MARINE BIOTECHNOLOGY MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

The Marine Biotechnology Market size is expected to reach US$ 8.75 billion by 2030, from US$ 5.17 billion in 2023, at a CAGR of 7.8% during the forecast period. Marine biotechnology involves the application of biotechnology techniques using marine bioresources like microbes, plants, and animals or their derived constituents for beneficial applications. It has applications across pharmaceuticals, cosmetics, nutraceuticals, agriculture, renewable energy, and bioremediation industries. The key drivers include growing demand for marine ingredients and enzymes as well as rising R&D in this emerging field.

The Marine Biotechnology Market is segmented by product type, application, source, and region. By product type, the market is segmented into functional food, feed additives, nutraceuticals, cosmetics & personal care, pharma & biotech, and others. The nutraceuticals segment is expected to grow significantly due to increasing consumer demand for omega-3 supplements derived from fish and algal oils.

Marine Biotechnology Market Regional Insights

• North America is expected to be the largest market for Marine Biotechnology Market during the forecast period, accounting for over 38% of the market share in 2022. The growth of the market in North America is attributed to significant R&D investments and presence of major biotech firms in the region.
• The Europe market is expected to be the second-largest market for Marine Biotechnology Market, accounting for over 18% of the market share in 2022. The growth of the market in Europe is attributed to growing nutraceutical and cosmeceutical industries.
• The Asia Pacific market is expected to be the fastest-growing market for Marine Biotechnology Market, with a CAGR of 9% during the forecast period. The growth of the market in Asia Pacific is attributed to expanding pharmaceutical and agricultural industry.

Figure 1. Global Marine Biotechnology Market Share (%), by Region, 2023

Marine Biotechnology Market Drivers

• Increasing demand for marine-derived pharmaceuticals and nutraceuticals: The discovery of novel marine-derived bioactive compounds has led to the development of new pharmaceuticals and nutraceuticals from marine sources. Marine organisms such as sponges, algae, fish, and mollusks are rich sources of structurally diverse bioactive compounds with potential pharmaceutical applications. According to research, over 28,000 marine natural products have been isolated so far and hundreds of patents have been filed for marine-derived drugs.
• Development of marine-derived cosmeceuticals: The bioactive compounds obtained from marine organisms like algae, fish and microorganisms have excellent anti-aging and skin rejuvenating properties. Marine bioactives contain antioxidants, moisturizing agents, and skin-whitening agents that are increasingly being used in cosmeceutical products.
• Expanding application of marine enzymes in industrial processes: Marine organisms are a rich source of diverse novel enzymes that have potential industrial applications. According to research estimates, the global marine enzymes market size was valued at USD 523.43 million in 2021. Marine-derived enzymes have key advantages of high salt tolerance, temperature stability and catalytic efficiency that makes them suitable for various applications.
• Need for sustainable marine ingredients in animal feed: The rising consumer demand for organic animal products has highlighted the importance of sustainable marine ingredients in animal feed. Fishmeal and fish oil derived from sustainable fisheries are excellent sources of high-quality protein, healthy fats and essential nutrients required for growth and development in livestock and aquaculture species.

Marine Biotechnology Market Opportunities

• Growing investments in marine biotechnology R&D: Marine biotechnology research has garnered significant interest and investments from governments, private companies and venture capitalists in recent years. According to the OECD, the global market for marine biotechnology was estimated at USD 2.8 billion in 2017 and is projected to grow at a CAGR of 10% until 2030.
• Adoption of marine biotech applications in renewable energy sector: Marine biotechnology can make key contributions in the renewable energy sector in terms of providing sustainable feedstocks and optimized biofuel production processes. Marine biomass like macro and microalgae can be converted into biofuel through thermochemical and biochemical methods.
• Expanding application of marine-derived polysaccharides: Marine organisms produce a variety of complex polysaccharides like chitin, ulvans, carrageenan and fucoidan that have emerged as valuable biotech products. Owing to their anti-inflammatory, anti-coagulant and anti-microbial properties, the application of marine polysaccharides is growing across the food, pharmaceutical and biomedical sectors.
• Leveraging marine genomics big data: The field of marine genomics has advanced rapidly, leading to a vast accumulation of genomic big data. Metagenomics analysis of marine microbial samples has revealed complex marine microbiomes with millions of new genes, enzymes and metabolites. Marine genomics big data represents an unprecedented opportunity for biotechnology companies.

