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The marine biotechnology market size is estimated to grow at a CAGR of 9.85% between 2022 and 2027. The size of the market is forecast to increase by USD 4,370.04 million. The growth of the market depends on several factors, including an increase in demand for biofuel, increased demand for secondary metabolites from marine microorganisms, and rising demand for natural compounds in the cosmetic industry.
This market report extensively covers market segmentation by application (healthcare products, energy, and environment management products, and food and cosmetics products), type (bioactive substance, biomaterials, and others), and geography (North America, Europe, Asia, and Rest of World (ROW)). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The increased demand for secondary metabolites from marine microorganisms is notably driving the market growth, although factors such as legal and ethical issues associated with marine biotechnology may impede the market research growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Marine Biotechnology Market Driver
The increased demand for secondary metabolites from marine microorganisms is notably driving the market growth. Secondary metabolites are compounds with various chemical structures. They are produced by certain strains of microbial species, such as actinomycetes, fungi, and plant species. They do not play a physiological role during the development of organisms. Hence, they are not directly involved in organisms' normal growth, development, and reproduction. Secondary metabolites are produced when key nutrients such as carbon, nitrogen, or phosphate are exhausted. They are compounds that are used in various industries, such as pharmaceuticals, cosmetics, food, agriculture, and farming.
In the deep marine world, there are various types of bacteria, fungi, sponges, actinomycetes, cyanobacteria, and algae that produce biologically active secondary metabolites. Secondary metabolites that are produced from marine microorganisms show an extensive range of activities, such as antibacterial, antimalarial, antifungal, and cytotoxic properties, which increase their demand. Marine biotechnology is an attractive field as it is a rich source of both biological and chemical diversity. Hence, it has become a major source producing secondary metabolites. This has increased the demand for marine biotechnology, which has driven the growth of the market.
Increasing concern about climate change is the primary trend in the market. The increased consumption of fossil fuels has increased GHG emissions, primarily carbon dioxide, into the atmosphere. A large proportion of GHG production arises from industrial activities. The increase in GHG emissions affects the amount and pattern of precipitation and causes changes in sea levels, the frequency and intensity of weather events, and agricultural yields, leading to species extinction. Hence, the focus on reducing GHG emissions by reducing the use of fossil fuels and using renewable energy sources has increased. It is widely viewed that marine biotechnology has the potential to reduce atmospheric carbon dioxide by sequestering carbon and producing carbon dioxide-neutral fuels.
The cell walls of microalgae contain highly cross-linked, macromolecular, and paraffinic hydrocarbons that resist biological and chemical degradation. The macromolecular paraffinic hydrocarbons in algae are a carbon sink because they can be buried, which helps remove carbon dioxide from the carbon cycle. Marine biotechnology, based on renewable resources, can significantly reduce carbon dioxide emissions and save energy. It helps reduce the effects of climate change. It can prevent the depletion of fossil fuels using enzymes, microorganisms, and algal biomass to produce bio-based products that are used in several industries. The increasing concern about climate change will increase the adoption of marine biotechnology, which will drive the growth of the market during the forecast period.
Legal and ethical issues associated with marine biotechnology are the major challenge impeding the market growth analysis. Biotechnology is an intersection of science and ethics, which offers a myriad of benefits to human beings. However, there are some challenges. Biotechnology can cause harm and dehumanize people. It begins with manipulating the genomes of animals and plants, which causes several concerns. This is because people's perception of biotechnology is that the risk is too high.
As the long-term effects of biotechnology products are unknown, distrust is created among users, which affects their adoption. Biotechnology, and marine biotechnology, also face some legal and ethical challenges. For instance, the study and the use of organisms and resources from other countries is a challenge. A country that is rich in resources and has a better selection of marine life does not encourage the entrance of other countries for research. Hence, scientists are struggling to study samples from other countries. One such example is the dispute between scientists in the US and scientists in countries south of the equator where marine resources are rich. Hence, marine biotechnologists must remain conscious of their activities to ensure that the environment that they are studying is stable. Hence, the legal and ethical issues associated with marine biotechnology could affect the growth of the market during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Marine Biotechnology Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Marinomed Biotech AG - The company offers marine biotechnology products such as soft gels as its key offering. Under this segment the company offers marinosolv which is a technology platform enabling novel aqueous formulations of a wide series of hardly soluble compounds, allowing a faster onset of action and better bioavailability, facilitating efficient drug delivery. Under the carragelose segment, the company offers a product line with anti-viral properties targeting the respiratory tract. It is also known to be effective for SARS-CoV2.
The market report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
Based on application, the market is segmented into healthcare products, energy and environment management products, and food and cosmetics products. The market share growth of the healthcare products segment will be significant during the forecast period. Drug discovery is one of the most promising outcomes of marine biotechnology research. Biochemicals that are produced using marine invertebrates, such as seaweed and bacteria are different when compared with biochemicals produced using related terrestrial organisms. Hence, they offer better potential as new classes of medicines. Examples of marine-derived drugs include an antibiotic produced using fungi, two closely related compounds from a sponge that treats cancer and herpes virus, and a neurotoxin from a snail that has painkiller properties, which makes it 10,000 times more potent than morphine without any of its side effects. This will drive the growth of the market during the forecast period.
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The healthcare products segment was valued at USD 2,044.55 million in 2017 and continues to grow until 2021. Due to the increase in the prevalence of chronic diseases and the increasing demand for high-quality treatment, there will be an increase in the production of pharmaceutical ingredients using bioactive substances. As a result, the healthcare segment will witness several clinical trials and advances in marine-derived compounds. This will drive the growth of the segment during the forecast period.
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North America is projected to account for 35% of the global market share growth by 2027. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The marine biotechnology market share in the North American region is led by the US. This is majorly due to the presence of several big pharmaceutical companies, such as Novartis, Pfizer, and Roche, which depend on marine biotechnology products such as recombinant proteins and growth hormones to develop new drugs. The US is the largest contributor of revenue to the market in the region. This is due to the presence of several marine biotechnology research centers in the country, such as the Scripps Institution of Oceanography; the University of California, San Diego; the Colorado State University; and the University of Delaware. These organizations are involved in marine-related research, which is increasing awareness about the advantages of marine-derived products and increasing their production and adoption.
The COVID-19 outbreak affected North America by creating supply chains and market disruptions for marine biotechnology products. However, with the initiation of large-scale vaccination drives and other government initiatives, the lockdown restrictions were removed, which helped businesses resume their operations. In 2022, the increasing demand for human and animal nutrition is driving the growth of the market. For instance, in January 2022, BASF announced the expansion of the production capacity of its feed enzymes plant in Ludwigshafen due to the growth plans of customers in the animal nutrition industry. Therefore, the above-mentioned factors are expected to boost the growth of the market in North America during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Marine Biotechnology Market Scope |
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Report Coverage |
Details |
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Page number |
163 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 9.85% |
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Market growth 2023-2027 |
USD 4,370.04 million |
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Market structure |
Fragmented |
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YoY growth (%) |
8.27 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 35% |
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Key countries |
US, UK, Germany, China, and Japan |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
AKER BIOMARINE AS, AlgaEnergy SA, Archer Daniels Midland Co., BASF SE, CoDo International Ltd., Cyanotech Corp., FMC Corp., Geomarine Biotechnologies, Glyco Mar Ltd., J M Huber Corp., KD Pharma Group SA, Marinomed Biotech AG, Marinova Pty Ltd., Marshall Marine Products, New England Biolabs Inc., PharmaMar SA, Prolume Ltd., Air Liquide SA, and Lonza Group Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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