What Has Been The Historical And Current Growth Of The Marine Biotechnology Market?
The marine biotechnology market has seen considerable growth due to a variety of factors.
•The market size for marine biotechnology has seen robust growth recently. It is predicted to expand from a valuation of $6.19 billion in 2024 to $6.64 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 7.3%.
The historic growth has been primarily driven by environmental issues, opportunities in bioprospecting, heightened demand in pharmaceuticals and nutraceuticals, innovation in aquaculture, and exploration in bioenergy.
What Is The Forecast For The Marine Biotechnology Market By 2029?
The marine biotechnology market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for marine biotechnology is anticipated to experience robust expansion in the upcoming years, with a projection to reach "$8.97 billion by 2029, growing at a compound annual growth rate (CAGR) of 7.8%.
The surge during the forecast period is likely due to factors like mitigating climate change, applications in bioremediation, discovering new pharmaceutical drugs, ensuring food security, and integrating bioinformatics. Key trends over the forecast period include the application of aquatic biotechnology in personal care, the use of synthetic biology in marine organisms, collaborations in marine biotechnology, climate-tolerant agriculture, and efforts towards increasing education and awareness in marine biotechnology.
What Are The Essential Drivers Behind The Growth Of The Marine Biotechnology Market?
The surge in the energy sector's need for marine biotechnology is projected to stimulate the growth of the marine biotechnology market. Businesses engaged in the extraction, refining, and supply of consumable fuels such as coal, oil, and gas make up the energy sector. Marine biotechnology plays a significant role in devising more effective and environmentally benign energy systems. These include using marine microbes to transform waste into electricity and microalgae for biofuel production. The distinct characteristics and abilities of marine organisms employed in marine biotechnology are crucial for various functions such as Biofuel generation, marine renewable energy, biodegradable products, and bioremediation in the energy sector. Therefore, an escalator in the energy sector will lead to the expansion of the marine biotechnology market. In January 2022, the International Energy Agency (IEA), a France-based independent intergovernmental organization offering insights and data on the worldwide energy sector, reported that the global energy demand surged by 6% in 2021. This increase, exceeding 1,500 terawatt-hours in 2021, set a new record in absolute terms. The report anticipates an average yearly growth rate in electricity demand of 2.7% for the period 2022–2024. Thus, the escalating demand for marine biotechnology in the energy sector propels the marine biotechnology market.
How Is The Global Marine Biotechnology Market Divided Into Key Segments?
The marine biotechnology market covered in this report is segmented –
1) By Type: Bio Active Substance, Bio Materials
2) By Source: Corals And Sponges, Algae, Marine Viruses, Marine Fungi, Other Sources
3) By Technology: Isolation And Cultivation of Microorganisms, Culture-Independent Techniques
4) By Application: Aquaculture And Food Products, Environment And Human Health, Drug Discovery
5) By End User: Medical And Pharmaceutical, Food Industry, Cosmetic Industry, Chemical Industry, Other End Users
Subsegments:
1) By Bio Active Substance: Marine-Derived Pharmaceuticals, Nutraceuticals, Enzymes
2) By Bio Materials: Biopolymers, Bio-Composite Materials, Bio-Based Coatings
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What Trends Are Reshaping The Future Of The Marine Biotechnology Market?
Trend 1: A key trend emerging in the marine biotechnology market involves product innovations. Major market players are focusing on the creation of new products to consolidate their dominance in this sector. For example, Hi-Q Marine Biotech International Ltd, a Taiwanese biotechnology enterprise, unveiled a product named OliFuco RE in September 2024. This product, designed to manage sarcopenia and promote tissue regeneration, specifically targets the problem of muscle loss in older people. OliFuco RE, a low molecular weight fucoidan powder sourced from brown seaweeds, is appreciated for its bioactive traits. Its effects include enhancing muscle regeneration and notably improving muscle mass and strength in aging adults. This potent remedy, backed by scientific research, holds promise as a potent solution in the fight against sarcopenia, indicating a potential advancement in nutraceuticals aimed at muscle conservation and rejuvenation.
Who Are the Key Players in the Marine Biotechnology Market?
Major companies operating in the marine biotechnology market include:
• Cyanotech Corporation
• CP Kelco US Inc.
• PharmaMar S.A.
• Sea Run Holdings Inc.
• Nofima A.S.
• New England Biolabs Inc.
• Lonza Group Ltd.
• NovaMatrix
• GlycoMar Ltd.
• SEPPIC Inc.
• Marinova Pty. Ltd.
• Prolume Ltd.
• Aker Biomarine Antarctic AS .
• Badische Anilin- und Sodafabrik
• Royal DSM N.V
• Tequesta Bioventures LLC
• Marinomed Biotech AG
• AstaReal Co. Ltd.
• Euglena Co.Ltd.
• Earthrise Nutritionals LLC
• Bluebiotech International GmbH
• Sams Corporation
• Abbott Laboratories
• Qingdao Codo International Ltd.
• Nutrex Hawai Inc.
• Kepley Biosystems Incorporated
• Finless Foods Inc.
• Jellagen Pty Ltd
• Ingenza Ltd
• AMSilk GmbH
• Centre for Process Innovation Limited
• KnipBio Inc.
What are the Regional Insights into the Marine Biotechnology Market?
Europe was the largest region in the marine biotechnology market in 2024. The regions covered in the marine biotechnology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
