Global Marine Biotechnology market to generate revenue worth USD 7,610.30 million by 2027
Marine biotechnology has usage across a broad array of industries such as pharmaceutical, food, personal care, energy, and chemicals, among others. Moreover, growing inclination towards eco-friendly products in light of environmental concerns has fostered an increase in the demand for marine biotechnology. Also, increasing investments in translational research as well as significant advances in drug discovery are likely to propel the market demand over the coming years.
The global marine biotechnology market is likely to grow from USD 4,290.40 million to USD 7,610.30 million by 2027, at a CAGR of 8.25% over the forecast period (2020-2027) according to QuantAlign Research. Marine biotechnology is a key to realizing the potential of marine bio-resources that has remained untapped for several years. Such resources have the ability to produce new products and processes along with addressing the global challenges of food, health and energy. Another significant outcome of marine biotechnology includes the development of innovative tools and solutions for effective sustainable management of marine environment.
In addition, key societal challenges such as sustainable food security, sustainable energy security, environmental health, human health and wellbeing, and the greening of industrial products and processes still persist. Therefore, marine biotechnology has emerged as a rapidly burgeoning industry across the globe. It has recently been embraced as a field of huge potential by molecular biologists as well as by the biotechnology industry as the oceans contain a wide range of diverse biological and unique resources.
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On the basis of product type, the bio material segment held the largest share of the global market in 2019. Marine biomaterials are a new emerging area of research with significant applications. Recently, scientific researchers have paid a considerable attention to marine derived biomaterials for various applications. As a result, marine biomaterials have acquired a strong market position that attracts various marine researchers and consumer as well.
On the basis of application, the aquaculture and food products segment accounted for the largest share of the global market in 2019 and the trend is expected to continue over the coming years. There is a growing market for marine aquaculture owing to increasing public demand for seafood and technological advancements in the aquaculture sector. Furthermore, rapid biotechnological and biological progress in the last few years has resulted in more efficient and environmentally responsible aquaculture, and a great diversity of marine food products.
On the basis of region, Europe dominated the global market for marine biotechnology in 2019 on account of technological advancements in marine biotechnology, growing demand from cosmetic industry, and increasing demand of marine biotechnology for the development of biofuels. However, Asia-Pacific is expected to emerge as the fastest growing region owing to growing investment in marine-based healthcare and cosmetic markets, as well as extensive aquaculture activity in the region.
Key players operating in the market include Biotech Pharmacon ASA, AlgaEnergy S.A, Aker Biomarine, New England Biolabs, Sea Run Holdings, Inc., CoDo International Limited, SEPPIC, BIOMAR Microbial Technologies, Corbion NV, Cyanotech Corporation, & Marinomed Biotech AG, among others.
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