- Base Year: 2019
- Estimated Year: 2019
- Forecast Period: 2019 to 2026
According to the report, the global Chitin market was valued at approximately USD 1,298 million in 2019 and is expected to generate revenue of around USD 4,445 million by 2026, growing at a CAGR of roughly 19.22% from 2019 and 2026.
Chitosan is the deacetylated form of chitin which is key element in the exoskeleton of marine animals. Commercially, it is produced from the marine crustacean shell wastes such as squid, shrimp, krill, and crab. Chitosan finds applications in a variety of end-use industries such as food, chemical, agriculture, cosmetics, pharmaceuticals, and others. However, the major end-use industries include water treatment, biomedical & pharmaceuticals, cosmetics, food & beverage.
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Key vendors in the Chitin market cover AgraTech, Primex, Advanced Biopolymers, Kunpoong, Navamedic, Heppe Medical Chitosan, Bannawach Bio-Line, Hubei Huashan, Jiangsu Shuanglin Marine Biological, Golden-Shell Pharmaceutical, Zhejiang New Fuda Ocean Biotech, Weifang Haizhiyuan Biological, Ningbo Zhenhai Haixin Biological, Fengrun Biochemical, and Qingdao Yunzhou Biochemistry.
Increasing use in the agrochemical industry, rising shrimp waste generation, increasing awareness regarding the benefits of chitin-based products in several end-use industries are some factors that driving the Chitin market. Furthermore, increasing production and consumption of chitosan and glucosamine (derivatives of chitin), and a growing use of chitosan in the beverage industry are also promoting the growth of Chitin market. However, 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 factors that restricting the growth of the global chitin market.
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North America is the leader market at a share of 32.15% and currently leading Europe with a share of 29.78%. Asia Pacific occupied a share of 28.64% but is expected to witness a significant growth in the future time owing to the rapidly growing healthcare industry coupled with growing medical tourism in developing countries such as India.
Based on the type, the Chitin market can be bifurcated into Industrial Grade, Food Grade, and Others.
Based on application, the Chitin market is divided into Medicine, Industrial, and Agriculture.
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- Chitin manufacturers
- Distributors and resellers of Chitin
- Chitin industry associations
- Product managers, Chitin industry administrator, C-level executives of the industries
- Market Research and consulting firms
- Small and Medium-sized Enterprises (SMEs)
- Raw material suppliers of Chitin