Marine Biotechnology Market

Marine Biotechnology Market Size (2024 to 2029)

The global marine biotechnology market size is valued at USD 6.2 billion in 2024 and is anticipated to reach USD 10.3 billion by 2029 with a CAGR of 7.9% in the forecast period.

Marine biotechnology is also known as blue biotechnology, which studies the marine environment and chemistry of marine organisms. Marine biotechnology gives access to biological compounds and their novel applications. Some successful marine materials are novel industrial enzymes, food ingredients, biosensors, new chemical compounds, and original pharmaceuticals. The enterprise sector considers Marine biotechnology an opportunity that helps fill the gaps for new product launches. Marine biotechnology also deals with advancements in seafood safety, biofuels, bioremediation, and aquaculture. Marine biotechnology implements various methods and genetic engineering to develop effective marine substances with low possible harm to marine ecology.

MARKET DRIVERS:

There is a growing adoption of marine products in various fields, such as food, cosmetics, agriculture, and pharmaceuticals. MarineMarine organisms such as algae and fungi are used widely in developing pharmaceuticals, cosmetics, and others, driving the market growth of marine biotechnology. According to various sources, in July 2021, the National Institute of Ocean Technology, India, developed an anti-aging product for cosmetics with the help of deep-sea bacteria. The demand for nutritional supplements derived from marine sources is prevalent in developed countries like the US, the UK, Germany, and others. According to an article published in the Journal of Frontiers in Marine Science in 2022, specific marine microbes that thrive in harsh environmental conditions produce antioxidant, antibacterial, antitumoral, atopic, and antiviral chemicals that are helpful in the production of food ingredients and preventive care for chronic diseases. The bioactive compounds derived from marine algae, fish, and microorganisms have prominent advantages in the cosmetic industry as these components are beneficial in anti-aging, skin rejuvenation, skin whitening, and moisturizing of the skin.

There is a rising demand for marine ingredients in animal feed to supply protein and healthy nutrients essential for animal health. The fish meal and the fish oil are considered high in protein and healthy fat, with essential nutrients required for the healthy growth of livestock and other aquaculture species. The growing collaborations and acquisitions by the market players to expand the business as marine organisms are a rich source for novel enzymes with broad industrial applications. All these factors boost the growth of the marine biotechnology market share.

The rising demand for marine biotechnology in the energy industry is estimated to create market growth opportunities during the forecast period. The demand for energy resources is increasing worldwide, and marine biotechnology is expected to help the situation. The time period of the mature oil reservoirs can be expanded by biotechniques like microbial enhanced oil recovery (MEOR), which will increase the efficiency of recovering fossil fuel reserves. These kinds of procedures will provide market growth opportunities for marine biotechnology. The manufacture of biodiesel from marine microalgal triacylglycerides is gaining traction as the microalgae amass hydrophobic chemicals into fuel.

MARKET RESTRAINTS:

The restraining factor for marine biotechnology is sustainability concerns, as biotechnology offers various opportunities where the effect of marine habitats limits market expansion. Another factor hampering the market growth is the limited ability to cultivate marine microorganisms in laboratory conditions. It is difficult to culture the microorganisms in the laboratory's marine environment, which is expected to limit the market expansion. The need for sufficient knowledge regarding the benefits of marine biotechnology in undeveloped countries is hindering market expansion worldwide.

The high cost of marine R&D is due to the sample collection methods, offshore cultivation, bioinformatics analysis, and analytical instrumentation, where financial stability is challenging for market expansion. Another factor restraining marine biotechnology is the legal and regulatory obstacles where, due to the low profile of marine biotechnology, it was underfunding. Approval for marine bio-based products is challenging due to the pressure and time-consuming procedures by regulatory authorities, resulting in delays.

COVID-19 Impact on Marine Biotechnology Market :

The Pandemic had a mixed impact on the marine biotechnology market as at the initial stages of COVID-19, the demand and production were affected due to lockdown regulations. Due to the health benefits the marine-derived health supplements provided, the production increased during the Pandemic. According to an article published in the Journal of Antioxidants in 2022, marine algae species are used for their bioactive metabolites with potential antiviral and immunomodulatory activities. Hence, using marine-derived products during the Pandemic positively impacted the marine biotechnology market, which is gaining stable market growth post-pandemic.

