Marine Biotechnology Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

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 in 2020 and had an adverse impact on the market's growth. The high prevalence rate of COVID-19 in 2020 in many countries shifted the focus toward increased demand for the development of vaccines and treatment options, which affected the production and demand in the marine biotechnology industry. Moreover, the restrictions implemented by the government in many countries affected the supply chain and production of marine biotechnology products. The physical availability of labor is mandatory during farming operations, and the restrictions implemented by the nations significantly affected the production capacity of key players, such as Cyanotech Corporation. Many companies experienced losses in their marine biotechnology business revenues due to disruptions in supply chain activities. 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, in an article titled "Cyanobacteria and Algae-Derived Bioactive Metabolites as Antiviral Agents: Evidence, Mode of Action, and Scope for Further Expansion; A Comprehensive Review in Light of the SARS-CoV-2 Outbreak" 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. Such use of marine-derived supplements is expected to boost the market's growth over the coming years.

The increase in 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-aging 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 titled "Novel Bioactive Compounds From Marine Sources as a Tool for Functional Food Development" 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. 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 in the near future.

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

Marine Biotechnology Market Trends

This section covers the major market trends shaping the Marine Biotechnology Market according to our research experts:

The Medical and Pharmaceutical Segment is Expected to Dominate the Market 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 million) for the above segments.