Chitosan Market Size Worth $21.41 Billion By 2025 | CAGR 20.8%

The global chitosan market size is expected to reach USD 21.41 billion by 2025, according to a new report by Grand View Research, Inc. The market is projected to expand at a CAGR of 20.8% from 2019 to 2025. Growing scope of applications in cosmetics, water treatment for removal of impurities, and medical sectors is the key factor driving the market. Moreover, rising demand for bio-based chemicals and less number of fresh water resources is impelling the market growth. North America is expected to lead chitosan market in the near future due to positive outlook from the pharmaceutical sector in the region.

Additionally, rise in demand from cosmetic industry and growing application scope in waste water treatment along with government initiatives are also propelling the growth. The market competition is expected to intensify in the coming years owing to escalating demand for chitosan for varied applications. Rising need for waste water treatment in industries, such as textile, dairy, paper & pulp, metal cutting, and chemical, is anticipated to propel the product demand. Thus, increasing product demand as a water treatment chemical and strict regulations on the disposal of industrial waste water are also likely to boost market growth.

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Further key findings from the study suggest:

• North America is expected to be the fastest-growing region due to increasing demand and rising preference of pharmaceutical and cosmetics manufacturers for naturally-derived products
• Pharmaceutical industry in Canada is projected to expand at a CAGR of 21.03% in near future due to increasing R&D for product application in tissue engineering
• Some of the key companies in the market include Qingdao Yunzhou Biochemistry Co., FMC Corp., Golden-Shell Pharmaceutical Co. Ltd., and Heppe Medical Chitosan GmbH
• Companies are focusing on strengthening their global reach by improving the product purity. They are also investing in R&D for the production of biomedical and pharmaceutical grades of the product

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