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According to the report, the market is expected to surpass nearly US$ 1.05 Bn. ESOMAR-certified consulting firm Future Market Insights’ report on North America chitosan market presents a positive growth outlook through 2031. Rising demand from pharmaceutical and biomedical industry is primarily underpinning growth in the market. Furthermore, FMI projects an impressive CAGR of nearly 14.3% through 2031.
Canada is projected to exhibit an impressive y-o-y growth in 2021, as demand for chitosan derived from sources other than shrimps and crabs rise at higher pace. Following the outbreak of COVID-19, the North America market is set to recover backed by the surge in demand from the end-use industries such as pharmaceuticals and biomedical. Also, rising demand for development of eco-friendly biopolymers is anticipated to boost the demand of chitosan through 2021.
Fortunately, markets such as Canada and the United States are expected to post credible gains, with the consumption of chitosan rising by nearly 3.8 times during the forecast period. Manufacturers are using chitosan for tissue engineering, drug delivery owing to its biocompatible nature, bolstering the growth.
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“Chitosan market in North America is set to recover at a steady pace on the back of initiatives taken by government for economic recovery and to boost the performance in industrial sector,” remarks an FMI analyst.
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Prominent chitosan manufacturers in FMI’s analysis include KitoZyme S.A., Tidal Vision Inc., Chitolytic, CarboMer Inc., Spectrum Chemical MFG Corp., Foodchem International Corporation, Meron Group, Mycodev Group, Toronto Research Chemicals, and MP Biomedicals. The market seems to be fairly fragmented, evaluates the market study by FMI. Key manufacturers are focusing on improving their product quality and expand their revenues by strategic mergers and acquisitions with other key players.
For instance, in March 2020, Bioavanta-Bosti, a leader in chitosan nanoparticles research announced the launch of Novochizol nanoparticle, an aerosol formulation which can be used to deliver and confine any potential anti- COVID-19 drug to the lungs of acutely ill patients.
Also, in August 2020, the Environmental Protection Agency (EPA) of United States announced that it is adding chitosan to the list of active ingredients allowed for in minimum risk pesticides exempted from pesticide registration requirements under Federal Insecticide, Fungicide, and Rodenticide Act (FIFRA) Section 25(b), which is the regulation sought by many key players to cater the demand for a sustainable solution increasing their future growth prospects in the region.
Discover more about the North America chitosan market with 35 figures and 7 data tables, along with the table of contents. You will also find detailed market segmentation on https://www.futuremarketinsights.com/ask-question/rep-gb-13039
3.1. Key Trends Impacting the Market
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Future Market Insights Inc. Christiana Corporate, 200 Continental Drive, Suite 401, Newark, Delaware – 19713, USA T: +1-845-579-5705 Report: https://www.futuremarketinsights.com/reports/north-america-chitosan-market For Sales Enquiries: [email protected] Browse latest Market Reports: https://www.futuremarketinsights.com/reports LinkedIn| Twitter| Blogs
The post North America Chitosan Market Registers 14.3% CAGR in 2031 Increasing Application in Pharmaceutical & Biomedical Sector| KitoZyme, Tidal Vision, Chitolytic, CarboMer appeared first on Future Market Insights.
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