Albany, NY -- (SBWIRE) -- 09/08/2017 -- Transparency Market Research (TMR) has recently published a market study on the global chitosan market, estimating it to expand at a healthy CAGR of 17.70% during the period from 2014 to 2020 and reach a market value of US$4.20 bn by the end of the forecast period.The report titled, "Chitosan Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020", states that the worldwide chitosan market stood at US$1.35 bn in 2013. In terms of production, the market is likely to register a CAGR of 16.0% during the forecast period, states the research report.

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The rapid increase in the water treatment applications across the world, coupled with rising usage of cosmetics having organic ingredients, is propelling the global chitosan market significantly.The report analyzes the worldwide market for chitosan on the basis of its application. Water treatment plants, industrial units, food & beverages sector, biomedicine and pharmaceuticals, cosmetics, agrochemicals, and other industries such as fuel cells and photographic products are the major application areas of chitosan. The water treatment segment is the biggest consumer of chitosan in the global arena. However, the agrochemical segment is likely to report the fastest growth among all the application segments over the forecast period. At present, it holds around 5% of the demand generated for chitosan globally.

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As per the market report, North America, Asia Pacific, Europe, and the Rest of the world are the major regional markets for chitosan. Asia Pacific leads the global chitosan market at present and is closely followed by Europe and North America. In 2013, Asia Pacific held more than 55% of the overall market. China and Japan are the key producers of chitosan in this region.On the other hand, the chitosan market in the Rest of the World is likely to report the fastest growth rate, in terms of volume produced, over the forecast period, notes the study.

Further, the report states that North America has acquired the leading position in the global chitosan market in terms of demand. The increasing demand for cosmetics as well as biomedical and pharmaceutical products has propelled the chitosan market in this region.The competitive landscape prevalent in the global chitosan market has also been presented in this report based on the analysis of company profiles of major players. According to the report, the market is highly fragmented owing to the presence of a high number of market players.

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GTC Bio Corp., Biothera, Xianju Tengwang Chitosan Factory, PT Biotech Surindo, Primex ehf, Heppe Medical Chitosan GmbH, Panvo Organics Pvt. Ltd. MC Health and Nutrition, Golden-Shell Pharmaceutical Co. Ltd., and KitoZyme S.A. are the key participants operating in the worldwide market for chitosan, states the research report.

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