Marine Biotechnology Market: Answering the call of sustainable aquaculture and bioproducts development
The marine biotechnology market allows for advanced scientific methods to develop sustainable and impactful products and processes from marine organisms. As populations grow, aquatic food demand increases, and environmental challenges mount, key applications of marine biotechnology have emerged in fields like aquaculture, bioproducts, and bioenergy. Innovation in areas such as genetic improvement, disease prevention, biomaterials, and bioremediation indicates immense potential for marine biotechnology to enable more efficient and eco-friendly utilization of ocean resources.
The Global Marine Biotechnology Market is estimated to be valued at US$ 7.44 Billion in 2024 and is expected to exhibit a CAGR of 7.8% over the forecast period 2024 to 2031.
Marine Biotechnology Market Size platforms and techniques support advances critical to sustainably meeting rising seafood consumption while mitigating pollution from aquaculture expansion. Additional applications promise new blue economy opportunities around bioplastics, biomedicals, nutraceuticals, and chemical precursors from algae and other ocean feedstocks.
Key Takeaways
Key players: Key players operating in the marine biotechnology market include BASF, CP Kelco, Cyanotech Corp., Kerry Group, Corbion, FMC Corp, Marine Biotech, Royal DSM, TransGen Biotech Co., Ltd., Olmix Group, Ittinsect, BRAIN Biotech AG, Biotech Marine.
Growing demand: Rising population and incomes are propelling demand for marine-sourced foods like seaweeds and fish. Marine microbes also show promise as sources of new pharmaceuticals and industrial compounds to satisfy various demands.
Global expansion: Growing interests from European, Asian, and North American markets indicate potential for worldwide commercialization of marine biotechnology outputs across food, feed, fuel, materials, and environmental applications.
Market Key Trends
Marine Biotechnology Market Size and Trends is sustainable aquaculture scaling represent a key trend, as innovations in nutrition, breeding, and disease control enable an expansion of environmentally-friendly marine farming needed to meet escalating seafood demand. In addition, the development of algal biorefineries and platforms represent another major trend, as investment and progress work to leverage algae's potential as sources of bioenergy, bioproducts include bioplastics, cosmetics, pigments and more to unlock a blue bioeconomy. These trends point to ongoing marine biotechnology development critical to responsibly feed and fuel the planet.
Porter’s Analysis
Threat of new entrants: The marine biotechnology market requires extensive research and development which makes it difficult for new players to enter due to high capital requirements. However, rising opportunities in markets like biofuel and cosmetics have led to increased investments.
Bargaining power of buyers: Buyers have moderate bargaining power due to the presence of many players offering similar substitutes. However, differentiated services and intellectual property rights help companies maintain pricing power.
Bargaining power of suppliers: Suppliers enjoy low bargaining power as raw materials required for culture media and growth are widely available. The industry is also moving towards recombinant techniques reducing raw material dependence.
Threat of new substitutes: New materials and technologies pose potential threats but take substantial time and costs for development and commercialization. Existing substitutes provide only limited alternatives.
Competitive rivalry: The industry sees moderate competition due to intellectual property protections and differentiation through continuous innovations. Price wars are unlikely given the need for specialized skills and infrastructure.
In terms of value, Asia Pacific holds the major share in the marine biotechnology market currently, led by Japan, China and South Korea. North America also represents a substantial portion attributed to growing demand for marine-derived pharmaceuticals and products in the US and Canada.
Europe is the fastest growing region for the marine biotechnology market between 2024-2031 projected to expand at over 8% CAGR during the forecast period. This can be accredited to increasing government and private investments to support the blue bioeconomy sector across countries like UK, Norway, France and Germany. Initiatives to develop applications from marine-derived biomolecules, enzymes and crops are driving advances.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)