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Global Marine Biotechnology Market to Reach $5 Billion by 2026
Marine biotechnology deploys genetic engineering as well as different cultivation techniques for mass producing valuable marine compounds, all while ensuring that there is least negative impact to the precious marine ecosystem. Growth in the global market is set to be driven by driven by the rise of "circular economy". Increasing use of marine ingredients in food, agriculture and cosmetic industries is fostering growth in the market. The global bioplastics and biopolymers market is increasingly looking towards new advances made in marine biotechnology to develop completely new class of biodegradable biopolymers. New research has revealed the ability to process crabs, shrimp, and prawn biowastes into naturally occurring biopolymers "chitin" and "chitosan". The development of new ways to produce microbial energy and microbial energy conversion holds immense promise in utilizing available forest biomass inventory for generating electricity. Ongoing advances, emerging technologies like bio-processing and phenomics, and nutritional and sustainability benefits are expected to play a vital role in pushing overall adoption of microalgae in the food supplement and nutraceuticals industries. New discoveries and development of marine peptides will drive growth of peptide therapeutics in the coming years.
Amid the COVID-19 crisis, the global market for Marine Biotechnology estimated at US$3.7 Billion in the year 2020, is projected to reach a revised size of US$5 Billion by 2026, growing at a CAGR of 5.8% over the analysis period. Bio Active Substances, one of the segments analyzed in the report, is projected to record a 6.7% CAGR and reach US$1.9 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Bio Material segment is readjusted to a revised 5.1% CAGR for the next 7-year period. Biotechnological tools and techniques play a vital role in cultivation and isolation of bioactive compounds found in seaweed. Bioactive marine compounds developed so far include Alkaloids, Lactones, Hydroxybenzene, Quinones, Peptides, Sterides, Aether, and Ketal.
The U.S. Market is Estimated at $1.1 Billion in 2021, While China is Forecast to Reach $481.8 Million by 2026
The Marine Biotechnology market in the U.S. is estimated at US$1.1 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$481.8 Million by the year 2026 trailing a CAGR of 9.7% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.4% and 5.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.6% CAGR. The US represents the largest market, backed by increasing emphasis on marine technology, and the huge investments in marine research centers that specialize in marine biotechnology. Growing demand for marine ingredients is also driving the market growth. Europe is also a major region, driven by increased support for collaborative projects to conduct research in marine biotechnology.
Bio Material Segment to Reach $2.1 Billion by 2026 Select Competitors (Total 62 Featured) -
Marine-derived polysaccharides hold enormous potential directly in the form of biomaterials. Given their amenability to chemical modification, marine-derived polysaccharides are capable of providing a higher degree of flexibility in designing products such as novel alginate co-polymers that hold enormous promise as drug delivery systems. In the global Bio Material segment, USA, Canada, Japan, China and Europe will drive the 5.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.3 Billion in the year 2020 will reach a projected size of US$1.8 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$202.6 Million by the year 2026.
- Aker BioMarine AS
- Aqua Bio Technology ASA
- BASF SE
- BioLume, Inc.
- Biotech Marine
- CP Kelco
- Cyanotech Corp.
- GlycoMar Ltd.
- Lonza Group Ltd.
- Marinova Pty Ltd
- New England Biolabs Inc
- Nutrex Hawaii Inc.,
- oceanBASIS GmbH
- PharmaMar S.A
- Prolume Ltd
- Royal DSM N.V
- Sea Run Holdings, Inc.
- Tequesta BioVentures