Chitosan Market Size to Hit US$ 7.06 Billion by 2031, At 11.5% CAGR: The Insight Partners

Market Overview - The global chitosan market is expected to grow from US$ 2.95 billion in 2023 to US$ 7.06 billion by 2031, with a CAGR of 11.5% during the forecast period [5] - Chitosan is a biocompatible and biodegradable polysaccharide derived from chitin, found in crustaceans and insects, and is used in various forms such as nanofibers, nanoparticles, and films [5] - The market is driven by its multifunctional attributes and increasing applications in industries like food & beverage, pharmaceuticals, cosmetics, and water treatment [2][3] Key Applications - Chitosan is widely used in the pharmaceutical and biomedical industries for drug development, tissue engineering, and biomaterial systems [5] - In the cosmetics industry, chitosan is utilized for its moisture-retaining properties, UV protection, and prevention of skin dryness and wrinkles [7] - The water treatment industry benefits from chitosan's adsorption properties, which help remove metals, toxins, and impurities from wastewater [6][15] Market Segmentation - By grade, the market is segmented into industrial, food, and pharmaceutical grades, with the pharmaceutical grade holding the largest market share in 2023 [13] - By source, the market is divided into shrimps, prawns, insects, crabs, and others, with the shrimps segment leading in 2023 [13] - By application, the market includes water treatment, food & beverages, biomedical & pharmaceuticals, cosmetics, and others, with the biomedical & pharmaceuticals segment dominating in 2023 [13] Geographical Insights - In 2023, Asia Pacific held the largest revenue share in the chitosan market, followed by North America and Europe [8] - Asia Pacific is expected to register the highest CAGR during the forecast period [8] Key Players - Major companies in the chitosan market include KitoSano SL, Advanced Biopolymers AS, FMC Corporation, GTC Bio Corporation, Golden-Shell Pharmaceuticals, Heppe Medical Chitosan GmbH, Panvo Organics Pvt Ltd, Primex EHF, Qingdao Yunzhou Biochemistry Co Ltd, and Kitozyme LLC [1][13] Industry Trends - The demand for chitosan is growing in the manufacturing of artificial skin and wound dressing materials [12] - Chitosan is gaining popularity in Europe and North America for its use in pharmaceuticals, nutraceuticals, and personal care products [14] - The industry is seeing advancements in chitosan derivatives and composites for enhanced pollutant absorption in water treatment [15]