The healthcare segment is projected to grow at the highest rate to register a value CAGR of 14.10% throughout the period of assessment, 2018-2023.The healthcare segment is estimated at $307 Mn in 2018 and is anticipated to reach a valuation of more than $ 1 Bn by the end of the year of assessment (2023).
Increasing adoption of chitin in healthcare industry to treat diseases such as tuberculosis, obesity, and many more is a key factor driving growth of the global chitin market. In addition, rising demand for chitin and its derivatives from agriculture industry to modify plant-microbial interactions and improve crop yield is another major factor anticipated to fuel growth to the global chitin market over the forecast period. Rising adoption of chitin in end use industries such as cosmetics and toiletries, textile, building & construction, food, and packaging materials is another factor contributing in growth of the global chitin market.
Global Chitin Market Growth Aspects:
Increasing use in the agrochemical industry, rising shrimp waste generation, increasing awareness regarding the benefits of chitin based products in several end use industries, growing use of chitin in various applications in the healthcare industry, increasing production and consumption of chitosan and glucosamine (derivatives of chitin), and a growing use of chitosan in the beverage industry are few of the drivers that are fueling the growth of the chitin market across the globe. However, the market is not devoid of challenges. Hindrances such as 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 certain factors restricting the growth of the global chitin market.
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Chitin uses:
1.Healthcare industry due to properties such as renewable origin,
2.Biocompatibility
3.Non-allergenicity
4.Non-toxicity
5.Biodegradability in the body Owing to excellent biological activities such as antifungal
6.Anticholesteremic agent
7.Antitumor
8.Antibacterial
9.Antithrombogenic
10.Immunoadjuvant
Global Market for chitin to 2023 offers detailed coverage of chitin industry and presents main market trends. The market research gives historical and forecast market size, demand and production forecasts, end-use demand details, price trends, and company shares of the leading chitin producers to provide exhaustive coverage of the chitin.
Report contents include
– Analysis of the chitin market including revenues, future growth, market outlook
– Historical data and forecast
– Regional analysis including growth estimates
– Analyzes the end user markets including growth estimates.
– Profiles on chitin including products, sales/revenues, and market position
– Market structure, market drivers and restraints.
Key regions
– North America
– Europe
– Asia Pacific
– Middle East and Africa
– South America
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