Marine Biotechnology Market
Number of pages: 100 | Report Format: PDF | Published date: June 14, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 4.73 billion |
|
Revenue Forecast in 2031 |
US$ 10.04 billion |
|
CAGR |
8.3% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023 to 2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Source, End User, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global marine biotechnology market was valued at US$ 4.73 billion in 2022 and is expected to register a revenue CAGR of 8.3% to reach US$ 10.04 billion by 2031.
Marine Biotechnology Market Fundamentals
The Organization for Economic Cooperation and Development (OECD) defines marine biotechnology, also known as blue biotechnology, as the application of science and technology to living organisms from marine resources, as well as to their parts, products, or models, for the production of knowledge, goods, and services. As a result, the discipline focuses on creating tools and products related to marine bioresources, which are seen in this context as both a source for creating goods with a high added value and as the targets of exploratory technologies for studying the marine environment.
This approach has a wide range of uses, including the generation of biofuels, notably bioethanol, by fermenting macro- and microalgae, the extraction of enzymes for the paper, textile, and detergent industries, and laboratory uses. Additionally intriguing and exciting are all the bioactive substances derived from marine species that may be used in the food, cosmetic, and pharmaceutical sectors. Fish is also the most abundant, commercially used source for the extraction of omega-3 polyunsaturated fatty acids with proven cardioprotective and antioxidant properties; marine biotechnologies are, for example, widely used to extract minerals, fibers, and secondary metabolites such as lipids and carotenoids from macro-, micro-algae, and cyanobacteria to be used as food supplements or nutraceutical additives.
These substances also play a crucial part in the cosmetics industry by supplying new active components for creams and lotions with antioxidant, hydrating, anti-inflammatory, and photo-protective characteristics. Since most of the examined items fail to advance past the preclinical trials, only a few therapeutic drugs developed from marine species have received regulatory authority approval. However, certain instances of pharmaceuticals are readily accessible on the market and often used in clinical settings, such as the analgesic Prialt, the antihypertensive Lovaza, and various anticancer medications, including Yondelis and Cytosar-U. Despite their small number, pharmaceutical items of marine origin generated over $400 million in European sales in 2020, with the blue biotechnology industry having the largest market share value.
Marine Biotechnology Market Dynamics
One of the main factors driving the growth of the marine biotechnology market is the rise in the use of marine organisms, such as algae and fungus, in several sectors, including medicines, cosmetics, food, and agriculture. For instance, in July 2021, researchers from the National Institute of Ocean Technology in India created a deep-sea bacteria-based anti-aging cosmetic component. Furthermore, wealthy nations like the United States, Germany, and the United Kingdom are seeing increased demand for nutritional supplements made from marine sources. According to a study titled "Novel Bioactive Compounds from Marine Sources as a Tool for Functional Food Development" that appeared in the Frontiers in Marine Science journal in February 2022, specific marine microbes that survive in unfavorable environmental conditions produce antioxidant, antibacterial, apoptotic, antitumoral, and antiviral chemicals that could be used in the production of functional food ingredients for maintaining health and preventing chronic disease. The increased use of marine resources in manufacturing nutritional supplements is anticipated to expand the market. Additionally, newborns are advised to get a lot of polyunsaturated fatty acids in their diets. Marine microalgal species generate large amounts of these beneficial fatty acids. Shortly, it is anticipated that demand for marine biotechnology sources will rise due to developments in fisheries, drug discovery, and aquaculture, as well as growing knowledge of the unrealized potential and use of marine creatures in many industries.
Another factor driving the growth of the marine biotechnology market during the projected period is the expanding need for pesticides, plant growth regulators, and seed-coated fungicides by agricultural businesses. In 2020, American onion crops received about 223.2 thousand pounds of mancozeb pesticide, increasing Energy Sector Demand. The global need for energy is a primary driver of market expansion, and marine biotechnology may contribute significantly to energy generation in various ways. A bio-based product called microbial-enhanced oil recovery can help extend the life of old oil reservoirs and improve the efficiency with which fossil oil deposits are recovered.
However, there are many obstacles, including the limited capacity to develop organisms in the lab and large-scale financial barriers brought on by the relatively low profile of marine biotechnology, which results in underfunding, and legal and regulatory barriers, especially about access to marine resources. The rising demand for significant infrastructure expenditure may be a constraining factor for the sector. Therefore, these obstacles will cause additional challenges for the marine biotechnology industry throughout the forecast period.
