Marine Biotechnology Market Size to Grow USD 13.59 Billion by 2034

The global marine biotechnology market was valued at USD 6.32 billion in 2023 and is projected to grow to USD 13.59 billion by 2034 from USD 6.78 billion in 2024, registering at a CAGR of 7.2% from 2024 to 2034. The increasing improvements in medication, aquaculture and fisheries development are expected to drive the growth of the marine biotechnology market.

Key Takeaways

· North America has accounted market share of around 44% in 2023.

· By source, the algae segment has accounted revenue share of 30% in 2023.

· By application, the medicine segment has captured maximum market share of 33% in 2023.

· By end use, the medical & pharmaceutical segment has generated highest market share of around 32% in 2023.

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Marine Biotechnology Market Overview

The marine biotechnology market includes the application of biotechnology techniques that utilize marine bioresources such as animals, plants, and microbes for beneficial applications. It has applications across bioremediation, renewable energy, agriculture, nutraceuticals, cosmetics, and pharmaceutical industries. The major drivers involved are rising research and development activities in the emerging field and growing demand for marine ingredients that are expected to enhance the growth of the marine biotechnology market.

In this market, the increasing consumer demand for omega-3 supplements derived from algal and fish oils has contributed to witness the growth significantly. Marine technology is a developing field that explores the high number of marine species for novel compounds that can be utilized in several industries. In addition, the increasing demand for new drugs from the pharmaceutical sector is the major driver of the market.

Report Scope

Marine Biotechnology Market at a Glance

The primary genetic resources from oceans can offer solutions to various complicated diseases. Marine biotechnology consists of a huge repository of biologic compounds with applications in the industrial, agriculture, cosmetics, and medicine sectors. Marine Organisms such as bacteria, tunicates, corals, and sponges have included innovative adaptations that make them a prominent source of new drugs.

In addition, the rising development of marine-derived cosmeceuticals, increasing agreement across major market players, rising consumer demand for organic animal products, and increasing need for sustainable marine ingredients in animal feed are further expected to drive the growth of the marine biotechnology market during the forecast period.

Increasing demand for marine-derived nutraceuticals and pharmaceuticals to fuel market growth

The invention of novel marine-derived bioactive compounds has driven the development of new nutraceuticals and pharmaceuticals from marine sources. Marine organisms such as mollusks, fish, algae, and sponges are rich sources of structurally different bioactive compounds with significant pharmaceutical applications. For instance, hundreds of patents have been filed for marine-derived drugs and thousands of marine natural products have been isolated so far, according to the National Institutes of Health. Thus, these driving factors are expected to enhance the growth of the marine biotechnology market during the forecast period.

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However, sustainability concerns and the high cost of R&D activities may restrain market growth

There are increasing concerns related to the ecological sustainability of bioprospecting marine ecosystems, while marine biotechnology provides significant opportunities. The collection of marine fauna and flora and excessive trawling for biotechnology research can affect vulnerable marine habitats negatively. In addition, marine biotechnology research and development includes high costs concerning marine expeditions for sophisticated analytical instrumentation, offshore cultivation systems, technological infrastructure for bioinformatics analysis, and sample collection. Thus, these factors are expected to restrain the growth and demand for the marine biotechnology market.

Sustainable aquaculture biofuels and renewable energy opportunities enhance the market growth

Marine biotechnology plays an important role in improving sustainable aquaculture practices. Researchers can enhance breeding programs, optimize growth rates, and increase disease resistance, by understanding the genetics of commercially important species. In addition, marine biotechnology reduces the environmental impact of industry and contributes to the development of sustainable feeds.

In addition, the quest for renewable and sustainable energy sources has helped scientists explore the significance of marine biotechnology in manufacturing biofuels. For instance, microalgae have the capacity to convert sunlight into energy-rich components via photosynthesis. Researchers are working on creating cost-effective technologies and using algal biofuel production processes to utilize this energy source. These factors are expected to accelerate the growth of the marine biotechnology market in the upcoming future.

Europe is dominated the marine biotechnology market in 2023.

