Chitin Market Valued at $1.5 Bn in 2021, Growing at 12.7% CAGR
The report reveals analysis on end use industries using chitin for various applications. It lays emphasis on opportunities for growth in the chitin market along with key factors pushing the growth of the global market. Chitin market is categorised on the basis of derivative type, by its application in various end use industries and by region. The various facets of the global market across important geographies are monitored.
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The impact of factors change from region to region thus changing the course of the chitin market in that particular region. This gives a brief idea about the market potential for chitin in various regions that key stakeholders can use to plan future expansion. The comprehensive research study portrays a realistic picture of the global chitin market by including a weighted market segmentation along with forecast projections for a period of 10 years from 2017 till 2027.
Global Chitin Market: Competitive Scenario
The research report on the global chitin market covers analysis on various key players operating in the market. The list includes major companies such as 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., Advanced Biopolymers AS and Mahtani Chitosan Pvt. Ltd.
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Global Chitin Market: Growth Influencing Aspects
Increasing use in the agrochemical industry, rising shrimp waste generation, increasing awareness regarding the benefits of chitin based products in several end use industries, growing use of chitin in various applications in the healthcare industry, increasing production and consumption of chitosan and glucosamine (derivatives of chitin), and a growing use of chitosan in the beverage industry are few of the drivers that are fuelling the growth of the chitin market across the globe. However, the market is not devoid of challenges. Hindrances such as non-conformance to halal food standards, increase in pricing, low effectiveness of chitin based medicines as compared to non-chitin based medicines, high overhead costs associated with the production of chitin and adulteration are certain factors restricting the growth of the global chitin market.
Global Chitin Market: Segmental Outlook
The global chitin market is segmented by end use industry, by derivative type and by region.
- By region, Asia Pacific excluding Japan (APEJ) is the largest. The chitin market in the APEJ region is estimated to reach a high value of a little over US$ 1 Bn by 2027 end. This region is highly lucrative for the growth of the chitin market. Chitin market in APEJ is projected to grow at a high value CAGR of 13.9% during the forecast period.
- By derivative type, the glucosamine segment reflects high value and is expected to reach US$ 1,840 Mn by 2027 end. The chitosan segment is expected to grow at a higher CAGR during the said period.
- By end use industry, the healthcare segment is the largest in terms of both value and volume. This segment is projected to grow at the highest rate in the coming years to register a CAGR of 14.2% in terms of value.
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Global Chitin Market: Future Market Projections
The global chitin market is expected to reach a valuation of just under US$ 2,942 Mn by the end of the assessment year in 2027 from a valuation of around US$ 893 Mn in 2017, with an exponential value CAGR of 12.7% throughout the period of forecast (2017 – 2027).
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