Marine Biotechnology Industry Growing at a Remarkable CAGR of 7.09%

Published Date : 04 May 2023

The global marine biotechnology industry revenue will increase to USD 11.7 billion by 2032 from USD 5.9 billion in 2022 and is growing at a remarkable CAGR of 7.09% between 2023 and 2032.

The growing demand for marine goods in the food, cosmetics, and agricultural sectors is fueling the industry for marine biotechnology. The industry is also impacted by advancements in aquaculture, fisheries, and pharmaceutical research.

Market Growth:

Marine biotechnology is the use of biotechnology, molecular and cell biology, and bioinformatics to produce goods and methods from marine creatures. It is a branch of research that deals with ocean exploration for the creation of novel chemicals, enzymes, medicinal medications, and other goods and processes. Together with other topics, it covers the development of aquaculture, seafood safety, bioremediation, and biofuels.

Aquaculture's challenges might potentially be solved in a number of ways with the help of biotechnology. Many fish do not naturally reproduce when kept in captivity. Fish gonadotropin, a class of hormones that promote reproduction, was once extracted and purified from unprocessed preparations made from hundreds of pituitary glands. At the moment, recombinant DNA technology allows for the laboratory production of enormous amounts of highly pure gonadotropin.

Regional Snapshot:

The industry for biomaterials made from marine resources is mostly driven by North America. The United States and Canada are two of the nations this research analyzes. The Canadian industry is anticipated to expand with the greatest CAGR throughout the projected period, despite the fact that the U.S. industry was dominant in the area in 2022. In terms of marine biotechnology research & development, Canada is a significant industry as well.

Leading European firms are giving this industry more and more attention since it generates tens of billions of dollars in sales and close to 100,000 employees. With around 7,300 patent applications submitted to the EPO in 2019, the biotechnology industry has recently emerged as one of the most inventive in the European Union. Unfortunately, many European biotechnology startups are forced to collaborate with bigger businesses in order to finish the development of their products and patents because of the extraordinarily high expenses associated with research and development. The industry for microalgae-based food and feed is examined globally by the Joint Research Centre of the European Commission. They emphasize that statistics on algae-based food and feed products are firm-specific, that only estimated studies are accessible, and that there is no information on the offered goods.

Marine Biotechnology Industry Report Scope:

Report Coverage Details
Market Revenue in 2023 USD 6.32 Billion
Projected Forecast Revenue in 2032 USD 11.7 Billion
Growth Rate from 2023 to 2032 CAGR of 7.09%
Largest Market Europe
Base Year 2022
Forecast Period 2023 to 2032
Regions Covered North America, Europe, Asia-Pacific, Latin America and Middle East & Africa

Market Dynamics:

Drivers: Driving demand for nutritional variety, improved health and well-being, and innovative biomedicines

Historically, coastal nations have relied on the available maritime resources (such as fishing, food, transportation, recreation, and tourism) while also attempting to support new economic ventures (ocean energy, desalination for water supply, and seabed mining). Demand for nutritional variety, improved health and well-being, innovative biomedicines, natural cosmeceuticals, environmental preservation, and sustainable energy sources has risen as a result of modern societies and lifestyles. The varied and underutilized marine habitats have piqued researchers' interest as prospective and sustainable sources of biomolecules and biomass, and the developing discipline of marine (blue) biotechnology is addressing these demands.

Restraints: Government restrictions and the pricey discovery process

The inability to grow organisms in the lab and on a large scale, financial challenges brought on by the relatively low profile of marine biotechnology, which leads to underfunding, and legal and regulatory challenges, particularly with regard to access to marine resources, are just a few of the many challenges. The firm may be constrained by the increased need for expensive infrastructure investments. Hence, during the predicted period, these restrictions will present the marine biotechnology sector with new difficulties.

