Global Chitin Fertilizer Market - 2022-2029

Global Chitin Fertilizer Market - 2022-2029

Market Overview

The global chitin fertilizer market was valued at USD XX million in 2021. It is forecasted to reach USD XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).

Chitin and its derivatives are naturally occurring polymers and furnish an ecofriendly solution to a wide variety of applications including biomedical, water treatment, fertilizers, pharmaceuticals, and pesticides. Chitin is the world’s second largest biopolymer after cellulose and is used in major end-user industries such as food & beverages, agrochemicals, personal care, biomedicine, and others. Chitin shares numerous biochemical similarities with plant cellulose. It is a neutrally charged and long-chained linear polymeric polysaccharide and is widely used in the construction of physical and mechanical barriers to achieve structural stability. Chitin fertilizer is rich in calcium and nitrogen, and these two are vital sources for plant growth. This fertilizer helps to improve soil quality, plant growth, and resilience. This fertilizer has a wide range of applications, including biomedical, water treatment, fertilizers, Biological Fertilizers, and pesticides. Chitin fertilizer help to increase plant immunity and promote plant health. Also, it helps to increase the quality of food products and crop yield.

Market Dynamics: Increasing sustainability and environmental concern rise the demand for chitin fertilizer market

The world's increasing inclination toward organic farming has increased the demand for organic food products. Due to the harmful effect of synthetic fertilizer on the environment and human health, chitin fertilizer receives more attention for agriculture use. Chitin fertilizer is biodegradable and does not pollute soil and underground water, which further results in the growth of chitin fertilizer. The growing use of chitin fertilizer for various applications like vegetables, fruits and cash crops is also contributing to the market's growth in the forecast period. Also, chitin fertilizer is nontoxic to plants and animals. The need to fulfill the food requirements of the exponentially growing population and decrease farming landmass is one of the major driving factors for the chitin fertilizer market. Farmers have to adopt new fertilizers and new farming technologies for better yielding of crops, substantially contributing to the growth of the chitin fertilizer market.

Furthermore, chitin fertilizer is a rich source of calcium and polysaccharides. It is beneficial for the control of fungal disease in numerous crops. Chitin fertilizers are organic, nontoxic and help to increase crop productivity. It is also helpful for increasing soil organisms and enzyme activities, which positively affect soil health. As soil health improves, crop production is also increased. Chitin fertilizer is easily available to the plant by roots. These factors drive the market growth of the chitin fertilizer market.

Market Segmentation: Biological fertilizer segment accounted for the highest share in global chitin fertilizer market.

In 2021, Biological fertilizer had the highest revenue share of over XX percent. Chitin fertilizer is very effective for fruit and vegetable crops. It helps to control the growth of harmful insects and helps crops resist disease. The most important property of the chitin fertilizer is its high microbial activity against a wide variety of microorganisms such as fungi, bacteria, and viruses. Chitin fertilizer at low molecular weight act as a powerful biotic elicitor. It can induce plant defense responses and activate different pathways that increase crop resistance to diseases. It helps to activate the plant immune system.

Shrimp is another segment that contributed a high revenue share in the chitin fertilizer market. Shrimp plays an important role in the chitin fertilizer. It is a semitransparent body that characterizes shrimp flattened from side to side and has a flexible abdomen that terminates in a fanlike tail. They have long, narrow muscular abdomens and long antennae that assist them in swimming. Shrimp is a rich source of protein, selenium, and vitamin B12. They are a rich source of phosphorus and iron. Small shrimps are available in all marine ecosystems, while commercial fisheries seek large shrimps for human consumption. They are omnivorous animals that consume many plants and animal species. Shrimps are a rich source of fatty acid and cholesterol. They play an important role in chitin fertilizer and help increase the protein and iron percentage in fertilizer.

Geographical Penetration: Asia Pacific is the dominating region during the forecast period

In 2021, Asia Pacific had the highest revenue share of almost XX percent. Increasing demand for organic fertilizers is expected to drive the market growth in this region. Rising awareness about the use of synthetic fertilizers and their bad effect on soil and human health has resulted in the huge growth of chitin fertilizer across the Asia Pacific region. According to the International Federation of Organic Agriculture Movements (IFOAM), organic farmland has grown worldwide, and the total organic area reached 70 million hectares, managed by 2.9 million producers. Also, the rise in industrialization and urbanization increases the growing concern of farmers for decreasing landmass and using fertilizers to boost their crop yield without any bad environmental impact. The Government of India tries to boost organic production methods by launching programs such as Paramparagat Krishi Vikas Yojana (PKVY) and Mission Organic Value Chain Development for North Eastern Region (MOVCDNER) and also contribute to the growth of the chitin fertilizer market. Also, the production of general-purpose chitin is increased in India. For instance, Mahtani Chitosan produces 50 tons of chitin annually on the coast of Gujarat.

Competitive Landscape:

There are several established participants in the industry and local manufacturers; hence, the market is fragmented. Some major market players are Advanced Biopolymers AS, Heppe Medical Chitosan GmbH, Primex Ehf, NovaMatrix, AgraTech International, Golden-Shell Pharmaceutical Co., Ltd and Qingdao Yunzhou Biochemistry Co., Ltd, among others. In February 2019, Shellworks turned discarded lobster shells into recyclable bioplastic objects. Four designers developed a series of machines that turn seafood waste into biodegradable and recyclable bioplastic. The project is called Shellworks. This material consists of a mixture of vinegar and a biopolymer called chitin, a fibrous substance that makes up the exoskeleton of crustaceans and the cell walls of fungi.

COVID-19 Impact: Negative impact on the global chitin fertilizer market

The Covid -19 pandemic had a negative impact on the growth of the chitin fertilizer market. The strict lockdown in some countries like Europe and Asia and the restrictions on international travel have disrupted the supply chain and revenue. The fertilizer sector is badly affected by Covid due to decreased demand and the high cost. Covid affected both chitin fertilizer and raw material. Production of the chitin fertilizer decreased due to the unavailability of raw material and disruption of the supply chain due to the strict lockdown conditions. Also, the import and export of raw materials were completely closed during the pandemic to avoid Covid 19 contamination. Retail stores were also completely closed during the pandemic, thus, negatively impacting the chitin fertilizer market. Prices of chitin fertilizers were increased during pandemic due to disruption in the supply chain, so consumers diverted towards other low-cost options. These factors negatively hamper the chitin fertilizer market growth.

The global chitin fertilizer market report would provide an access to approximately 53 market data tables, 49 figures and 170 pages