Chitin Market Size is Predicted to Hit around USD 5,026.4 Million by 2032, with a Registered CAGR of 12.1% from 2022 to 2032 | Future Market Insights, Inc.

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Sep 27, 2022, 10:30 ET

China Chitin Market is projected to reach an estimated CAGR of 13.8% by the end of 2022. By end-use industry, the agrochemical segment is expected to generate the largest share in the global chitin market by 2022

NEWARK, Del., Sept. 27, 2022 /PRNewswire/ -- The global chitin market size is expected to witness a considerable CAGR of 12.1% during the forecast period between 2022 and 2032. The market is predicted to be valued at around US$ 1,604.0 Mn in 2022 and is anticipated to reach US$ 5,026.4 Mn by 2032.

Chitin is increasingly used in several end-use industries including textile, building & construction, packaging materials, work & protective gear, and civil engineering among several others. According to the current estimations, the chitin market is expected to witness growth at a CAGR of around 12.1% during the forecast period between 2022 and 2032. The market is predicted to exhibit significant growth owing to the rapid expansion of the pharmaceutical industry. According to the FMI analysis, manufacturers are employing chitin for tissue engineering and drug delivery application attributing to its high biocompatibility.

Chitin is produced from the leftover shrimp, crab, and lobster. Although there is a new source of chitin synthesis in Europe which is known as insect chitin, a byproduct generated due to manufacturing of animal feed. Insect larvae are utilized as a source of protein for the purpose of animal feeding. Insect larvae are utilized as a source of protein for animal feed, whereas adult insects are employed for reproduction. Chitin is mainly obtained from abandoned insects and cocoon bodies.

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Key Takeaways

For biomedical applications like drug delivery, hydrogels, microspheres, mixes, microparticles, and nanogels, as well as electrospun fibers, films, nanoparticles, nanocomposites, scaffolds, and prodrugs based on chitin and chitosan natural or synthetic polymers are extensively utilized. These recent developments propel new growth opportunities for key players dominating the global chitin market during the forecast period.
Owing to its excellent physicochemical and biological qualities, chitin is widely employed in several industries including cosmetics, textile, culinary, and biotechnological, as well as in the pharmaceutical, medical, and agricultural fields.
Several end-use industries have witnessed an increased consumption of chitin in food & beverages, agrochemicals, and healthcare is expected to push sales in the forecast period. Chitin is often utilized as a cooking thickener in the food & beverage industry which would propel growth in the market.
The chitin market is set to be driven by spurring demand for natural fiber-based biodegradable composites in a wide range of industries. For fabricating polymer scaffolds and a wide range of nanotechnology applications, chitin is extensively utilized, resulting in its higher growth. Furthermore, it is also used in the encapsulation of protein cargoes. The surging number of cargo-released characteristics would also assist in bolstering growth in the global market.
The surging need for water purification, especially in developing countries like India is likely to push the global chitin market sales throughout the assessment period. It is also expected to be used in the production of biofuel, mainly attributed to marine-based biomass. Attributing to its widespread application, the market is expected to spur over the projection period.

Competitive Landscape

Owing to the rising demand for chitin in the global landscape, leading manufacturers are inclining their focus toward emerging countries in recent years. Various major players are focusing on enhancing their production capabilities with the assistance of research & development (R&D) investments, collaborative partnerships, and mergers & acquisitions to strengthen their positions and compete against their rivals.

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More Insights into the Chitin Market

The U.S. is expected to dominate the chitin market over the projection period because glucosamine is one of the major commercial products used in the treatment of osteoarthritis. Owing to the high concentration in joint tissues, glucosamine, which is a derivative of chitin, is widely used in the treatment of osteoarthritis, also known as arthritis, and is expected to be used in various medicines. Glucosamine is also used as a dietary supplement, which is driving the chitin market in the U.S.

From the pharmacology and biomedical sectors, the demand for chitin is expected to spur owing to the surging prevalence of health problems such as cancer and obesity in the U.S. Chitosan, a derivative of chitin, is often used in the treatment of such health problems, as well as in the treatment of tumors. Chitin is predominantly utilized in the U.S. during the assessment period.

China is the second largest market to propel the growth of chitin by an estimated CAGR of 13.8% by the end of 2022. There is a maximum number of chitin, chitosan, and glucosamine manufacturing companies in China due to which approximately 80% of the global glucosamine production is attributed which is spurring growth in the market.

Chitin Market Outlook by Category

By Derivative Type:

Glucosamine
Chitosan
Others

By End-Use Industry:

Food and Beverages
Agrochemical
Healthcare
Cosmetics and Toiletries
Waste and Water Treatment
Others

By Region:

North America
Latin America
East Asia
Europe
South Asia & Pacific
Middle East & Africa

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Table of Content

1. Executive Summary

1.1. Global Market Outlook

1.2. Demand Side Trends

1.3. Supply Side Trends

1.4. Analysis and Recommendations

2. Market Overview

2.1. Market Coverage / Taxonomy

2.2. Market Definition / Scope / Limitation

2.3. Process for Chitin and Chitin Derivatives Production

2.4. Production of Chitin: Material Breakdown Analysis

2.5. Natural Sources of Chitin

2.6. Industrial Uses of Chitin/Chitosan

3. Key Market Trends

3.1. Key Trends Impacting the Market

4. Key Success Factors

4.1. Strategic Promotional Strategies

5. Global Chitin Market Demand Analysis 2012-2021 and Forecast, 2022-2032

5.1. Historical Market Volume (Tons) Analysis, 2012-2021

5.2. Current and Future Market Volume (Tons) Projections, 2022-2032

5.3. Y-o-Y Growth Trend Analysis

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