The Global Marine Biotechnology market is expected to grow at a CAGR of 5.44% for the forecast period of 2017-2025. The market value is expected to increase from $4343 million in 2016 and reach $6922 million by 2025. The growing use of marine biotechnology in cosmetic industry, emerging research in the area of marine biomaterials and the developing healthcare sector are majorly responsible for driving the global marine biotechnology market.
The Global marine biotechnology market is divided on the basis of Products and End users. They are further segmented as follows:
Products are sub-segmented into:
End users are sub-segmented into:
Energy & Infrastructure
The healthcare segment has the highest demand in the marine biotechnology market owing to the high demands of bioactive products produced by microbes, gorgonians, sponges, soft and hard corals seaweeds, and other marine organisms.
Geographically, the global marine biotechnology market has been segmented into the following regions:
North America - U.S. & Canada
Europe - UK, France, Germany, Spain, Italy and Rest of Europe
Asia-Pacific - China, India, Japan, and Rest of APAC
Rest of World- Latin America, Middle East and North Africa and Rest of Africa
The North America marine biotechnology market is expected to hold the highest share by the end of the forecast years. An extensive research for marine biofuels in the North American countries coupled with the growing biomaterial-based medical applications in knee implants, bone morphogenic proteins, artificial ligaments, bone plates, and dental implants are boosting the market in this region. On the other hand, it is the Asia-Pacific market which is anticipated to be the fastest-growing region in the marine biotechnology market on account of its huge exports of marine food products. China is the world's largest exporter of sea foods with 12% share in seafood exports globally. Other factors driving the marine biotechnology market in this region includes the huge amount of research prevailing for marine bio discovery and new molecule identification.
Aker Bio-marine is a Norwegian marine biotechnology company that deals in krill-based nutrition supplements, pet food, and aquaculture products. BASF SE, based in Germany, is another marine biotech company that has a wide range of products and deals in sectors such as chemical, crop technology, plastics, crude oil & natural gas. Some of the other major players in the global market include New England Biolabs, Abbott, Aker bio marine, Lonza, and Biotech Marine (Subsidiary Of Air Liquid Group)