Marine Biotechnology Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Marine Biotechnology Market Analysis

The marine biotechnology market is expected to register a CAGR of 8.5% over the forecast period.

The COVID-19 pandemic affected demand and production in the marine biotechnology industry during the initial phase. On the other hand, the pandemic aided the production of marine-derived supplements since they provided potential health benefits against the COVID-19 infection. For instance, as per the article published in the Journal of Antioxidants in February 2022, several marine algae species have been utilized for their bioactive metabolites with potential antiviral and immunomodulatory activities. Thus, the surging use of marine-derived supplements during the pandemic significantly impacted the market growth. However, with the decrease in number of COVID-19 cases, the marine biotechnology market has gained stable growth and is expected to do the same during the forecast period.

The increase in the usage of marine organisms, such as algae and fungi, in different industries, such as pharmaceuticals, cosmetics, food, and agriculture, is a major factor boosting the growth of the marine biotechnology market. For instance, in July 2021, a team of scientists from the National Institute of Ocean Technology, India, developed an anti-ageing ingredient for making cosmetics with the help of deep-sea bacteria. Furthermore, there is an increasing demand for marine-derived nutritional supplements in developed countries such as the United States, Germany, and the United Kingdom. According to an article published in the Journal of Frontiers in Marine Science in February 2022, certain marine microbes which thrive in harsh environmental conditions produce antioxidant, antibacterial, apoptotic, antitumoral, and antiviral chemicals, which could be used in the production of functional food ingredients for health maintenance and chronic disease prevention. The rise in the utilization of marine resources for the production of nutritional supplements is expected to add to the market's growth during the forecast period. Moreover, high dietary levels of polyunsaturated fatty acids are recommended for infants. These healthy fatty acids are produced in large quantities by marine microalgal species. Advancements in the fields of fisheries, drug discovery, and aquaculture and an increase in awareness regarding the untapped potential and use of marine organisms in different industries are expected to increase demand for marine biotechnology sources shortly.

However, the lack of exploration of the oceans and the limited ability to culture marine microorganisms in laboratory conditions will likely restrict the market's growth during the forecast period.

Marine Biotechnology Market Trends

The Medical and Pharmaceutical Segment is Expected to Register the Significant Growth Over the Forecast Period

Marine Biotechnology Industry Segmentation

As per the scope of the report, marine biotechnology is the use of living cells and cell materials to develop products with the help of marine organisms through the application of molecular biology, biotechnology, cell biology, and bioinformatics. The marine biotechnology market is segmented by source (marine fungi, marine algae, corals and sponges, marine viruses, and other sources), end user (medical and pharmaceutical, food industry, cosmetics industry, chemical industry, and other end users), and geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The report also covers the estimated market sizes and trends of 17 countries across major regions globally. The report offers the value (in USD) for the above segments.