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Report: Market for chitosan to reach $1.5bn by 2022

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Report: Market for chitosan to reach $1.5bn by 2022

April 14
14:24 2016

crustaceansGrand View Research new report forecasts a growth in the global market for the bio-polymer obtained from the shells of crustaceans, chitosan, which is expected to reach a value of nearly $1.5 bn by 2022.

Market demand is primarily being driven by abundant raw material availability, low price, and superior product quality, the US insights provider claimed. A rising number of potential applications for chitosan as an eco-friendly packaging option is expected to propel demand over the next six years – although the main areas of growth will be in the textile and agrochemical industries, as oppose to the food and beverage sector.

The increasing use of chitosan as a chelating, coagulating and flocculating agent in waste water treatment is expected to have a positive impact on the market growth, while
integration with the fishery industries to source raw material is the key factor promoting growth, Grand View Research said.

It added that rising consumer awareness regarding the benefits of chitosan, coupled with a demand-supply gap due to low production volumes, especially in North America and Europe, is expected to offer an opportunity for emerging producers.

Grand View Research said: “European demand for food and beverage applications was valued at over $7 million in 2014, growing at a CAGR of over 17% from 2015 to 2022. In Europe, chitosan hydrochloride is approved as a substance in the food industry, which complies with regulation (EC) 1107/2009 of the European Parliament and of the Council, which is expected to have a positive impact on the market growth. A growing food industry in the region, coupled with the rising requirement of bio-derived food ingredients in food formulations, is expected to propel growth.”

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