Marine Biotechnology Market 2022 - Global Industry Analysis, Sales Revenue Analysis and Forecast up to 2029
Marine biotechnology, also known as blue biotechnology, facilitates the development of novel commercially viable products or applications utilizing resources from aquatic living organisms. It is a branch of research that leverages biotechnology, bioinformatics, molecular biology, and cell biology to come up with pharmaceutical medications, enzymes, and chemical goods from aquatic creatures. Some comprehensive use cases of marine biotechnology include health management, biofuels, medicine, reproduction, and nutrition. Additionally, it uses bioreactors with bioprocessing, aquaculture, bioremediation, bioprocessing, and harvesting. Furthermore, advancements in fisheries, aquaculture, and drug discovery are likely to boost the demand for marine biotechnology sources across the globe. In view of the foregoing trends, the global marine biotechnology market is projected to witness robust expansion over the projection timeframe.
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Paced Demand from Energy Sector to Unfurl New Dynamics for Marine Biotechnology Market
Of late, marine biotechnology is making significant contributions to energy production with an overarching aim to produce microalgae cultivation for bio-energy production. Microalgae enable the assimilation of huge quantities of hydrophobic compounds. These hydrophobic compounds are further converted into biodiesel. Evidently, biodiesel production from microalgal triacylglycerides has gained significant prominence. Moreover, marine biotechnology can address most pressing present-day challenges that include environmental health, sustainable energy security, sustainable food security, human health, and wellness. The greening of industrial products and processes has further impelled the demand for marine biotechnology. Increasing demand from the energy sector is, thus, setting the tone for the global marine biotechnology market to prosper throughout the forecast period.
Marine Biotechnology Ingredients Usage in Cosmetics to Drive Global Marine Biotechnology Market to Sound Maturity
Marine resources are extensively used as active chemicals in cosmetics. Similarly, marine microorganisms are being used owing to their special capabilities and produced enzymes that are better than regular enzymes. Noticeably, marine biotechnology-based ingredients provide a distinctive and ingenious response to beauty issues. This makes them suitable to be used in cosmetic products such as vitamin C, moisturiser complexes, and anti-ageing formulations. Bioactive marine compounds must leverage biotechnological techniques that enable maintaining skin integrity and hydration rate. To this end, lipids or other substances that prevent water loss are frequently applied topically. The amplified application of marine products in the food, agricultural and cosmetics industries is anticipated to create substantial growth opportunities for the marine biotechnology market.
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Europe to Reign Supreme in Marine Biotechnology Market with Robust Government Support Upholding Utilisation of Marine Products
Europe is set to mark its presence in the global marine biotechnology market at the helm of favourable government policies. The regional market is majorly covered by Germany. The government is strongly backing the utility of natural marine products through the provision of monetary incentives and robust initiatives. Well-established healthcare infrastructure and high-tech advancements in marine biotechnology are propelling growth across Europe. The market is further stoked by the burgeoning need for marine organisms in the cosmetic and pharmaceutical industries.
Prominent Market Players
Some of the most competitive players at the vanguard of the global marine biotechnology market include BASF SE, Nofima, Biolume Inc, Biotech Marine, Cp Kelco, Fmc Health and Nutrition, Sea Run Holdings Inc, Lonza Group Ltd, Prolume Ltd, Cyanotech Corporation, Aker Biomarine, Marinova, Nutrex Hawaii, Royal DSM N.V, Pharmamar Sa, New England Biolands Inc, GlycoMar, and Tequesta Marine Biosciences.
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