pollutants such as organic oxidants, oil impurities, and organochloride pesticides.
An interesting fact is that, in 2021, a study conducted by Utrecht University and the United Nations University revealed that the wastewater produced globally each year stands at a staggering 359 billion cubic meters. Shockingly, about 48 percent of that water is released untreated into the environment. Therefore, the heightened requirement for wastewater treatment worldwide can be considered a significant driver for the chitosan market.
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Which industry players are making waves in the chitosan market?
Key players in the chitosan market include Advanced Biopolymers AS, FMC Corporation, Kyowa Hakko Bio Co. Ltd., Dainichiseika Color & Chemicals Mfg. Co. Ltd., among a host of others. These major players are keeping a close eye on market trends and aligning their strategies accordingly.
What new innovations are pushing chitosan market forward?
There is an exciting trend of introducing advanced solutions among major companies operating in the chitosan market to gain a competitive edge. The introduction of chitosan injections, a medication delivery system that utilizes chitosan as its primary component, is an example of such innovations.
In September 2023, KiOmed Pharma, a Belgium-based biotechnology company, launched KiOmedinevsOne, a non-animal-sourced chitosan injection for the symptomatic treatment of knee osteoarthritis. The injection sported a unique structure differing from hyaluronic acid and natural chitosan and reduced knee pain for over six months. It's a patented technology that saw a response rate of up to 76%.
How is the global chitosan market segmented?
The chitosan market in this report is segmented as follows:
1 By Grade: Pharmaceutical Grade, Industrial Grade, Food Grade
2 By Source: Shrimp, Squid, Crab, Krill, Other Sources
3 By Application: Water Treatment, Food and Beverages, Cosmetics, Medical and Pharmaceuticals, Agrochemicals, Other Applications
Regionally, where is the chitosan market most prevalent?
Asia-Pacific was notably the largest region in the chitosan market in 2023. However, North America is projected to experience the fastest growth during the forecast period. The report covers all major regions, including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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