Ocean View, DE -- (SBWIRE) -- 06/09/2020 -- Prophesizes chitosan market size to go past US$ 5.1 bn mark by 2024. In an era characterized by the global push to curb greenhouse gas emission and reduce waste, prominent companies are depending on chitosan, for the compound has turned out to be an eco-friendly biopolymer.

The growth map of chitosan market has been consistently depicting an upsurge, pertaining to the fact that chitosan is increasingly being used for treating high blood pressure, obesity, high cholesterol, and Crohn disease. Chitosan is also used in pharmaceutical manufacturing as a filler in tablets to mask bitter taste and enhance the way certain drugs dissolve.

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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. GTC Bio Corporation
2. Panvo Organics Pvt.
3. KitoZyme S.A.
4. Xianju Tengwang Chitosan Factory
5. FMC Health
6. Golden-Shell Pharmaceutical Co.
7. PT Biotech Surindo
8. Primex
9. Heppe Medical Chitosan GmbH
10. United Chitotechnologies Inc.
11. Koyo World (Hong Kong) Co. Ltd.
12. Dainichiseika Color & Chemicals Mfg. Co. Ltd.
13. Marshal Marine
14. Tidal Vision Inc.
15. Austanz Chitin Pty Ltd
16. KiOmed Pharma

Rigorous environment policies implemented by the European Commission have led to large-scale initiatives for waste-water treatment in the region. According to the European Commission, a valuation worth US$ 25 bn has been invested in Europe to achieve the implementation of Urban Wastewater Treatment Development (UWWTD).

Consumers in North America and Europe are increasingly inclined towards natural ingredients given they are touted as safer, eco-friendly and healthier alternative to traditional cosmetics. Popularity of chitosan in hair care, dental care and skin care has been overwhelming in advanced economies.

While Europe cosmetics and personal care industry was valued at around US$ 87 bn in 2017, the industry is expected to growth steadily during the assessment period 2018-2024. Further, growing traction for organic ingredients is likely to boost Europe chitosan market share.

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Chitosan is highly sought-after in food and beverage industry that incorporates immobilization of enzymes, formation of biodegradable films & coatings, among others. Researchers are increasingly developing edible alternatives made of chitosan to do away with plastic in the food and animal feed industries.
Growth drivers are
1. Rising water treatment activities in Asia Pacific
2. Strong source demand from cosmetics industry in Europe and North America
3. Strong advancements in healthcare/medical industry in North America
4. Rapidly growing agricultural activities in Asia Pacific

MEA chitosan market is set to experience a bullish growth with CAGR nearing 19.5% through 2024. Rising initiatives taken by governments pertaining to water treatment technologies will potentially present positive chitosan market outlook. Besides, soaring popularity of food and beverage industry in MEA is set to fuel chitosan market trend.

APAC appears to have ruled the roost in 2017 as the region amounted for more than 55% chitosan market share in 2017. In the wake of robustly growing cosmetic market and promotion of ease of doing business in India and China, stakeholders envisage APAC as a favorable investment hub.

Researchers from the National University of Singapore (NUS) introduced an environmentally friendly food packaging material in 2016, which is purportedly free from chemical additives. The novel food packaging material transpired after fortifying natural chitosan-based composite film with grapefruit seed extract (GFSE). Researchers claim the highly anticipated food packaging material can derail fungal growth and increase the shelf-life of perishable food by two-fold.

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Chitosan market forecast appears to be sanguine as chitosan has innate potentiality for application in food technology in the wake of its non-toxicity, biocompatibility, tremendous film forming ability and ephemeral biodegradability.