Chitin Market Overview
According to a recent survey conducted by ChemView Consulting, the Global Chitin Market grew at a CAGR of 5.5% between 2017-2021 and is estimated to be US$ 1,978.3Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 7.6% and is expected to reach a valuation of US$ 4,115.4Mn by 2032 end.
Chitin is widely present in the natural world. The most prevalent substance is cellulose. In terms of natural occurrence, chitin is second. They primarily consist of yeast, fungi, insects, and crustaceans. Crabs and shrimp have also recently been thought of as sources. In essence, their market demand is a result of the expansion of the biopolymer processing industry.
The mechanical strength and crystallinity of nanochitin are excellent. Chitin has several important advantages, including non-toxicity, non-allergic, anti-microbial, and biodegradability. Chitin can now be mechanically processed thanks to advancements in technology. This turned out to be a profitable business opportunity.
ChemView Consulting has analyzed that leftover shrimp, crab, and lobster produce the most chitin. Insect chitin, a byproduct of animal feed production, has become a new source of chitin synthesis in Europe. While adult insects are used for reproduction, insect larvae are used as a source of protein for animal feed. The main sources of chitin are the corpses of dead insects and cocoons.
The most common applications for chitosan are in food and drink. Because it binds dietary fats and lipids in the colon and prevents them from getting saturated in the body, it is used in nutraceuticals and nutritional supplements. Manufacturers of food additives, edible films, and food preservatives employ chitosan widely on a global scale.
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Segments Covered in Report
By Derivative Type:
- Glucosamine
- Chitosan
- Others
By End-Use:
- Food and Beverages
- Agrochemical
- Healthcare
- Cosmetics and Toiletries
- Waste and Water Treatment
- Others
By Region and Country:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
- Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
- Africa (South Africa, Nigeria, Egypt, Rest of Africa)
Key Takeaways from the Chitin Market
- Based on the derivative type, the chitin market has been split into three categories: glucosamine, chitosan, and others. Chitosan is a natural fiber that has many different uses. Because of its strong biocompatibility, biodegradability, non-toxicity, bioactivity, fiber grade properties, and superior adsorption rate, it are employed in treating water as coagulants and flocculants.
- Based on the region, with a 29.8% market share, North America leads the world. This is because numerous enterprises are found in the food and healthcare sectors. The primary driver of the market’s expansion is increased government investment in the pharmaceutical industry.
Competition Summary
Key companies covered in the market study are Wellable, SHANDONG LAIZHOU HIGHLY BIO-PRODUCTS CO.LTD., Yaizu Suisankagaku Industry Co., Ltd, Zhejiang Aoxing Biotechnology Co., Ltd., Bayir Extracts Pvt. Ltd., Golden-Shell Pharmaceutical Co. Ltd, Bio21, Panvo Organics Pvt Ltd., Tidal Vision, Primex EHF, Meron Biopolymers, Heppe Medical Chitosan GmbH, CarboMer, Inc., DALIAN XINDIE CHITIN CO., LTD, Kunpoong Bio Co. Ltd.
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Report Key Highlights and Coverage
- Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
- Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
- The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
- Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
- Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
- Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
- Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
- Key drivers, restraints, opportunities, and emerging trends impact market growth.
- Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
- Strategic market analysis, recommendations, and future headways on crucial winning strategies.
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