According to Allied Market Research, the global chitosan market is projected to grow remarkably at a CAGR of 18.7% throughout the forecast timeframe from 2024 to 2033. The market, worth $7.8 billion in 2023, is estimated to achieve a revenue of $42.8 by 2033.  The research report offers a thorough analysis of market trends, key investment regions, growth drivers, segmental analysis, geographical studies, and the competitive scenario. 

The AMR study also conducts a thorough examination of industry competitiveness using Porter's Five Forces model. This analysis assesses supplier power, the intensity of competition, the threat of substitutes, and the potential for new entrants. The report provides businesses and stakeholders with valuable information to understand current market conditions and make better decisions for long-term success. 

Latest Trends in the Chitosan Industry 

Agricultural applications 

Chitosan is becoming more common in agriculture because of its ability to enhance plant growth, improve soil quality, and serve as a natural pesticide.  It is emerging as a suitable alternative solution with the growing demand for organic farming practices. For instance, AgroTech has added chitosan-based biopesticides which are used to protect crops from pests without the harmful effects associated with chemical pesticides. Additionally, coatings made from chitosan are used for seed treatment to help improve germination rates and crop yield. 

Health and nutraceuticals 

Chitosan is known for its potential health benefits, particularly in weight management and cholesterol reduction. Its ability to bind fats and cholesterol in the digestive system has resulted in its inclusion in various dietary supplements. For example, companies such as NOW Foods offer chitosan capsules for weight loss and cholesterol control. Clinical studies continue to investigate its effectiveness, and new formulations are being developed that combine chitosan with other natural extracts to enhance its health benefits. 

Market Highlights 

In November 2022, Chitogen Inc., a U.S.-based medical manufacturing company, signed an agreement of intent with Tru Shrimp. They planned to buy large amounts of chitosan, which is made from the exoskeletons of farm-raised shrimp. In South Dakota, a plan is underway to construct a substantial shrimp farm. 

In September 2021, KitoZyme introduced a new vegan version of its chitosan at Vitafoods. Using a patented industrial process, KitoZyme produced chitosan and chitin from fungi. This advancement has greatly altered the perception and potential uses of biopolymers. 

Competitive Landscape 

The research further investigates the key market players in the global chitosan market. AMR carefully analyzes these top entities to recognize their competitive benefits. Furthermore, the study provides valuable information on their business investments, company profiles, product portfolios, revenue outcomes, and global presence. Some top companies listed in the report include: 

Key Questions Covered in the Report 

To conclude, the AMR report provides a thorough review of the global chitosan market, offering robust opportunities for businesses and stakeholders to make well-informed decisions. Key trends in agriculture and health, along with competitive innovations, make it an emerging field for strategic investments and development.