Valued to be $8.4 Billion by 2026, Marine Biotechnology Slated for Robust Growth Worldwide
SAN FRANCISCO , July 4, 2022 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Marine Biotechnology – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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Edition: 20; Released: June 2022
Executive Pool: 6614
Companies: 253 – Players covered include Aker BioMarine AS; Aqua Bio Technology ASA; BASF SE; BioLume, Inc.; Biotech Marine; CP Kelco; Cyanotech Corp.; GlycoMar Ltd.; Lonza Group Ltd.; Marinova Pty Ltd; New England Biolabs Inc; NovaMatrix; Nutrex Hawaii Inc.,; oceanBASIS GmbH; PharmaMar S.A; Prolume Ltd; Royal DSM N.V; Sea Run Holdings, Inc.; SEPPIC; Tequesta BioVentures and Others.
Coverage: All major geographies and key segments
Segments: Product (Biomaterials, Bioactive Substances, Other Products); Technology (Isolation & Cultivation of Microorganisms, Culture-Independent Techniques); Source (Marine Algae, Marine Fungi, Corals & Sponges, Marine Viruses, Other Sources); End-Use (Pharmaceuticals, Food, Cosmetics, Chemicals, Other End-Uses)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Rest of World.
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Amid the COVID-19 crisis, the global market for Marine Biotechnology estimated at US$6 Billion in the year 2022, is projected to reach a revised size of US$8.4 Billion by 2026, growing at a CAGR of 7% over the analysis period. Biomaterials, one of the segments analyzed in the report, is projected to grow at a 7.4% CAGR, while growth in the Bioactive Substances segment is readjusted to a revised 7.1% CAGR. The global market is expected to post steady growth in the post-pandemic scenario, driven by the continuous rise in demand for natural products, such as sea weed, fish and associated products, among others, and the increase in investments to develop sustainable and natural products. Increasing use of marine ingredients in food, agriculture and cosmetic industries is fostering growth in the marine biotechnology marketplace. Advancements in the areas of fisheries, drug discovery and aquaculture are also driving market growth. At present, marine products are being used in applications related to healthcare, industrial products, consumer products, infrastructure, and public services.
Increasing demand for efficient therapeutics to deliver quality care is driving adoption of marine technology. Marine-derived drugs are being developed for the treatment of various conditions including inflammatory conditions, metabolic diseases such as diabetes, neurological disorders, cardiovascular diseases as well as disorders caused by various antibiotic-resistant pathogens such as bacteria.
Strong Need for Green Products: Rising consumer awareness and increasing emphasis on eco-friendly products is encouraging developments in the marine biotechnology space. The technology provides the suitable solution to explore new materials for enabling plant protection and cultivating novel organisms in aquaculture. Researchers are increasingly leveraging the potential of blue technology and marine biotechnology to develop sophisticated technologies for improving environmental conditions, enhancing the availability of required nutrients in marine habitats as well as facilitating environment monitoring.
Growth will also be driven by the growing need for environmentally safe, bio-derived feedstock across a wide range of industries and by effervescent technology developments and the ensuing diversity in the range of marine derived products and processes. With increasing environmental pollution throwing the spotlight on sustainable industrial development, there exists huge demand for suitable, scalable, economically, socially and environmentally sustainable feedstock options for the manufacturing industry. Also, with sustainable feedstock production and delivery ballooning into a massive industry worldwide, the world’s oceans have emerged as the next frontiers for investigative, biological resource development and management of R&D projects. Lucrative application areas capable of fuelling future growth in the marketplace include agriculture wherein marine derived fungicides and natural plant growth regulators are igniting huge interests; industrial processes and products where marine derived feedstocks and molecules are valued as alternatives to conventional, toxic chemical feedstocks; healthcare where marine derived drugs are already showing immense commercial potential; and in the energy industry where marine derived algae and microalgae are increasingly being appreciated for their use in the production of biofuels. Among the industrial processes, of immediate interest is wastewater treatment in which marine algae has shown immense promise as water purifying and filtration agents. In the food industry, marine algae will continue to find use as thickeners and gelling agents, and even more so as nutrients in food diets valued for their neuroprotective benefits. Agricultural applications include pesticides, plant growth regulators and seed coated fungicides comprise another high growth market for marine biotechnology.
The global market for marine biotechnology is steadily gaining prominence driven by scientific advances that are providing a greater degree of information about marine biodiversity and their potential use in various end-use applications. In particular, marine biotechnology could provide solutions to issues such as food and energy security, and development of sustainable and green industries. Marine biotechnology’s potential role in addressing these challenges is driving governments across the world to include marine biotechnology into their national innovation and bio-economy strategies. Marine biotechnology has come to the forefront of research strategies in several countries led by the continuous advances in genomic science and associated technologies.
Despite the complexities involved, marine organisms are being researched and analyzed using genomic and metagenomic technologies to gain insights into the marine ecosystems’ biodiversity. With marine bioresources emerging as major sources of new chemical and biological processes, marine biotechnology is being considered as a means to encourage innovation. Realizing the significance of marine biotechnology, international agreements and conventions have been forged to provide a framework for conserving marine biodiversity and to facilitate sharing of marine bioresources. Marine biotechnology sector is also attracting investments from government agencies and private investors, with marine-derived cosmetic ingredients, marine-derived molecules including enzymes, biopolymers and biomaterials, marine-derived pharmaceuticals, among others, now becoming the mainstay of most R&D projects worldwide. Given its ability to create wealth and promote development of smarter and greener economies, countries such as the US, China, and Japan are making huge investments in marine biotechnology. The future of marine biotechnology depends upon the continued ability of industry participants to effectively develop bio-prospecting procedures for screening and indentifying novel biomolecules produced by marine organisms.
Market growth will however be hampered by increased complexity in discovering and new innovations, increased R&D costs, and lack of technical expertise. Shortage of supply is a major constraint given the huge demand for commodities. Another obstacle to growth is the difficulties in exploring the vast biodiversity of oceans. Also, for exploring the vast resources, there is a need to establish R&D infrastructure facilities to gain insights into these resources. Cooperation at national and international levels is also essential to ensure development of infrastructure network that would offer support to marine biotechnology research. More
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