REPORT COVERAGE:

This research report on the Global Spatial Omics Market has been segmented and sub-segmented based on Source, Application, End-Use, and region.

Marine Biotechnology Market - By Source:

• Corals & Sponges
• Algae
• Marine Viruses
• Marine Fungi
• Others

The algae segment held the largest share of 30% in the global marine biotechnology market in 2023. The algae in the deep ocean reserves have massive potential as primary and secondary food sources in chemicals, pharmaceuticals, and biodiesel. Biodiesel is a crucial application of algae; it is a first-generation plant source for biofuels. Marine biotechnology includes methods for improving algae production and its benefits. These factors are driving the market growth of marine biotechnology in this segment.

The Marine viruses and fungi segments are projected to have significant growth over the forecast period due to the rising benefits of marine products in enhancing the immune system.

Marine Biotechnology Market - By Application:

• Aquaculture & Fishery
• Biofuels
• Medicine
• Environment
• Others

The medicine segment dominated the global market in 2023 with the most significant market share of around 34%—the Pharmaceuticals Cephalosporin. Vidrabine, Trabectedin, and Ziconptide are the most accepted medicines derived from marine species. Many medicines originated from marine sources and are under clinical trials. Marine biotechnology focuses on replicating marine substances in the lab to avoid the continuous disturbance of marine habitats. According to various research studies, over 1000 novel compounds with potency and biological activities are added to the pipeline each year by increasing the marine chemicals count.

The biofuels segment is estimated to be the fastest-growing segment over the forecast period as the demand for energy resources from marine sources is massive.

Marine Biotechnology Market - By End-Use:

• Medical & Pharmaceutical Industry
• Chemical Industry
• Food Industry
• Cosmetic Industry
• Others

The Medical & Pharmaceutical industry segment dominated the global market with a market share of 32% in 2023. Various research studies are studying the chemistry of natural compounds derived from marine species. Marine biotechnology in the medical field uses live cells to develop pharmacological and diagnostic products that help treat human diseases. Most marine-derived medicines are antibiotics, painkillers, and anticancers. The growing studies are showing great results with the bioactive substances of marine species.

The food industry segment is projected to grow significantly during the forecast period. Marine species are the primary and secondary sources of food products.

Marine Biotechnology Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

The North American region held the most significant global market share, with a 43.4% market share in 2023. The growing R&D investments in the region, the advanced healthcare infrastructure, and the presence of significant biotechnology firms are boosting market revenue growth in the region. Developed countries like the US and Canada have a high demand for marine-derived products. The food industry in the North American region is the top globally, where the usage of marine-derived products in food is massive.

The European region holds the second position with a market share of 24% in 2023. The growing demand for nutraceuticals and cosmetics across the region drives the market. The marine biotechnology in Europe is expanding due to the growing investments in the R&D. Around 50% of seafood produced globally is exported from the aquaculture operations in Europe.

The Asia-Pacific region is projected to be the fastest-growing region for marine biotechnology during the forecast period. The region's expanding pharmaceutical and agricultural industries are enhancing the marine biotechnology market.

KEY MARKET PLAYERS:

BASF, CP Kelco, Cyanotech Corp., Kerry Group, TransGen Biotech Co. Ltd., Olmix Group, Ittinsect, Biotech Marine, Corbion, FMC Corporation

Recent Market Developments:

• In May 2023, Blue Bio Value, a biotech organization, introduced the Blue Bio Value Acceleration Programme 2023, where this program aims to fasten the startups working in the blue biotechnology sector by offering sustainable services for healthier use of ocean resources.
• In February 2023, Ittinsect, an Italy-based biotech company, announced its investment in CDP Venture Capital to develop a sustainable alternative to aquaculture feed.
• In July 2023, Olmix Group, a globally recognized natural solution for agriculture, started its acquisition with Yes Sinergy, a biotech company in Brazil that works for natural additives for animal nutrition and welfare.
• In December 2022, TransGen Biotech Co., Ltd., a biotechnology company, launched Uracil-DNA Glycosylase, a recombinant protein derived from psychrophile marine bacteria, which eliminates the aerosol contamination caused by PCR products.