Marine Biotechnology Market size is set to grow by USD 4.71 billion from 2024-2028, Increase in demand for biofuel to boost the market growth, Technavio

NEW YORK, July 3, 2024 /PRNewswire/ -- The global marine biotechnology market size is estimated to grow by USD 4.71 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 9.83% during the forecast period. Increase in demand for biofuel is driving market growth, with a trend towards increasing concern about climate change. However, legal and ethical issues associated with marine biotechnology poses a challenge. Key market players include Air Liquide SA, Aker BioMarine ASA, AlgaEnergy SA, Archer Daniels Midland Co., BASF SE, CoDo International Ltd., Cyanotech Corp., FMC Corp., Geomarine Biotechnologies, Glyco Mar Ltd., J M Huber Corp., KD Pharma Group, Lonza Group Ltd., Marinomed Biotech AG, Marinova Pty Ltd., Marshall Marine Products, New England Biolabs Inc., PharmaMar SA, and Prolume Ltd..

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Key Market Trends Fueling Growth

Marine biotechnology is a growing industry that utilizes renewable resources to reduce greenhouse gas (GHG) emissions, particularly carbon dioxide. Industrial activities contribute significantly to GHG production, with fossil fuel emissions reaching a record 36.8 billion metric tons in 2023. Marine biotechnology offers solutions through carbon sequestration and the production of carbon-neutral fuels. The macromolecular paraffinic hydrocarbons in algae act as a carbon sink, removing CO2 from the carbon cycle. This industry saves energy, mitigates climate change, and prevents fossil fuel depletion through bio-based products. The increasing focus on reducing GHG emissions will drive the expansion of the global marine biotechnology market. 

The marine biotechnology market is experiencing significant growth due to the discovery and development of new products and applications. Key areas of focus include the production of biofuels, pharmaceuticals, and nutraceuticals from marine sources. Biomass from marine organisms is being explored for its potential in sustainable energy production. Additionally, marine microorganisms are being studied for their use in bioremediation and the production of enzymes and other valuable compounds. The use of marine biotechnology in the development of new materials, such as biodegradable plastics, is also gaining traction. Overall, the market is driven by the need for sustainable and eco-friendly solutions, as well as the potential for new revenue streams. 

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Market Challenges

• Marine biotechnology offers significant potential benefits, yet faces challenges. Ethical concerns arise from genome manipulation in animals and plants. Long-term effects of products are uncertain, leading to user distrust. Legal issues include access to resources and disputes over marine research between countries. Ethicists stress the importance of maintaining ecosystem stability to prevent damage to wildlife and habitats. These challenges could hinder the growth of the global marine biotechnology market.
• Marine biotechnology is a growing industry with significant potential for innovation. However, it faces several challenges. Drugs and bioactives are key areas of focus, with many discoveries made from marine sources. However, the extraction and production processes can be complex and costly. Additionally, the identification and isolation of new compounds can be time-consuming and resource-intensive. Sustainability is also a concern, as overharvesting and destructive fishing practices can harm marine ecosystems. Furthermore, regulatory hurdles and intellectual property issues can hinder progress. Despite these challenges, the market for marine biotechnology continues to expand, driven by the potential for new discoveries and applications. Companies are investing in research and development to address these challenges and unlock the full potential of this industry.

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Segment Overview

This marine biotechnology market report extensively covers market segmentation by

1. Application
• 1.1 Healthcare products
• 1.2 Energy and environment management products
• 1.3 Food and cosmetics products
2. Type
• 2.1 Bio active substance
• 2.2 Bio materials
• 2.3 Others
3. Geography
• 3.1 North America
• 3.2 Europe
• 3.3 Asia
• 3.4 Rest of World (ROW)

1.1 Healthcare products- Marine biotechnology market utilizes living organisms and their derivatives to develop innovative products and solutions. This sector encompasses applications in fisheries, aquaculture, bioremediation, and pharmaceuticals. Companies invest in marine biotechnology to address challenges such as sustainable seafood production and environmental conservation. Market growth is driven by increasing demand for eco-friendly solutions and advancements in biotechnological research.

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Research Analysis

The Marine Biotechnology Market encompasses various applications in tissue engineering and regenerative medicine, therapeutics, nutraceuticals, and functional food industries. Marine-derived enzymes play a significant role in this sector, contributing to the production of biofuels and pharmaceuticals. Chronic diseases, including those related to genomics and genetic engineering, are targeted through the use of marine resources. Corals and Sponges, Marine Viruses, Pharmaceuticals, and Marine microbes are key sources of antioxidant, antibacterial, apoptotic, and antitumoral ingredients. Feed additives and cosmetics & personal care industries also benefit from marine-derived bioactive compounds. The exploration and utilization of genetic resources from marine ecosystems continue to advance medicine and biotechnology.

Market Research Overview

Marine biotechnology refers to the application of biological systems, living organisms, and derivatives thereof, to address challenges in the marine sector. This includes the development of new products, processes, and technologies using marine resources. The market for marine biotechnology is growing rapidly due to the increasing demand for sustainable and eco-friendly solutions in various industries such as healthcare, agriculture, and energy. Marine organisms offer a rich source of bioactive compounds with potential applications in pharmaceuticals, nutraceuticals, and cosmeceuticals. Additionally, marine biotechnology is being explored for the production of biofuels, bioplastics, and other industrial applications. The market is driven by factors such as the growing awareness of the potential of marine resources, increasing research and development activities, and government support for marine biotechnology initiatives.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• Healthcare Products
• Energy And Environment Management Products
• Food And Cosmetics Products
• Type
• Bio Active Substance
• Bio Materials
• Others
• Geography
• North America
• Europe
• Asia
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio