Global Chitin Market Is Estimated Witness High Growth Due To Rising Applications In The Healthcare Industry And Growing Use In Cosmetics, Food, And Packaging Materials

 

Chitin Market

Overview:

Chitin primarily functions as structural material within organisms such as arthropod exoskeletons, fungi cell walls, mollusk shells and fish scales. It also is used in agriculture to protect crops against insect pests and as a fertilizer. It is a biopolymer that occurs naturally in fungi, worms and crustaceans. It is often deacetylated by enzymatic or chemical methods to produce a derivative called chitosan. It acts as a hard outer layer or armor to protect soft tissues from environmental threats and disease. It also helps with hydration, which is important for maintaining a healthy immune system and helping the body to heal wounds. It can be used to make biodegradable plastic and surgical thread. It is used as a vaccine adjuvant to help stimulate the body’s immune response. It is also used as a strengthening agent for surgical thread and bandages. It is also used in the food and pharmaceutical industries as a filler during the manufacturing process.

Market Dynamics:

Increasing partnerships among key players is estimated to augment growth of the global Chitin Market over the forecast period. For instance, Hive Energy acquired a major share in CuanTec Ltd., in March 2022. This partnership will be an important step for the green energy sector, as it will help in reducing the impact of climate change. Moreover, unavailability of raw material and expensive chemical conversion process is anticipated to restrain growth of the global chitin market over the forecast period.

 

Impact of COVID-19:

COVID-19 had a negative effect on the global Chitin Market, as there was decrease in demand for Chitosan and chitin based products. Many countries had imposed nationwide lockdowns which affected many industries like cosmetics, fertilizer and food industries. These lockdowns along with other restrictions like social distancing, travel bans and quarantines had a significant impact on the growth of many businesses. During these lockdowns, many sectors had to halt their manufacturing activities and this affected the demand for chitin. Thus, the market witness decline in demand, which led to restraining growth of the global chitin market. However, the market is estimated to witness growth in the post-pandemic era as several restrictions have been eased.

Key Takeaways:

The global chitin market is expected to witness high growth, exhibiting CAGR of 5.07 % over the forecast period, due to product launches. For instance, KitoZyme updated varieties of their vegan chitosan in September 2021. Chitosan and chitin will be produced on an industrial scale using a method developed by KitoZyme.

North America is anticipated to witness significant growth in the global Chitin Market over the forecast period, owing to growing research and development activities and increasing demand in healthcare and food industries.

Major players operating in the global chitin market are Qingdao Yunzhou Biochemistry, Ningbo Zhenhai Haixin Biological, Primex, AgraTech, Weifang Haizhiyuan Biological, Hubei Huashan, Golden-Shell Pharmaceutical, Advanced Biopolymers, Bannawach Bio-Line, and Heppe Medical Chitosan.

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