Marine Biotechnology Market Ecosystem
The global marine biotechnology market is analyzed from the following perspectives by source, end user, and region.
Marine Biotechnology Market by Source
Based on the source, the global marine biotechnology market is segmented into corals, sponges, algae, marine viruses, marine fungi, and other sources.
The algae segment will likely show significant growth during the forecast period, with a share of 20%. Deep seas have new reserves of marine algae, which can be important primary and secondary food sources, medicinal chemicals, and biodiesel. It offers a variety of opportunities in various situations due to its broad range of flexibility. Incorporating the traits to improve algae production and its beneficial components requires biotechnology. Algae from the sea have medicinal and nutritional value. The cultured marine microalgae Spirulina and Dunaliella include antioxidants, omega-3 fatty acids, and beta-carotene. Vitamin A and the myriad health advantages of omega-3 fatty acids are both precursors of -carotene. It is used to treat diseases, including hypertension and cardiovascular disease. Another important use for marine algae is biodiesel. It has the potential to take the place of first-generation biofuels made from plants as well as petroleum-based fuels. Marine algae have enormous power in several areas, such as bioenergy or food, to alleviate the present food shortage.
Marine Biotechnology Market by End User
Based on the end user, the global marine biotechnology market is segmented into medical and pharmaceutical, food, cosmetics, chemical, and other end users.
The medical & pharmaceutical segment will likely dominate the market during the forecast period with a revenue CAGR of 8.9%. Drugs made from microorganisms are becoming utilized more often to treat both chronic and infectious disorders. Penicillin, actinomycin, cephalosporins, streptomycin, and cyclosporin are some of the most popular medications generated from microorganisms. The growth of this market is anticipated to be boosted by the expansion of research into the utilization of marine organisms to create various medicines for various ailments. For instance, in January 2021, researchers at the University of California discovered naturally occurring chemicals with different structural properties in the marine environment. The development of therapeutic antiviral agents is anticipated to benefit from these molecules. Additionally, almost 11,000 natural effects with nutritional and pharmacological qualities have been identified in marine algae, according to the article "Algae biotechnology for nutritional and pharmaceutical applications," published in Biotechnology in Healthcare in March 2022. Numerous substances present in micro- and macro-algae possess important pharmacological effects, including antibacterial, antifungal, antiviral, antiherpetic, antioxidative, and hypoglycemic ones.
Marine Biotechnology Market by Region
Based on region, the global marine biotechnology market is segmented into North America, Asia Pacific, Latin America, and the Middle East & Africa.
Europe held a major market share in the marine biotechnology market. Germany controls the majority of the market in Europe. During the projected period, the market expansion in Germany will be aided by the government's support for the use of natural marine products and the availability of financing for developing these items. For instance, Bluu Biosciences, a biotech company with headquarters in Germany, got around EUR 7 million in March 2021 to develop premium, sustainable fish products from cell cultures. One of the main reasons for the increasing demand for marine biotechnology in Europe is the presence of advanced healthcare infrastructure, technological breakthroughs in marine biotechnology, and the expanding need for aquatic organisms in the pharmaceutical and cosmetic sectors. For instance, Sea4Us intended to use marine bioproducts to create a non-opioid analgesic to treat chronic pain in March 2021. The business has participated in many initiatives funded by the European Commission. Additionally, the Food and Agriculture Organization estimates that in 2020, about 50% of the seafood produced globally will originate from farmed operations in the European region. Such an expansion in manufacturing activity is likely to support regional market growth.
During the projection period, the North American region is anticipated to expand strongly at a CAGR of 5.8%. The North American region is expected to drive the market expansion throughout the projected period due to advancements in marine biotechnology, rising demand from the cosmetics sector, and rising need for the production of biofuels.
Marine Biotechnology Market Competitive Landscape
Some of the prominent market players in the global biotechnology market include,
Marine Biotechnology Market Strategic Development
The Organization for Economic Cooperation and Development (OECD) defines marine biotechnology as the application of science and technology to living organisms from marine resources and their parts, products, or models for producing knowledge, goods, and services.
Europe region dominated the global marine biotechnology market.
The increasing demand for marine-derived nutritional supplements and advancements in fisheries and drug discovery are the factors driving the marine biotechnology market growth.
The estimated market size of the marine biotechnology market in 2031 will be US$ 10.04 billion.
The revenue CAGR of the marine biotechnology market during the forecast period is 8.3%.
*Insights on financial performance are subject to the availability of information in the public domain