Marine biotechnology uses different cultivation techniques and genetic engineering to produce marine compounds with a minimum negative impact on the ecosystem. The rise of the circular economy determines global market growth. The wide application of marine ingredients in the agriculture, food, and cosmetic industries stimulates market growth.
The global biopolymers and bioplastics market overlooks the latest advances made in marine biotechnology to make biodegradable polymers. For example, recent research reveals the potential to process prawns, shrimp, and crabs biowastes into naturally developing biopolymers chitosan and chitin.
The development of methods to make microbial energy conversion holds promise in using forest biomass inventory to generate electricity. Emerging technologies, including phenomics and bioprocessing, and sustainability benefits, play an essential role in pushing the total microalgae production in the nutraceutical industries. New findings and marine peptide development will accelerate the growth of peptide therapeutics in the future.
During the COVID-19 crisis, the Marine Biotechnology global market, estimated around US$3.7 Billion in 2020, expects to reach US$5 Billion by 2026. Active substances are forecast to record a 6.7% CAGR by the analysis period. Biotechnological techniques and tools play an essential role in isolating and cultivating bioactive compounds present in seaweed. Bioactive marine compounds formed till now include Lactones, Alkaloids, Hydroxybenzene, Peptides, Quinones, Aether, Strides, and Ketal.
Marine Biotechnology Market Review – By Source
Algae covers more than 20% of the marine biotechnology market in 2020. Algae are unexploited reservoirs found in oceans to play a major role in primary and secondary sources regarding food or bioactive compounds. Moreover, due to its adaptability, it offers various possibilities in unlike environments.
Biotechnology incorporates the characteristics to boost algae production and bioactive compounds. Marine algae bear nutraceuticals and therapeutic properties. Some marine microalgae cultivated like Dunaliella and Spirulina have omega-3 fatty acids, β-carotene, and antioxidants.
Market Review – By Application
Medicine captured the largest share of above 25% in the marine biotechnology market in 2020. Extracts from organisms get added to medicine in recent years. To make marine compounds copies in the laboratory, researchers have used biotechnology. So they do not need to harvest from marine life.
Some get commercialized, while others undergo pre-clinical or clinical testing. Certain medicines obtained from marine organisms include Vidrabine/Ara-A, Cephalosporin, Ziconotide, and Trabectedin.
Market Review – By End-Use Industry
Pharmaceutical and Medical held the biggest share in the marine biotechnology market in 2020. And it projects to grow at a CAGR of 9.1% during 2021-2026. Recently, the natural products chemistry extracted from marine organisms is subject to the much greater research effort. Medical biotechnology uses cell materials and living cells to produce diagnostic and pharmaceutical products that fix or forestall human ailments.
Marine Biotechnology Market Review – By Geography
Europe captured the maximum share of 37% in the marine biotechnology field in 2020. The rise of the European marine biotechnology market is attributable to increasing research and development activities and natural product demand. Also, the healthcare industry growth and the marine products demand in cosmetics, agriculture, and the food industries are driving the market growth.
Conclusion
Marine resources represent interesting sources of active ingredients for different industries. In addition, these ingredients act as an unusual and creative approach to traditional medicinal and pharmaceutical issues.
