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Marine Biotechnology Market - Global Industry Analysis 2019
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Marine biotechnology comprises broad range of categories such as marine environmental protection, genetics, marine bioactive substances, marine biomaterials, marine culture, fermentation engineering and enzyme engineering. Although marine biotechnology market is in a nascent stage, it has untapped potential and promising growth prospect for future. The fundamental end user applications of marine products are industrial products, health care/biotechnology, consumer products, public services and infrastructure. This technology lends maximum utilization of marine resources and also conserves and safeguards these resources.
The United States dominates the market with largest share for marine biotechnology. It is home to the developed marine research centers specializing in marine bio technology. Healthcare or biotechnology constitutes largest end-use segment for marine biology. Europe is also one of the leading regions contributing to the growth of this market. The regions in Asia Pacific such as China, India, South Korea and Japan, Thailand and Vietnam and Australia are expected to become substantial markets for marine biotechnology in the foreseeable future. The countries in Africa such as Mozambique, Nigeria, South Africa and Tunisia are growing and are expected to be one of the key markets over coming years.
Growing usage of marine product in food, cosmetics, and agriculture industries is driving the market for marine biotechnology. Advances in drug discovery, fisheries, and aquaculture are also one of the factors driving the market. Lack of R&D investment in biotechnology is constraining the growth of the market. Lack of exploration in oceans is constraining the growth as many untold marine resources (animals and plants) are extinct even before their proper useful characteristics are discovered.
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Some of the key participants in the market include Aker BioMarine, CP Kelco US Inc, Elan Corp, FMC Corp., GlycoMar Ltd., Lonza Group Ltd., MariCal, Marinova, New England Biolabs Inc., PML Applications Ltd., Sea Run Holdings Inc., and Tequesta Marine Biosciences.
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