Frequently Asked Questions
The global marine biotechnology market was valued at USD 6215.8 Million in 2022.
The marine biotechnology market is expected to grow at a CAGR of 8.8% between 2023 and 2030, reaching USD 12204.7 Million in 2030.
Marine-derived pharmaceuticals are the leading segment by product type, holding over 30% share in value in 2022.
The nutraceuticals & food segment governs the global demand for marine biotechnology, holding a massive market share of over 28% in 2022.
The macro organisms segment will post the highest CAGR in the projection period.
North America is propelling the marine biotechnology industry’s rapid growth, accounting for more than one-third of its market share in 2022.
The top players include 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, PharmaMar S.A., Prolume Ltd, Royal DSM N.V., Sea Run Holdings Inc, SEPPIC, Tequesta BioVentures, and Others.
The major market drivers are the growing demands for sustainable and eco-friendly products, the expanding pharmaceutical and healthcare applications of marine-derived compounds, and the exploration of untapped marine biodiversity for commercial purposes.
The major market restraints encompass complex regulatory challenges related to marine resource access and conservation, limited access to specific marine resources, and ethical concerns regarding benefit-sharing agreements and indigenous knowledge protection.
The major market opportunities include expanding applications in bioremediation and environmental management, the development of marine-derived bioenergy and bioplastics, and the growth of marine biotechnology in the Asia Pacific region, driven by rich marine biodiversity and research investments.