Marine Biotechnology Market Size, Share, Growth Analysis, By Product(Marine animal-derived products, marine plant-derived products, and marine microbial-derived products), By Application(Healthcare and cosmetics, food and agriculture, industrial products, and research and development), By Region - Industry Forecast 2024-2031

Marine Biotechnology Market size was valued at USD 5.8 billion in 2022 and is poised to grow from USD 6.19 billion in 2023 to USD 10.49 billion by 2031, growing at a CAGR of 6.80% during the forecast period (2024-2031).

Marine Biotechnology Market is highly competitive, with a number of key players operating in the market. Some of the major players in the market are focusing on various strategies such as partnerships, collaborations, mergers and acquisitions, and new product launches to gain a competitive edge in the market. For instance, in February 2021, Lonza Group Ltd. acquired HansaBioMed Life Sciences Ltd. to expand its capabilities in the development and production of biological therapeutics. Moreover, several research institutions and universities are also actively involved in marine biotechnology research and development, leading to the creation of new companies and startups in the market. The growing number of research activities in the field is expected to drive innovation and competitiveness in the market. 'BASF SE (Germany)', 'CP Kelco (US)', 'Cyanotech Corporation (US)', 'DowDuPont Inc. (US)', 'FMC Corporation (US)', 'Lonza Group AG (Switzerland)', 'Marinova Pty Ltd (Australia)', 'New England Biolabs Inc. (US)', 'Novozymes A/S (Denmark)', 'PML Applications Ltd (UK)', 'PharmaMar S.A. (Spain)', 'Seppic (France)', 'Solutex GC (Spain)', 'Sonneborn LLC (US)', 'The Lubrizol Corporation (US)', 'The Scottish Association for Marine Science (UK)', 'Thermo Fisher Scientific Inc. (US)', 'Tiger Brands Limited (South Africa)', 'Unilever NV (Netherlands)', 'Xiamen Kingdomway Group Co. Ltd. (China)'

With the increasing awareness of environmental concerns and sustainability, there is a growing demand for eco-friendly products across various industries. Marine biotechnology offers a range of sustainable and eco-friendly solutions, such as marine-derived enzymes for industrial applications, biofuels, and bioplastics. For instance, a company called Algix produces bioplastic materials from algae, which are biodegradable and sustainable alternatives to traditional plastic materials.

Marine Biomaterials - The use of marine-derived biomaterials is an emerging trend in the marine biotechnology market, with numerous potential applications in the fields of medicine, tissue engineering, and regenerative medicine. For instance, marine collagen has been shown to have superior properties compared to mammalian collagen and is being explored as a potential biomaterial for use in wound healing and tissue regeneration.

North America dominated the marine biotechnology market, owing to its well-developed infrastructure and favorable government initiatives to promote the use of marine resources in biotechnology research. The United States is the largest market in this region, with a significant number of marine biotechnology companies and research organizations.