Categories: Market Research

Marine Biotechnology Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Marine Biotechnology Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Marine Biotechnology Global Market Report 2024, The marine biotechnology market size has grown strongly in recent years. It will grow from $5.79 billion in 2023 to $6.25 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to environmental concerns, bioprospecting opportunities, pharmaceutical and nutraceutical demand, aquaculture innovation, bioenergy exploration..

The marine biotechnology market size is expected to see strong growth in the next few years. It will grow to $8.28 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to climate change mitigation, bioremediation applications, pharmaceutical drug discovery, food security solutions, bioinformatics integration.. Major trends in the forecast period include aquatic biotechnology in personal care, synthetic biology in marine organisms, marine biotechnology collaborations, climate-resilient agriculture, marine biotechnology education and awareness..

The increase in demand for marine biotechnology in the energy sector is expected to propel the growth of the marine biotechnology market going forward. The energy sector is a group of businesses that participate in extracting, refining, or providing consumable fuels such as coal, oil, and gas. Marine biotechnology contributes to the development of more efficient and ecologically friendly energy systems, such as those that use marine microbes to convert trash into electricity and microalgae to produce biofuels. Marine biotechnology is important in the energy sector because it uses marine organisms’ unique features and capabilities for various applications, such as Biofuel generation, marine renewable energy, biodegradable products, and bioremediation. Thus, an increasing energy sector will boost the growth of the marine biotechnology market. For instance, in January 2022, according to a report released by the International Energy Agency (IEA), a France-based autonomous intergovernmental organization that provides analysis and data on the global energy sector, global energy demand increased by 6% in 2021. The growth of more than 1,500 terawatt-hours in 2021 was the biggest ever, measured in absolute terms. The report predicts an average annual increase in electricity demand of 2.7% for 2022–2024. Therefore, the rise in demand for marine biotechnology in the energy sector drives the marine biotechnology market.

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The marine biotechnology market covered in this report is segmented –

1) By Type: Bio Active Substance, Bio Materials

2) By Source: Corals And Sponges, Algae, Marine Viruses, Marine Fungi, Other Sources

3) By Technology: Isolation And Cultivation of Microorganisms, Culture-Independent Techniques

4) By Application: Aquaculture And Food Products, Environment And Human Health, Drug Discovery

5) By End User: Medical And Pharmaceutical, Food Industry, Cosmetic Industry, Chemical Industry, Other End Users

Product innovations are a key trend gaining popularity in the marine biotechnology market. Major companies operating in the marine biotechnology market are focused on innovating new products to strengthen their position in the market. For instance, in January 2021, Jellagen, a UK-based marine biotechnology company, launched jellyfish collagen hydrogel JellaGel, the first collagen type 0 hydrogel. A 3-dimensional hydrogel makes a significant difference by allowing cells to develop and interact with their environment. It has been demonstrated that 3D-grown cells exhibit better cell viability, morphology, proliferation, and differentiation than 2D-grown cells. The development of JellaGel as a potential matrix for new drug screening models or in the creation of human tumor xenograft models as part of cancer drug discovery programs is made possible by these crucial qualities. This new biomaterial, Collagen Type 0, is a chemical invention that offers the market an effective substitute for the traditional scaffold supplies utilized in 3D cell culture. The distinct qualities of JellaGel will now be used by researchers.

The marine biotechnology market report table of contents includes: