Marine Biotechnology Market Size Forecast to Reach $7.3 Billion by 2026

April 24 04:36 2021
Marine Biotechnology Market Size Forecast to Reach $7.3 Billion by 2026

Marine Biotechnology Market
Increasing Demand for Marine Biotechnology From the Energy Sector is Further Propelling the Growth of Marine Biotechnology Market.

Marine Biotechnology Market is forecast to reach $7.3 billion by 2026, after growing at a CAGR of 8.7% during 2021-2026. Marine biotechnology, in particular, is witnessing strong growth in marine bio-medicine, including pharmaceutical discovery, materials technology, bioremediation, marine biomedical model organisms, genomics, bioinformatics, and molecular genetics. Furthermore, marine biotechnological developments have already led to some achievements in a wide range of fields, including human health, pharmacology, fisheries, environmental recovery or regeneration, food and cosmetics industries, agriculture, and chemical industries, as a result of which the market is increasing. Also, rising demand from the agricultural and pharmaceutical sectors would generate new opportunities for the global marine biotechnology industry to expand in the forecast era.

Marine Biotechnology Market Segment Analysis – By Source

Algae held the largest share of more than 20% in the marine biotechnology market in 2020. Marine algae are untapped reservoirs found in deep oceans that can play a major role in both primary and secondary sources as regards food and bioactive compounds or biodiesel. Due to its wide range of adaptability, it offers numerous possibilities in different environments. Biotechnology is required to incorporate the characteristics to enhance algae production and its bioactive compounds. Marine algae bear therapeutic and nutraceuticals property. Some marine microalgae cultivated like Spirulina and Dunaliella have β-carotene, omega-3 fatty acids, and antioxidants. β-carotene is a precursor of vitamin A and the numerous health benefits of omega-3 fatty acids. It is used against conditions such as cardiovascular disease and hypertension. Biodiesel is also a major usage of marine algae. It has the potential to replace both petroleum-based fuels and first-generation biofuels based on plants. Marine algae have immense power in various fields such as bioenergy or food demand to satisfy the current scarce situation.

Marine Biotechnology Market Segment Analysis – By Application

Medicine held the largest share of more than 25% in the marine biotechnology market in 2020. Extracts from marine organisms have been used as medicine in the last years. To produce copies of marine compounds in the laboratory, scientists have used biotechnology so that they do not need to be continually harvested from marine life. Some have been commercialized, while others are undergoing clinical or pre-clinical testing. Certain medicines derived from marine organisms include Cephalosporin, Vidrabine / Ara-A, Trabectedin, and Ziconotide. Also, some marine-derived drugs are still in clinical trials such as cytotoxic compounds bryostatin 1 and the dolastatin derivatives soblidotin and synthadotin. Apart from these drugs, there are more preclinical products in the pipeline. The number of marine compounds grows each year, with more than 1,000 new compounds added to the pipeline each year with varying potencies and biological functions. Thus, increasing the production of medicines using biotechnology would propel the market growth of marine biotechnology over the forecast period.

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Marine Biotechnology Market Segment Analysis – By End-Use Industry

Medical & pharmaceutical held the largest share in the marine biotechnology market in 2020 and is projected to grow at a CAGR of 9.1% during the forecast period 2021-2026. In recent years, the chemistry of natural products extracted from marine organisms has been the subject of a much greater research effort. Medical biotechnology is the utilization of living cells and cell materials to research and produces pharmaceutical and diagnostic products that help to fix and forestall human ailments. For instance, marine biotechnology research for human health includes marine-derived anticancer drugs, painkillers, and antibiotics. Because of the various marine bioactive compounds, new drugs have now been developed to treat cancer, pain, and viral diseases. For instance, compounds such as bioactive spongy proteins may be used for antibacterial activity, while skeletal elements such as biosilica may be used as blueprints for new biomedicinal materials. Thus, increasing growth in medical & pharmaceutical will drive the market for marine biotechnology in the forecast period.

Marine Biotechnology Market Segment Analysis – By Geography

Europe held the largest share of 37% in the marine biotechnology market in 2020. The growth of the European marine biotechnology market is primarily attributable to growing research and development activities and increasing demand for natural products. Also, rapid growth in the healthcare industry and demand for marine products in agriculture, cosmetics, and the food industries are further driving the region’s market growth. In securing healthy food from the seas and oceans, marine biotechnology can contribute to returning to their natural environment through the selection and captive stock breeding, to replenish wild stocks and to some extent mitigate the effects of overfishing. In fact, according to FAO statistics, close to 50% of the seafood produced globally today originates from farming operations in Europe. Also, according to The World Bank data across the EU region, it is estimated that the healthcare expenditure amounted to more than 9% of GDP in 2019.

Marine Biotechnology Market Drivers

Increasing demand for marine biotechnology from the energy sector is further propelling market growth

Energy supply on a global scale is increasingly needed and marine biotechnology can make an important contribution to meeting these energy needs in very different ways. Microbial Enhanced Oil Recovery (MEOR), for example, a bio-based approach to enhancing the recovery efficiency of fossil oil reserves, could help to increase the life of mature oil reservoirs. The oil recovery efficiency from petroleum reservoirs is around 50%. Microalgae can accumulate large quantities of hydrophobic compounds that can be converted into biodiesel, and biodiesel production from microalgal triacylglycerides is the focus of much interest. To achieve good energy, balance the entire algal biomass is essential. Cultivating microalgae for bio-energy generation is a big challenge and one of marine biotechnology’s key objectives. Thus, owing to these factors the market for marine biotechnology is anticipated to rise in the forecast period.

Rapidly growing usage of marine biotechnology ingredients in cosmetics will drive the market

For the cosmetics industry, marine resources represent an interesting source of active ingredients. Ingredients from marine biotechnology act as a creative and unusual approach to traditional beauty issues. Marine microorganisms are valuable because of their specific properties, and the enzymes produced are more helpful than conventional enzymes. For the production of cosmetics such as moisturizers, vitamin C complexes, anti-ageing formulations, and many other products, these ingredients are used. For the cultivation of these bioactive marine compounds, biotechnological tools are needed. Also, to maintain skin integrity, preservation of the hydration rate is important. It is normal to topically add lipids or molecules that reduce water loss. Several molecules with moisturizing properties are formed by marine organisms, such as polysaccharides, fatty acids (sophorolipids, rhamnolipids, and Mannosylerythritol), and proteins that are used extensively in the skin.

Marine Biotechnology Market Challenges

Expensive discovery process and regulations from government acting as a restraint to the market

There are many barriers such as the technical barriers, related to the expensive discovery process, limited capacity to develop organisms in the laboratory and on large scale financial barriers, due to the relatively low profile of marine biotechnology resulting in underfunding, and legal and regulatory barriers, particularly regarding access to marine resources. A limiting factor for the sector could well be the increased need for large infrastructure investments. Hence, owing to such barriers the marine biotechnology market will further face hurdles in the forecast period.

Marine Biotechnology Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the marine biotechnology market. In 2020, the market of marine biotechnology has been consolidated by the top five players accounting for xx% of the share. Major players in the marine biotechnology market are Abbott Laboratories, BASF SE, Nofima, Lonza Group Ltd., Aker Biomarine, New England Biolabs Inc., Cyanotech CorporationGlycoMar, Prolume Ltd., Marinova, Qingdao Codo International Ltd., and among others

Key Takeaways

Europe dominated the marine biotechnology market due to the increasing technological advancements in marine biotechnology, growing demand from the cosmetic industry, and increasing demand for the development of biofuels.

Marine biotechnology represents one of the youngest approaches to biotechnology. There is rich biodiversity in the marine world and the organism itself includes essential biochemical compounds with a broad variety of uses in medicine, climate, and other industries.

New applications of marine-derived enzymes in the cosmetics industry and the use of marine algae and microalgae for biofuel production and the production of marine-derived polysaccharides, which are among the most abundant renewable biomaterials found on land and in the oceans, are the key drivers that are anticipated to boost the market growth.

According to the Food and Drug Administration (FDA), the COVID-19 outbreak 2020-2021 is likely to have an impact on the supply chain of medical products including potential supply disruptions or shortages of critical medicinal products.

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