Chitosan market from the agrochemical industry is likely to stand tall up to 2024
Selbyville, Delaware, United States, November 20 2020 (Wiredrelease) Global Market Insights, Inc :Chitosan market from the agrochemical industry is likely to stand tall in the upcoming years. For the records, agrochemical industry in 2017 accounted for nearly 20 per cent for the global business share. This growth can be aptly credited to the high end product usage for augmenting the seed sustainability, increasing the profitability, and reducing the decomposition of the fruits and vegetables.
Chitosan also finds its use as a fertilizer in the controlled agrochemical release on the grounds of improving the plant productivity. With an intent to accomplishing high profits, numerous research initiatives have been undertaken over the years in the BRIC nations. This is estimated to leverage positive growth prospects for chitosan market across the agrochemical industry.
A notable boom of interest in chitosan has become palpable with marine resources getting recognition for having unparalleled potential applications in a myriad of industries. In recent years, chitosan has been receiving notable attention in food beverage industry, aquaculture, agrochemical, cosmetics and biotechnology, to name a few.
Of late, stakeholders are infusing investments in cosmeceuticals and nutraceuticals to expand their consumer base. Popular as a versatile biomaterial on the heels of their low allergenicity, non-toxicity, biodegradability and biocompatibility, investment in chitosan industry is likely to surge in the next five years. In the latest research report, Global Market Insights, Inc., has projected chitosan market to provide US$5.1 billion market size opportunity by 2024.
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 the chitosan market. In Germany, food beverage is the third-largest sector and the countrys 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.
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