Chitosan market from agrochemical sector will witness a CAGR of about 20% through 2024
Selbyville, Delaware, United States, September 15 2020 (Wiredrelease) Global Market Insights, Inc –:Chitosan is among the most essential chemicals used in the agrochemical industry. When added to agrochemicals, the product is known to enhance seed viability and reduce decay of fruits and vegetables, resulting in an increased yield. Chitosan finds widespread use as a fertilizer which helps boost plant productivity.
Chitosan market from agrochemical sector will witness a CAGR of about 20% through 2024. BRICS nations are investing substantially in research and development to enhance crop yield, indicating a strong demand for the compound in the near future.
Ever since its discovery, the product has also found its way into the personal care and cosmetics business. Chitosan is a key ingredient in various skincare, haircare, and dental care products. With more and more consumers switching to organic and non-toxic beauty products, the product is likely to experience consistent demand from personal care applications.
Robust demand from Europe food & beverage industry:
The European Commission has tightened its environmental policies over the past decade, resulting into numerous initiatives for effective wastewater management and treatment. The European Commission had invested more than US$25 billion in the Urban Wastewater Treatment Development (UWWTD) initiative in Europe.
The region also holds a major share of the global food & beverage industry. In Germany, food & beverage is the third-largest sector and the country’s retail food business had close to 85 million consumers in 2017. In addition, Europe is also one of the leading consumers of frozen meat and processed meat products. Non-toxic and biodegradable nature of chitosan makes it suitable for making films for packaged foods and beverages.
Wastewater treatment initiatives in Middle East & Africa:
The governments in Middle East and African countries have introduced several policies and initiatives to deploy efficient wastewater treatment technologies. Citing an instance, UAE had launched a campaign to raise awareness towards the importance of cleanliness and maintaining a healthy environment.
Middle East & Africa chitosan market is slated to experience a CAGR of over 19.5% through 2024. Significant rise in population and growing urbanization has increased the consumption of packaged foods. Moreover, many people are spending significantly on cosmetic and personal care products. A strong demand for organic and non-toxic grooming products will foster the regional chitosan demand.
Chitosan manufacturers face tough competition from animal feed manufacturers who are also engaged in obtaining lobsters, crabs, prawns, and shrimps. Higher procurement costs might hamper chitosan market outlook up to certain extent. However, a positive application outlook in several end-use industries and strong application potential in healthcare and biotechnology will augment chitosan market trends.
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