Marine Biotechnology Market Trends

• Adoption of marine biotechnology in food processing: Marine biotechnology is making significant headway in the food processing industry, with marine-derived compounds, enzymes and microorganisms finding diverse applications ranging from food processing to preservation.
• Development of marine microbiome therapeutics: There is an emerging trend of exploring marine microorganism interactions and microbial community dynamics to identify next-gen probiotics and therapeutic modalities. Several studies have demonstrated the anti-inflammatory, antimicrobial and immunomodulatory effects of marine microbiota.
• Marine conservation biotechnology: Growing awareness about the impacts of climate change, pollution and overfishing on marine ecosystems is driving efforts to develop conservation biotechnologies. Application of genetics, genomics, captive breeding and bioremediation are gaining interest for marine conservation.
• Integration of marine biotechnology with nanotechnology: The interface between marine biotechnology and nanotechnology is an emerging trend with far-reaching impacts. Marine bioactive compounds coupled with smart nanocarriers offer new possibilities in drug delivery and nutraceuticals.

Marine Biotechnology Market Restraints

• Technical difficulties in marine bioprospecting: Marine bioprospecting programs aimed at discovery of novel marine bioactive compounds and enzymes face several technical challenges that limit productivity. The harvesting of marine organisms from extreme undersea habitats poses logistical difficulties.
• Sustainability concerns about marine exploitation: While marine biotechnology promises lucrative opportunities, there are rising concerns regarding the ecological sustainability of bioprospecting marine ecosystems. Excessive trawling and collection of marine flora and fauna for biotechnology research can impact vulnerable marine habitats.
• High cost of marine biotech R&D: Marine biotechnology R&D involves high costs pertaining to marine expeditions for sample collection, technological infrastructure for bioinformatics analysis, offshore cultivation systems and sophisticated analytical instrumentation.

Recent Developments

New product launches

• In March 2022, Lipoid launched PhytaQuin, an algae-derived quinone coenzyme Q10 active ingredient for dietary supplements and cosmetics.
• In January 2021, Stepan Company launched two new marine-derived multifunctional cosmetic ingredients - Phytomulse Marine and Phytomulse Marine SE.
• In June 2020, BASF launched Verdessence Subsea, a range of cosmetic ingredients sourced from marine biotech for skin and hair care.

Acquisition and partnerships

• In February 2022, BASF acquired 49% stake in offshore seaweed farming company Sea6 Energy. This strengthened BASF’s position in marine biotechnology raw materials.
• In June 2021, Lonza partnered with Renaissance BioScience to develop next-generation marine microbiome-based skincare ingredients.
• In May 2020, Corbion partnered with Kodiak to produce algae-based cosmetic ingredients like squalane and carotenoids.

Figure 2. Global Marine Biotechnology Market Share (%), by product type, 2023

Top companies in Marine Biotechnology Market

• BASF
• CP Kelco
• Cyanotech Corp.
• Kerry Group
• Corbion
• FMC Corp
• Marine Biotech
• Royal DSM
• L'Oréal
• Biotech Marine

Definition: Marine biotechnology refers to the application of molecular biology techniques to marine biosources such as fish, plants, microbes or marine invertebrates to create beneficial products and services. It involves bioprospecting the ocean’s biodiversity for novel genes, bioactive compounds or microorganisms that have applications in biotechnology across pharmaceuticals, nutraceuticals, cosmetics, renewable energy and food industries. Marine biotechnology is enabling exploration of marine organisms to develop new drugs, enzymes, biomaterials, nutritional and healthcare products in a sustainable way.

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