Marine biotechnology involves harnessing the enormous potential of marine organisms and ecosystems for industrial, medical and environmental applications. Marine organisms are a rich source of novel compounds, which can be tapped for developing new drugs, nutraceuticals, biopolymers and more. Marine algae have commercial importance as human food, livestock feed and industrial sources. They contain high levels of proteins, vitamins, minerals and other nutrients. Large-scale algae and fish farming have gained traction worldwide to meet the rising demand for sustainable food sources.
The Global Marine Biotechnology Market is estimated to be valued at US$ 7.44 Billion in 2024 and is expected to exhibit a CAGR of 7.8% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Marine Biotechnology are BASF, CP Kelco, Cyanotech Corp., Kerry Group, Corbion, FMC Corp, Marine Biotech, Royal DSM, TransGen Biotech Co., Ltd., Olmix Group, Ittinsect, BRAIN Biotech AG, Biotech Marine.
The growing Marine Biotechnology Market Demand for algae and fish farming is bolstering the market. Algae species like spirulina and chlorella are seeing wider applications as nutraceuticals and dietary supplements. Farmed fish have become a vital source of protein to meet the soaring demand worldwide. Technological advancements in genomics and molecular biology have enabled identification and characterization of novel bioactive compounds from marine organisms with therapeutic potential.
Market Trends
Customized biopolymers from algae are finding increased usage in agriculture, textiles and packaging. Companies are manufacturing biodegradable plastic alternatives from algal polysaccharides to address sustainability concerns. Another key trend is the development of advanced photobioreactors for commercially cultivating algae on a large scale. This enhances biomass productivity and lowers production costs.
Market Opportunities
The untapped biodiversity of oceans is a fertile ground for discovering new chemical entities with industrial and pharmaceutical applications. Further opportunities lie in developing algal biofuels as a renewable energy source. Large-scale integrated multi-trophic aquaculture systems combining algae, fish and shellfish farming can optimize resource usage.
The Marine Biotechnology Companies is COVID-19 pandemic significantly impacted the growth of the marine biotechnology market. As the pandemic hit, restrictions on international travel and trade heavily disrupted global supply chains, impacting the availability of raw materials used in the marine biotechnology industry. Manufacturing and processing operations were also affected, leading to reduced production volumes during 2020-2021.
The Asia Pacific region is concentrated in terms of value for the marine biotechnology market. Countries like China, Japan, and South Korea have been global leaders in marine biodiversity and ocean resources. These nations have made substantial investments in blue biotechnology research and business development over the past decade. Their expertise in fields like aquaculture, extraction of natural compounds from marine organisms, and marine genomics provides an advantage.
Europe currently represents the fastest growing regional market for marine biotechnology globally. Several European countries like Norway, the UK, Germany, and Ireland have prioritized development of a sustainable blue economy. Significant government funding and industry-academia collaborations are driving advancements in European marine biotech. Focus areas include disease diagnostics, drug discovery, algal biofuel production, and cultivation of novel marine species for various applications. With the European Green Deal commitment, the regional growth momentum is expected to continue post pandemic.
As the pandemic spread, marine biotech companies had to re-evaluate business models to sustain operations amid disruptions. Digital technologies played a key role, facilitating remote working and enabling online collaborations. Companies focused on developing antiviral and anti-inflammatory agents from marine sources, exploring their potential to treat COVID-19. Post pandemic, aspects like supply chain resilience, use of IOT and automation, as well as open innovation will be important for the industry to leverage new opportunities from markets recovering. Areas like offshore algae cultivation, marine-based nutraceuticals and functional ingredients also offer promise.
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