Press release
Marine Biotechnology Market to Reach USD 10.37 Billion by 2032, Driven by Innovations in Biofuels, Pharmaceuticals, and Sustainable Aquaculture
Marine Biotechnology Market
Key Highlights:
Market Size & Growth: Valued at USD 6.41 billion in 2024, with an anticipated CAGR of 6.2% through 2032.
Regional Demand: Asia-Pacific is witnessing the highest demand, driven by extensive marine biodiversity and significant investments in research and development.
Competitive Landscape: Prominent players include Aker BioMarine, Marinova, CP Kelco, Cyanotech Corporation, and GlycoMar Ltd., focusing on innovations in marine-derived products.
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United States: Growth Fueled by Research and Biofuel Innovations
The United States leads the North American marine biotechnology market, accounting for a significant share due to robust research infrastructure and government support. Agencies like the National Oceanic and Atmospheric Administration (NOAA) have been pivotal in advancing marine research, particularly in sustainable aquaculture and biofuel development.
Recent Developments:
In March 2024, NOAA focused on enhancing aquaculture sustainability through biotechnological interventions, promoting marine ecosystem conservation.
In December 2021, Donaldson Company acquired Solaris Biotechnology for approximately $44.34 million, expanding its access to the biopharmaceutical and life sciences markets.
Asia-Pacific: Opportunities in Marine Biodiversity and Sustainable Practices
Asia-Pacific is the fastest-growing region in the marine biotechnology market, projected to grow at a CAGR of 7.9% over the forecast period. Countries like China, Japan, and South Korea are investing heavily in marine biotechnology, focusing on algae cultivation for biofuels and functional foods.
Key Highlights:
China's marine biotechnology market is forecasted to reach USD 1.3 billion by 2030, growing at a CAGR of 11.9%.
South Korea's government-funded Korea Research Institute of Ships and Ocean Engineering (KRISO) is a global leader in marine biomaterial research.
Europe: Trends in Sustainable Marine Resource Utilization
Europe maintains robust growth in the marine biotechnology market, emphasizing sustainable practices. The region is home to cutting-edge facilities like the Marine Institute in Ireland and the European Marine Biological Resource Centre, driving advancements in pharmaceuticals and biofuels.
Notable Developments:
In March 2021, Bluu Biosciences, a German biotech firm, received EUR 7 million to produce sustainable fish products from cell cultures.
Sea4Us, a Portuguese company, is developing a non-opioid analgesic derived from marine bioproducts, supported by European Commission projects.
Middle East & Africa: Consolidation through Unique Marine Ecosystems
The Middle East and Africa region, though smaller in market size, is experiencing moderate growth, driven by unique marine ecosystems like the Red Sea and initiatives in marine biotechnology for pharmaceuticals and biofuels.
Regional Insights:
South Africa is exploring marine biotechnology for pharmaceutical applications.
The UAE focuses on algae cultivation for biofuel under its National Energy Strategy 2050.
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Marine Biotechnology Market Segmentation:
by Source
Marine Fungi
Marine Algae
Corals and Sponges
Marine Viruses
Other
Marine fungi, marine algae, corals and sponges, marine viruses, and others make up the marine biotechnology market, according to the source. With a 29% market share in 2024, the Marine Algae sector was the largest. Marine algae are unexplored resources in deep waters that are important for primary and secondary sources of food, medicinal chemicals, and biodiesel. Because of its wide range of versatility, it offers multiple possibilities in different circumstances.
by Application
Aquaculture and Fishery
Medicine
Environment
Biofuels
Others
by End-user
Medical and Pharmaceutical
Food Industry
Cosmetics Industry
Chemical Industry
Other
The Marine Biotechnology Market is divided into the following segments based on the end-user: Medical and Pharmaceutical, Food Industry, Cosmetics Industry, Chemical Industry, and Others. With 31% of the market in 2024, the Medical and Pharmaceutical segment had the most share. The use of drugs produced by microbes to treat chronic and infectious diseases has increased recently.
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Key Competitors:
1. Aker Biomarine
2. BASF SE
3. Biolume Inc.
4. Biotech Marine
5. Cp Kelco
6. Cyanotech Corporation
7. Fmc Health and Nutrition
8. Lonza Group Ltd.
9. Marinova
10. New England Biolands Inc.
11. Nutrex Hawaii
12. Pharmamar Sa
13. Royal DSM N.V.
14. Sea Run Holdings Inc.
15. Tequesta Marine Biosciences
16. Nofima
17. GlycoMar
18. Prolume Ltd.
Regional Analysis:
The report provides formal, functional, and vernacular regional analysis, identifying the most impactful business areas based on high demand in various regions, including Asia Pacific, North America, Latin America, the Middle East, Europe, and Africa. This analysis offers valuable insights into distinct targets, strategies, and market values for each region.
Want to understand the market better? Check out the summary of the research report for key insights: https://www.maximizemarketresearch.com/market-report/global-marine-biotechnology-market/21939/
Key Questions Addressed in the Marine Biotechnology Market Report:
What defines the Marine Biotechnology Market?
What is the forecast period for the Marine Biotechnology Market?
How does the competitive scenario look in the Marine Biotechnology market?
Which region holds the largest market share in the Marine Biotechnology Market?
What opportunities are available in the Marine Biotechnology Market?
What factors influence the growth of the Marine Biotechnology market?
Who are the key players in the Marine Biotechnology market?
Which company holds the largest share in the Marine Biotechnology market?
What will be the CAGR of the Marine Biotechnology market during the forecast period?
What key trends are expected to emerge in the Marine Biotechnology market in the upcoming years?
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