The increasing demand for marine products such as food, cosmetics, and agriculture, increasing rapid growth in the healthcare industry, increasing demand for natural goods, and growing research and development activities in the region are anticipated to drive the growth of the market. Marine biotechnology can help with healthy food from the oceans and seas to their natural environment by breeding and selecting captive stock, mitigating the effects of overfishing to some extent, and replenishing wild stocks. There are various leading and successful marine biotechnology manufacturing companies in Europe. These companies provide a platform for sharing technologies, knowledge, and experience to design a roadmap for a more rapid and efficient development of marine biotechnology research in the Europe region. These factors are expected to drive the growth of the marine biotechnology market in Europe.

· For instance, in January 2023, the European Marine Observation and Data Network launched its fully unified marine data service in collaboration with the European Commission. This data service integrated all the data into a single portal. Rapid access to accurate and reliable information and data is important in meeting threats to the marine environment.

North America is expected to grow fastest during the forecast period.

The increasing need for the creation of biofuels, increasing demand from the cosmetics industry, increasing presence of major biotech firms, and rising technological developments in marine biotechnology are anticipated to enhance the growth of the marine biotechnology market in North America. The U.S. and Canada are the major and fastest-growing countries in the region.

· For instance, In March 2024, Delta Environmental and Educational Foundation Laboratory launched its innovative coral research and rescue collaboration with Mote Marine Aquarium and Laboratory in the United States. The aim behind this launch was to restore 10 thousand corals over 3 years via constant efforts in breeding and propagation.

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By source type, the Algae Segment Led the Market

Marine algae are primary reservoirs found in deep seas or oceans that can play an important role in both secondary and primary sources of bioactive compounds or biodiesel and food. The algae provide various possibilities in different environments, due to its wide range of adaptability. Some marine microalgae fertilized like Dunaliella and Spirulina.

By Application Type, the Medicine Segment Led the Market.

The medicine segment held the largest market share in 2023. In recent years, extracts from marine organisms have been utilized as medicine. Scientists have used biotechnology to produce copies of marine compounds in the laboratory so that they don’t require to be continuously cultivated from aquatic life.

By End-use type, the Medical and Pharmaceutical Segment Led the Market.

The medical and pharmaceutical segment is expected to grow fastest in the marine biotechnology market in 2023. Medical biotechnology is the use of cell materials and living cells to research and produce diagnostic and pharmaceutical products that help to forestall and fit human ailments.

Marine Biotechnology Market Recent Innovations

· In July 2024, in India, a centralized hub, the National Facility for Coastal and Marine Research (NFCMR), was launched at the Sathyabama Institute of Science and Technology. They were in the initial phase of the development of a surfactant for oil spill cleanup in the marine environment in India.

· In November 2023, Phabuilder Biotechnology Co., Ltd. Launched its marine degradable cutlery and straws in collaboration with Hengxin Life Science & Technology Co., Ltd. The aim behind this launch was to transform everyday products and showcase the diverse applications of PHA. This alliance was marked by the introduction of three remarkable PHA-based product categories such as injection, coatings, and straws items into the consumer market.

Marine Biotechnology Market Top Companies

· Aker BioMarine AS

· Aqua Biotechnology ASA

· BASF SE

· BioLume, Inc.

· Biotech Marine

· CP Kelco

· Cyanotech Corp.

· GlycoMar Ltd.

· Lonza Group Ltd.

· Marinova Pty Ltd

· New England Biolabs Inc

· NovaMatrix

· Nutrex Hawaii Inc.,

· ocean basis GmbH

· PharmaMar S.A

· Prolume Ltd

· Royal DSM N.V

· Sea Run Holdings, Inc.

· SEPPIC

· Tequesta BioVentures

Segments Covered in the Report

By Source

· Corals and sponges

· Algae

· Micro Algae

· Macro Algae

· Marine Viruses

· Marine Fungi

· Others

By Application

· Aquaculture & Fishery

· Medicine

· Environment

· Biofuels

· Other

By End User

· Medical & Pharmaceutical

· Food Industry

· Cosmetics Industry

· Chemical Industry

· Others

By Region

· North America

· Europe

· Asia Pacific

· Latin America

· Middle East and Africa (MEA)

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