Chitin, Chitosan and Derivatives Market has witnessed significant growth over the last few years and is projected to reach by USD 8,531.7 Million by 2025 at a CAGR of 8.7% from 2019 to 2025. Chitin is a natural polysaccharide found in crustacean shells, insect skin, and the cell walls of fungal species. Chitin and its derivatives such as chitosan and glucosamine find application in various industries. The major raw materials used to produce chitin and its derivatives are shrimp, crab, squid, lobster, insects, fungi, and yeasts. Chitin is a natural and main structural component of the exoskeleton of crustaceans. In insects, chitin is found in the cuticle, whereas, in fungi and yeast it is found in the cell walls. Crustacean shells are the largest source for the industrial production of chitin as it is inexpensive, rich in chitin, and available in abundance as a waste or by-product. Manufacturers of chitin and its derivatives are opting for sustainability and economic efficiency by utilizing crustacean waste, i.e., shells and skins, to produce chitin and its derivatives. The market is expected to be lucrative for the players during the forecast period due to the rising demand for natural ingredients in various application industries. However, the unsustainable and inconsistent production of chitin is restricting the growth of the market.
Segmental Analysis
The global chitin, chitosan, and derivatives market has been segmented on the basis of type, application, and region.
Based on type, the global market has been divided into chitin, chitosan, glucosamine, and others. In terms of revenue, the chitosan segment dominated the global chitin, chitosan, and derivatives market in 2018. However, the glucosamine segment is projected to register the highest CAGR of 9.1% during the forecast period. The surging demand for glucosamine as a dietary supplement in the nutraceutical industry is the major factor contributing to the growth of the segment.
Regional Analysis
Geographically, the global chitin, chitosan, and derivatives market has been segmented into North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. As per MRFR analysis, North America dominated the market, accounting for the largest market share of nearly 32%, in 2018. However, the Asia-Pacific chitin, chitosan, and derivatives market is expected to register the highest CAGR of 9.3% during the forecast period of 2019 to 2025.
Key Players
Market Research Future recognizes Advanced Biopolymers AS (Norway), G.T.C. Bio Corporation (China), Golden-Shell Pharmaceutical Co. Ltd. (China), Heppe Medical Chitosan GmbH (Germany), Kitozyme, LLC (Belgium), Zhejiang Shinfuda Marine Biotechnology Corp. (China), Meron Group (India), Primex EHF (Iceland), Zhejiang Candorly Pharmaceutical Co. (China), and Panvo Organics Pvt Ltd (India) as the Key Players active in the Global Chitin, Chitosan and Derivatives Market.
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