Marine Biotechnology Market (By Source: Corals and sponges, Algae, Marine Viruses, Marine Fungi, Others; By Application: Aquaculture & Fishery, Medicine, Environment, Biofuels, Other; By End User: Medical & Pharmaceutical, Food Industry, Cosmetics Industry, Chemical Industry, Others) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2032

The global marine biotechnology market size was exhibited at USD 5.9 billion in 2022 and is projected to hit around USD 11.73 billion by 2032, growing at a CAGR of 7.11% during the forecast period 2023 to 2032.

Key Pointers:

• One significant market trend is people's growing worry over climate change.
• The growth in GHG emissions, which are bad for the environment, is a result of the growing use of fossil fuels. As a result, employing renewable energy sources has become more important.
• Enzymes, microbes, and algal biomass may all be employed to cut carbon emissions thanks to marine biotechnology. A carbon sink, such as the macromolecular paraffinic hydrocarbons found in algae, aids in removing carbon dioxide from the carbon cycle.
• There will be a rise in the use of marine biotechnology, which will aid in the market's expansion throughout the course of the projected period.

 Marine Biotechnology Market Report Scope

Marine Biotechnology is the field of science of producing products from aquatic organisms with the approaches of biotechnology, cell biology, molecular biology, and bioinformatics. It deals with the development of pharmaceutical drugs, enzymes and chemical products by exploring the ocean and marine resources. It is also referred to as blue biotechnology. It includes the use of techniques like bioremediation, bioprocessing, bioharvesting, and aquaculture with the application of bioreactors.

Applications of marine biotechnology include medicine, biofuels, environment, health management, reproduction, and nutrition. For example, Reproduction: Production of fish gonadotropin hormone by crude pituitary gland preparation using recombinant DNA technology, Nutrition: Transfer of glucose and hexokinase genes in the carnivorous fish for enhancing the carbohydrate uptake metabolism, Health improvement and management: Use of polymerase chain reaction (PCR) in disease diagnosis. The National Institute of Ocean Technology of India has prepared anti-aging cosmetics from deep-sea bacteria in July 2021.

As per the research, the application of sea-based ingredients in agriculture and cosmetics is in high demand fostering the marine biotechnology market growth. The nutritional supplements made from marine-derived products are in increasing demand leading to the growth of the marine biotechnology market. Discoveries and progress in the fields of aquaculture, fishery, and drug discovery development is the key driver for the market growth. Recently, Bluu Biosciences received funding for the production of fish products from cell culture. An increase in the demand and awareness of using aquatic organisms for healthy management paves way for the industry growth. 

The market is segmented by type, technology, application, end-user, and region. The type segment is bifurcated into bio active substances and bio materials. The technology segment is bifurcated into isolation and cultivation of microorganisms, and culture-independent techniques. The application segment is based on aquaculture and food products, environment and human health, and drug discovery. The end-user segment is fragmented by food industry, pharmaceutical and biotechnology industry, chemical industry, and cosmetic industry. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. 

Europe has the major share of the marine biotechnology market due to the government's support to use sea-based products. Thus the funding and investments by the government are the driving factor for the growth of the market. North America also has better and developed healthcare and research facilities coupled with biotechnology companies producing marine-based products, thus driving industry growth.

Some of the prominent players in the Marine Biotechnology Market include:

• Aker BioMarine AS
• Aqua Biotechnology 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

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Marine Biotechnology market.

By Source

• Corals and sponges
• Algae
  • Micro Algae
  • Macro Algae
• Marine Viruses
• Marine Fungi
• Others

By Application

• Aquaculture & Fishery
• Medicine
• Environment
• Biofuels
• Other

By End User

• Medical & Pharmaceutical
• Food Industry
• Cosmetics Industry
• Chemical Industry
• Others

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)