According to FutureWise analysis the market for marine biotechnology in 2023 is US$ 6.33 billion, and is expected to reach US$ 11.13 billion by 2031 at a CAGR of 7.31%.
The MMR report explores the rising interest in marine biotechnology due to recent scientific advances that have increased our knowledge of marine biodiversity and allowed for the development of technology and tools that can access and study marine ecosystems and organisms. There are many industrially useful items that have been recently introduced to the market. This has raised the possibility of significant benefits over the forecast period. But, even though marine bioresources have great potential to provide new goods and processes, they are still largely untapped. Marine biotechnology, a cutting-edge area of engineering and science, involves the use marine bioresources to produce food, fuel, materials or specific compounds. It can support sustainable industries and green growth as well as prosperous communities. Marine biotechnology uses genetic engineering and other cultivation techniques to mass produce valuable marine compounds. This is done while keeping the marine ecosystem in good health. The rise of the "circular economy" is expected to drive global market growth. The market is seeing an increase in marine ingredients used in agriculture, food and cosmetics.
Global bioplastics and biopolymers markets are increasingly looking to marine biotechnology for new biodegradable biopolymers. Recent research shows that it is possible to convert biowastes from crabs, shrimps, and prawns into the naturally occurring biopolymers "chitin” and "chitosan." New methods of producing microbial energies and microbial power conversion hold great promise for using forest biomass inventories to generate electricity. The advancements in bio-processing, phenomics and other nutritional and sustainability benefits will play an important role in increasing microalgae adoption in the food supplement, nutraceuticals, and nutraceuticals sectors. In the next few years, peptide therapeutics will grow due to new discoveries and improved marine peptides. Research shows that the use of marine-based ingredients in cosmetics and agriculture is highly in demand, which will help to grow the marine biotechnology market. The demand for nutritional supplements made with marine-derived products is increasing, which has led to the expansion of the marine biotechnology industry.
The key driver of market growth is discovery and advancement in the fields aquaculture, fishery, as well as drug discovery and development. Bluu Biosciences has received funding to produce fish products from cell cultures. The industry is seeing increased awareness and demand for aquatic organisms for their healthy management. Marine biotechnology market growth is driven by the sector's ability and willingness to address critical social issues such as sustainability in food and energy security, human health and well-being, and greening industrial products and processes. Market growth has also been facilitated by recent innovations in science, technology, especially post-genomic technologies. Bioprospecting has also led to a significant increase of the number of natural products from marine organisms and genes that are of economic value in recent years.
FutureWise Market Research has instantiated a report that provides an intricate analysis of Marine Biotechnology Market trends that shall affect the overall market growth. Furthermore, it includes detailed information on the graph of profitability, SWOT analysis, market share and regional proliferation of this business. Moreover, the report offers insights on the current stature of prominent market players in the competitive landscape analysis of this market.
According to the research study conducted by FutureWise research analysts, the Marine Biotechnology Market is anticipated to attain substantial growth by the end of the forecast period. The report explains that this business is predicted to register a noteworthy growth rate over the forecast period. This report provides crucial information pertaining to the total valuation that is presently held by this industry and it also lists the segmentation of the market along with the growth opportunities present across this business vertical.