Opportunities: Advancement in technology

The capacity to cultivate marine creatures has increased with technical improvement. For instance, researchers in Japan successfully cultivated the first stable coral cell lines in April 2021. These developments and a rise in pharmaceutical industry-related research are predicted to create new opportunities for the manufacturing of various biomaterials derived from marine creatures. In turn, this may increase the need for marine biotechnology in the pharmaceutical and medical sectors.

The variety of marine bioresources is discussed, along with a rundown of the most notable marine species and their potential for biotechnological applications. The primary use case scenarios in the energy, food and feed, agronomy, bioremediation, climate change, cosmeceuticals, bio-inspired materials, healthcare, and well-being sectors are then introduced, followed by approaches for exploring these resources. The importance of communication and stakeholder participation at all stages of biotechnology development is emphasized, along with the critical elements in the realms of policy and finance.

Source Insights:

More than 30% of the overall revenue share in 2022 came from the algae category. Algae can be broadly divided into microalgae (microscopic, unicellular algae) and macroalgae (seaweeds). Both microalgae and macroalgae offer an untapped supply of a number of bioactive substances, including pigments, vitamins, proteins, cosmetics, and health foods. Algal biomass is regarded as the third generation of feedstock for biofuel in addition to its ability to suit the needs of the food and pharmaceutical sectors.

Application Insights:

The medical sector had a revenue share of about 33% in 2022. Among other natural products of plant, animal, and microbial origin, marine natural products are effective and promising sources of medications. There are now 20 marine-derived medications in clinical use. The majority of authorized marine chemicals are anti-cancer, although some are also used as haptens and vaccine carriers, to treat heparin overdose, to treat chronic neuropathic pain, and to complement the diet with omega-3 fatty acids. Diverse structural traits and modes of action characterize marine medicines. In the last several decades, there has been a notable rise in the number of marine medications that have been licensed for clinical use, which may be related to the expansion of marine chemical research in labs throughout the globe.

End-User Insights:

In 2022, the medical and pharmaceutical industry produced a 32% revenue share. The chemistry of natural chemicals originating from marine organisms has been the subject of a great deal more research in recent years. The creation of pharmaceutical and diagnostic items that aid in the diagnosis, treatment, and prevention of human illnesses is known as medical biotechnology. Live cells and cell components are used in this process. Diverse marine bioactive compounds have led to the development of new treatments for cancer, pain, and viral infections. To combat bacteria, for instance, bioactive spongy proteins may be utilized, whereas biosilica may serve as a paradigm for new biomedicinal materials.

Recent Development:

  • In March 2022, In a USD 70 million agreement, GlaxoSmithKline and LifeMine Therapeutics agreed to use LifeMine's fungi-based drug discovery engine to develop three candidates.
  • In September 2021, The FDA authorized tisotumab vedotin-tftv (brand name Tivdak), for an adult patient with recurrent or metastatic cervical cancer with disease progression during or after treatment. It is generated from marine creatures.

Major Key Players:

  • Aker BioMarine AS
  • Aqua Biotechnology ASA
  • BioLume, Inc.
  • Biotech Marine
  • CP Kelco
  • Cyanotech Corp.
  • GlycoMar Ltd.
  • Lonza Group Ltd.
  • Marinova Pty Ltd
  • New England Biolabs Inc
  • NovaMatrix
  • Nutrex Hawaii Inc.,
  • oceanBASIS GmbH
  • PharmaMar S.A
  • Prolume Ltd
  • Royal DSM N.V
  • Sea Run Holdings, Inc.
  • Tequesta BioVentures

Market Segmentation:

By Source

  • Corals and sponges
  • Algae
  • Micro Algae
  • Macro Algae
  • Marine Viruses
  • Marine Fungi
  • Others

By Application

  • Aquaculture & Fishery
  • Medicine
  • Environment
  • Biofuels
  • Other

By End User

  • Medical & Pharmaceutical
  • Food Industry
  • Cosmetics Industry
  • Chemical Industry
  • Others

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