Marine Biotechnology Market Size (2024 - 2029)

The marine biotechnology market is poised for significant growth, driven by the increasing application of marine organisms in various sectors such as pharmaceuticals, cosmetics, food, and agriculture. The pandemic has accelerated the demand for marine-derived supplements, contributing to market expansion. Despite challenges like limited ocean exploration and difficulties in culturing marine microorganisms, the market's potential is bolstered by advancements in fisheries, drug discovery, and aquaculture, along with a growing awareness of the benefits of marine resources.

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Market Size of Marine Biotechnology Industry

Marine Biotechnology Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
CAGR 8.50 %
Fastest Growing Market Asia-Pacific
Largest Market Europe

Major Players

Marine Biotechnology Market Major Players

*Disclaimer: Major Players sorted in no particular order

Marine Biotechnology Market Analysis

The marine biotechnology market is expected to register a CAGR of 8.5% over the forecast period.

The COVID-19 pandemic affected demand and production in the marine biotechnology industry during the initial phase. On the other hand, the pandemic aided the production of marine-derived supplements since they provided potential health benefits against the COVID-19 infection. For instance, as per the article published in the Journal of Antioxidants in February 2022, several marine algae species have been utilized for their bioactive metabolites with potential antiviral and immunomodulatory activities. Thus, the surging use of marine-derived supplements during the pandemic significantly impacted the market growth. However, with the decrease in number of COVID-19 cases, the marine biotechnology market has gained stable growth and is expected to do the same during the forecast period.

The increase in the usage of marine organisms, such as algae and fungi, in different industries, such as pharmaceuticals, cosmetics, food, and agriculture, is a major factor boosting the growth of the marine biotechnology market. For instance, in July 2021, a team of scientists from the National Institute of Ocean Technology, India, developed an anti-ageing ingredient for making cosmetics with the help of deep-sea bacteria. Furthermore, there is an increasing demand for marine-derived nutritional supplements in developed countries such as the United States, Germany, and the United Kingdom. According to an article published in the Journal of Frontiers in Marine Science in February 2022, certain marine microbes which thrive in harsh environmental conditions produce antioxidant, antibacterial, apoptotic, antitumoral, and antiviral chemicals, which could be used in the production of functional food ingredients for health maintenance and chronic disease prevention. The rise in the utilization of marine resources for the production of nutritional supplements is expected to add to the market's growth during the forecast period. Moreover, high dietary levels of polyunsaturated fatty acids are recommended for infants. These healthy fatty acids are produced in large quantities by marine microalgal species. Advancements in the fields of fisheries, drug discovery, and aquaculture and an increase in awareness regarding the untapped potential and use of marine organisms in different industries are expected to increase demand for marine biotechnology sources shortly.

However, the lack of exploration of the oceans and the limited ability to culture marine microorganisms in laboratory conditions will likely restrict the market's growth during the forecast period.

Marine Biotechnology Industry Segmentation

As per the scope of the report, marine biotechnology is the use of living cells and cell materials to develop products with the help of marine organisms through the application of molecular biology, biotechnology, cell biology, and bioinformatics. The marine biotechnology market is segmented by source (marine fungi, marine algae, corals and sponges, marine viruses, and other sources), end user (medical and pharmaceutical, food industry, cosmetics industry, chemical industry, and other end users), and geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The report also covers the estimated market sizes and trends of 17 countries across major regions globally. The report offers the value (in USD) for the above segments.

By Source
Corals and Sponges
Algae
Marine Viruses
Marine Fungi
Other Sources
By End User
Medical and Pharmaceutical
Food Industry
Cosmetics Industry
Chemical Industry
Other End Users
Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle-East and Africa
GCC
South Africa
Rest of Middle-East and Africa
South America
Brazil
Argentina
Rest of South America
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Marine Biotechnology Market Size Summary

