by The global Marine Biotechnology market, valued at USD 3.1 billion in 2021, is expected to experience significant growth at a CAGR of 7.3% during the forecast period, according to the latest industry report. Marine biotechnology, also known as blue biotechnology, leverages biotechnology, cell biology, molecular biology, and bioinformatics to harness aquatic organisms for various applications, including pharmaceuticals, cosmetics, and energy production.
Unlocking the Potential of Marine Resources
Marine biotechnology plays a pivotal role in the development of pharmaceutical medications, enzymes, and chemical products through the exploration of ocean and marine resources. Its applications extend to medicine, biofuels, environmental conservation, health management, reproduction, and nutrition. For example, the production of fish gonadotropin hormone and the enhancement of metabolism in carnivorous fish showcase the versatility of this technology. Additionally, marine biotechnology contributes to the cosmetics industry, with anti-aging cosmetics derived from deep-sea bacteria gaining attention.
Impact of COVID-19
The COVID-19 pandemic had a negative impact on the marine biotechnology market in 2020 as attention shifted towards the development of treatments and vaccines. Supply chain disruptions and government-imposed restrictions affected the production and supply of marine biotechnology products. Labor shortages in farming operations further hampered major businesses in the sector.
Market Drivers
The marine biotechnology market is being driven by increasing demand from the energy sector, where it contributes to enhanced oil recovery and biodiesel production from microalgae. As global energy supply faces constraints, marine biotechnology offers innovative solutions to meet these demands. Furthermore, marine biotechnology-derived ingredients are gaining popularity in the cosmetics industry, with marine microorganisms and enzymes being used in a wide range of cosmetic products.
Market Restraints
Despite its potential, the marine biotechnology market faces challenges such as high discovery costs and stringent government regulations. Technical hurdles related to organism development, limited lab capacity, underfunding, and legal and regulatory issues also impede market growth.
Segment Overview
- Medical and Pharmaceutical Segment: This segment is expected to dominate the market, with marine biotechnology playing a crucial role in the development of drugs to treat chronic and infectious diseases. The market is poised for growth in therapeutic antiviral agents and the production of biomaterials derived from marine organisms.
- Marine Algae Category: Marine algae, with their therapeutic and nutraceutical qualities, lead the market. Marine algae offer a versatile resource for food, bioactive substances, and biodiesel production, addressing issues of food scarcity and sustainable energy requirements.
Regional Landscape
Europe holds the largest share in the marine biotechnology market, with Germany as a key player due to government support and advanced healthcare infrastructure. The regions expanding pharmaceutical and cosmetic industries and significant marine farming operations contribute to its leadership position.
Competitive Landscape
Key players in the marine biotechnology market include Aker Biomarine, Biolume Inc, BASF SE, Biotech Marine, Cp Kelco, Fmc Health and Nutrition, Lonza Group Ltd, Cyanotech Corporation, Marinova, Nutrex Hawaii, Pharmamar Sa, Royal DSM N.V, New England Biolands Inc, Sea Run Holdings Inc, Nofima, GlycoMar, Prolume Ltd, and Tequesta Marine Biosciences.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/marine-biotechnology-market
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This press release first seen on Brilad
COMTEX_442430647/2840/2023-10-25T09:54:55
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
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