Marine biotechnology market
LONDON, UK, December 29, 2021 /EINPresswire.com/ – Marine biotechnology is used in a wide range of industries such as pharmaceutical, food, personal care, energy and chemicals, between others. Moreover, the increasing inclination towards environmentally friendly products in the light of environmental concerns has favored an increase in the growth of the marine biotechnology market. In addition, increased investments in translational research as well as significant advances in drug discovery are expected to propel market demand over the coming years.
The global marine biotechnology market is expected to reach $ 7,610.30 million by 2027, at a CAGR of 8.2% over the forecast period (2021-2027) according to QuantAlign Research. Marine biotechnology is a key to realizing the potential of marine bio-resources which has remained untapped for many years. These resources have the capacity to produce new products and processes while meeting the global challenges of food, health and energy. Another important result of marine biotechnology includes the development of innovative tools and solutions for sustainable and efficient management of the marine environment.
In addition, key societal challenges such as sustainable food security, sustainable energy security, environmental health, human health and well-being, and the greening of industrial products and processes persist. Hence, marine biotechnology has become a booming industry across the world. It has recently been seen as an area of enormous potential by molecular biologists as well as the biotechnology industry, as the oceans contain a wide range of diverse and unique biological resources.
Browse the full research report with table of contents at: Global Marine Biotechnology Market Report
• The algae segment held most of the global market in 2020, and the trend is expected to continue during the forecast period.
• Biomaterials segment was the largest product segment in 2020 and is expected to grow at a significant CAGR from 2021 to 2027
• Europe held the majority share of the global market in 2020, but Asia-Pacific is expected to grow at the fastest CAGR during the forecast period
Based on region, Europe dominated the global marine biotechnology market in 2020 due to technological advancements in marine biotechnology, growing demand from cosmetic industry and growing demand for marine biotechnology for the development of biofuels. However, Asia-Pacific is expected to become the fastest growing region due to increasing investments in the healthcare and marine cosmetics markets, as well as extensive aquaculture activity in the region.
Major players operating in the market include Biotech Pharmacon ASA, AlgaEnergy SA, Aker Biomarine, New England Biolabs, Sea Run Holdings, Inc., CoDo International Limited, SEPPIC, BIOMAR Microbial Technologies, Corbion NV, Cyanotech Corporation and Marinomed Biotech AG, among others.
Key questions addressed in the report:
• What is the current total market and projected growth of the global marine biotechnology market from 2021 to 2027?
• Who are the main players in the global marine biotechnology market?
• What shares do the large regional markets occupy?
• On what basis is the market segmented?
• How has the global marine biotechnology market performed and what are its main drivers?
• How competitive is the global marine biotechnology market?
• What are the key strategies adopted by players operating in the global marine biotechnology market?
The report examines and provides a comprehensive overview of the global marine biotechnology market. The report identifies key industry trends and covers the marine biotechnology market landscape. The report builds a short and long term forecasting model covering the period between 2017 and 2027.
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