Global Marine Biotechnology Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation & Forecast 2024
Global Marine Biotechnology Market is expected to grow significantly from USD 3,500.4 million in 2017 to USD 6,500.6 million in 2024, at a healthy CAGR of 9.61% from 2018 to 2024.
The growth in the market is attributed to the rising usage of marine biotechnology in various industries, advances in drug discovery and growing expenditure in R&D activities. Moreover, increasing demand for eco-friendly products is further propelling market growth.
The years used for the assessment are as follows;
Historical year:2014, 2015, and 2016
Forecast period:2018 – 2024
The research and analysis is based on the data and information obtained from various primary and secondary sources. The data obtained is validated by interacting with the companies of the concerned domain. The steps involved in the research methodology are;
Obtaining historical data of the market based on news, articles, publications, government websites, annual reports, press releases, white papers, surveys, investor presentation of companies, and other secondary sources
Interacting with key opinion leaders of the market and developing data points based on interaction with them
Study of past trends in the market and their year on year Impact on the market size and share
Analyzing the collected data points
Bridging the data points to calculate the total global marine biotechnology market and its various segments
Anticipating potential risks
Analyzing market forces such as drivers, restraints, and opportunities to assess new growth areas for the global marine biotechnology market
Finalizing the overall size and share of the global marine biotechnology market
To analyze market trends, opportunities, drivers, and restraints associated with the global marine biotechnology market
To study market response with respect to the mergers and acquisitions in the industry
To profile key companies operating in the marine biotechnology market and provide their competitive landscape
The research scope for global marine biotechnology market is as follows:
Bio Active Substances
Isolation and Cultivation of Microorganisms
Aquaculture and Food Products
Environmental and Human Health
Wastewater & Waste Disposal
Pharmaceutical and Biotech
Central & South America
Middle East and Africa (MEA)
Marine biotechnology contributes to various other biotechnology and industry sectors from pharmaceutical to cosmetics and bioremediation to energy. Marine biotechnology is key to realizing the potential of marine bio-resources. These resources could produce new products and processes, and help address the global challenges of energy, food and health.
Geographically, Europe held the largest share of the market in 2017. The growth in the region is attributed to the technological advancements in marine biotechnology, growing demand from the cosmetic industry, and increasing demand for marine biotechnology for the development of biofuels. The growth of marine biotechnology market in North America is primarily attributed to the growing research and development activities, and increasing demand for natural products. Moreover, rapid growth in the healthcare industry and demand for marine products in agriculture, cosmetics, and, food industries are further propelling the market growth in the region. Asia-Pacific is expected to witness the highest CAGR during the forecast period, owing to the growing investment in the marine-based healthcare and cosmetic markets, and extensive aquaculture activity, including culturing macro-algae for hydrocolloids. Moreover, positive trends towards organic cosmetics and rising demand for viable eco-friendly products are further boosting the market growth in the region.
Some of the key companies operating in the market include Sea Run Holdings, Inc., Aker Biomarine, PharmaMar, SEPPIC, New England Biolabs Inc., CoDo International Limited, Marinomed Biotech AG, Cyanotech Corporation, CP Kelco US Inc, and AlgaEnergy S.A. among others.