Chitin Market Overview:
The Global Chitin Market is expected to disclose a substantial upturn with a CAGR of 12.7% during the forecasted period of 2021 to 2030. The Global Chitin Market was valued at USD 1.5 billion in 2021 and is estimated to garner a substantial improvement of compound annual growth rate of 12.7% and value of USD 4.40 billion for the forecasted timeline.
Product Description
What is Chitin?
Chitin is stated as a long chain polymer of Nacetylglucosamine, an amide by-product of glucose. Chitin is a huge structural polysaccharide made from the chains of glucose. It is the main component of cell walls in fungi or exoskeleton of insect. Polysaccharide is the second most abundant long chain polymer of Nacetylglucosamine found in nature. Polysaccharide is a developing component that gives strength to shells of crustaceans, insects, and the cell walls of fungi. Through the process of chemical or enzymatic deacetylation, chitin can be transformed into an eminent derivative, chitosan. Most recently, polysaccharide has been found in shrimp as well as crabs. The Chitin is embedded with several crystalline as well as mechanical properties and is widely used in different industries.
Market Key players
The Global Chitin Market is being majorly driven by Pharmaceutical and Food industry. Companies are analysing the method that identifies direct competitors to accomplish their mission and vision. Business corporations are undertaking research and development activities to sustain the competition. The market is highly competitive with respect to demand for advanced operating systems with in-built progressive technology. The Global Chitin Market has witnessed growing competition between vendors on pricing model, brand name, advanced technology etc. Some of the key players are recorded as Competitive Index, AgraTech, Primex, Kunpoong Bio Co.,Ltd., Heppe Medical Chitosan GmbH, Bannawach Bio-line, Golden-Shell Pharmaceutical, Tidal Vision Products Inc., Ningbo Zhenhai Haixin Biological Products Co. Ltd., Qingdao Yunzhou Biochemistry co.ltd.
Market Segmentation
The Global Chitin Market is segmented into Type, Application,
Types:
Based on Type the market is further segmented into
Industrial Grade
Food Grade Between the two segments, the food industry is expected to display a highest growth, due to wide spread use of Cooking Thickener.
Applications:
Based on Application market is further segmented into
Food and Beverages
Agrochemical
Healthcare
Cosmetics and Toiletries
Waste and Water Treatment
Of all types, Healthcare holds the highest share in the global chitin market and this is mainly because of its non-toxicity, non-allergic, anti-microbial, and bio-degradability.
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Regional Analysis
Based on the regional analysis the market covers regions such as North America, Europe, Asia Pacific, Middle East and Africa. North America dominated the market.
Chitin is alluded as a huge structural polysaccharide made from modified glucose chains, extensively found in cell walls in fungi or exoskeleton of insect. Chitin is the second most, naturally found, long chain polymer of Nacetylglucosamine. Chitin is also considered to be an excellent source of insoluble fibre, that is, it aids the growth of good bacteria in human body. Chitin also possess some key advantages such as being non-poisonous, non-allergic, anti-microbial, bio-degradable and so on. In addition to this, technical progression has enhanced the mechanical processing of chitin and also aided the development.
The market is driven by majorly two factors as rising demand in cooking and pharmaceutical industry.
Demand for natural fibre biodegradable composites has risen which is further accelerating the growth. As per the market experts, Biomedical sector is expected to lead the market due to prevalence of nanotechnology. For instance, chitin is prominently used in fabrication of polymer scaffolds that are used in digesting protein cargoes. Study on cargo released chitin is expected to fuel the growth.
Chitin is also used in water purification. In recent years, there is rise in demand for water purification which is propelling the market. In addition to this, over the past few years, with scientific development, different technologies have been evolved to speed the market. Owing to the properties of chitin, this long chain polymer, has also been discovered to be suitable as bio-fuel. This is one of the factors which is boosting the market.
Another prominent factor propelling the growth is rising demand in Pharmaceutical and Catering sector as chitin is a rich source of insoluble fibre and is non-toxic and non-allergic.
There is a huge demand for polysaccharide in biomedical applications market, as it consists of a good crystalline property as well as good mechanical strength. Chitin or Chitosan are widely used in biomedical applications such as tissue engineering, drug and gene delivery, wound healing and stem cell technology.
The Chitin may also be used to produce bio-degradable plastic or surgical threads, or in food supplement, or in manufacturing of paper.
Chitin also proves to be an excellent source of insoluble fibre, in fact, the chitin provides prebiotic properties to the gut flora, that is, it helps in growth of good bacteria in human body.
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Covid-19 impact on the market:
The latest contagion that hit the world has a devastating effect on global financial, economic and health sector. The total volatility across sectors reached to its optimum level. Due to government imposed shut out, people were forced to stay home which affected the labour enforcement. The pandemic has magnified the impact on overall supply-chain management which indirectly affected the global chitin market.
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