The marine biotechnology market is poised for significant growth, driven by the increasing application of marine organisms such as algae and fungi across various industries, including pharmaceuticals, cosmetics, food, and agriculture. The market experienced initial disruptions due to the COVID-19 pandemic; however, it also benefited from the heightened demand for marine-derived supplements, which were noted for their potential health benefits during the pandemic. As the pandemic's impact waned, the market stabilized and is expected to continue its upward trajectory. The rising interest in marine resources for nutritional supplements, particularly in developed regions like the United States, Germany, and the United Kingdom, further fuels this growth. Advances in fisheries, drug discovery, and aquaculture, along with growing awareness of the untapped potential of marine organisms, are anticipated to bolster demand in the coming years. Nonetheless, challenges such as limited ocean exploration and difficulties in culturing marine microorganisms in laboratory settings may pose constraints to market expansion.

The medical and pharmaceutical sectors are expected to maintain a substantial share of the marine biotechnology market, with increasing research into marine-derived therapeutics driving growth. The discovery of natural compounds in marine environments has opened new avenues for developing antiviral and other therapeutics, enhancing the appeal of marine biotechnology in these industries. Technological advancements, such as the successful culturing of coral cell lines, are likely to further promote the use of marine organisms in producing biomaterials. Europe is projected to hold a significant market share, supported by government initiatives and funding to develop natural marine products. The region's sophisticated healthcare infrastructure and technological progress in marine biotechnology, coupled with high demand in the pharmaceutical and cosmetic sectors, are key factors contributing to market growth. The competitive landscape features major players like BASF SE, AstaReal Co., Ltd., and Aker Biomarine, among others, who are actively involved in advancing marine biotechnology applications.

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Marine Biotechnology Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Increase in the Usage of Marine Organisms in the Pharmaceutical and Cosmetic Industries

      2. 1.2.2 Increasing Demand for Marine-Derived Nutritional Supplements

      3. 1.2.3 Advancements in the Field of Fisheries and Drug Discovery

    3. 1.3 Market Restraints

      1. 1.3.1 Lack of Exploration in Oceans

      2. 1.3.2 Limited Ability to Culture Marine Micro-organisms in Laboratories

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers/Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size by Value - USD)

    1. 2.1 By Source

      1. 2.1.1 Corals and Sponges

      2. 2.1.2 Algae

      3. 2.1.3 Marine Viruses

      4. 2.1.4 Marine Fungi

      5. 2.1.5 Other Sources

    2. 2.2 By End User

      1. 2.2.1 Medical and Pharmaceutical

      2. 2.2.2 Food Industry

      3. 2.2.3 Cosmetics Industry

      4. 2.2.4 Chemical Industry

      5. 2.2.5 Other End Users

    3. 2.3 Geography

      1. 2.3.1 North America

        1. 2.3.1.1 United States

        2. 2.3.1.2 Canada

        3. 2.3.1.3 Mexico

      2. 2.3.2 Europe

        1. 2.3.2.1 Germany

        2. 2.3.2.2 United Kingdom

        3. 2.3.2.3 France

        4. 2.3.2.4 Italy

        5. 2.3.2.5 Spain

        6. 2.3.2.6 Rest of Europe

      3. 2.3.3 Asia-Pacific

        1. 2.3.3.1 China

        2. 2.3.3.2 Japan

        3. 2.3.3.3 India

        4. 2.3.3.4 Australia

        5. 2.3.3.5 South Korea

        6. 2.3.3.6 Rest of Asia-Pacific

      4. 2.3.4 Middle-East and Africa

        1. 2.3.4.1 GCC

        2. 2.3.4.2 South Africa

        3. 2.3.4.3 Rest of Middle-East and Africa

      5. 2.3.5 South America

        1. 2.3.5.1 Brazil

        2. 2.3.5.2 Argentina

        3. 2.3.5.3 Rest of South America

Marine Biotechnology Market Size FAQs

The Global Marine Biotechnology Market is projected to register a CAGR of 8.5% during the forecast period (2024-2029)

Cyanotech Corporation , Marinomed Biotech AG, PharmaMar SA, BASF SE and AstaReal Co., Ltd.  are the major companies operating in the Global Marine Biotechnology Market.

Marine Biotechnology Market Report Snapshots

Marine Biotechnology Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)