Marine Bio Products Market Size, Share, Growth, and Industry Analysis, By Type (Marine Animal and Marine Plant), By Application (Nutrition Supplements, Pharmaceuticals, Personal Care & Cosmetics, Food Ingredients, and Agricultural Products), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Marine Bio Products Market Report Overview

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The global marine bio products market size was USD 4454.3 million in 2021 and is projected to touch USD 6744.41 million by 2031, exhibiting a CAGR of 4.2% during the forecast period.

The products extracted from marine animals or plants are used in nutrition supplements, food ingredients, marine biology, personal care & cosmetics, biopharmaceuticals, peptides, enzymes, polysaccharides, oils, and other products. It deploys genetic engineering and various cultivation techniques for mass-producing valuable marine compounds, along with ensuring the minimum negative impact on the precious marine ecosystem. This biotechnology is constantly increasing due to the expanding “Circular economy.” It deals with the development of enzymes, pharmaceuticals, drugs, and chemical products by exploring various marine resources and oceans.

Marine biotechnology is a branch of research that uses biotechnology, cell biology, molecular biology, and bioinformatics methods to create goods from aquatic creatures. By investigating the ocean and marine resources, it works with the development of pharmaceutical medications, enzymes, and chemical goods. Additionally, it is known as blue biotechnology. It makes use of bioreactors in conjunction with processes including bioremediation, bioprocessing, bio harvesting, and aquaculture. The applications of marine bio products include biofuels, medicine, reproduction, health management, and others. 

COVID-19 Impact: Slow Rate of Manufacturing Due to Lockdown Affected Growth

The global COVID-19 pandemic has been unprecedented and staggering, with marine bio products experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

The disease has spread practically to every country in the world since the pandemic outbreak in December 2019; WHO declared it a public health emergency. The market was severely affected, followed by the global effects of COVID-19. Travel bans, flight cancellations, restaurant closures, quarantines, restrictions on all indoor and outdoor events, the declaration of states of emergency in all the countries, a significant slowdown in the stock market volatility supply chain, and a decline in escalating public panic, business confidence, and uncertainty about the future hampered the growth of marine bio products market growth.

LATEST TRENDS

"Rising Demand for The Product from Energy Sector to Foster Major Growth"

Global energy supply is becoming more and more limited, and marine biotechnology is anticipated to contribute in a number of ways to meet these demands. Such as MEOR, a bio-based technology to increase the recovery effectiveness of fossil oil reserves, is anticipated to contribute to the marine bio products market growth. Oil is recovered from petroleum reservoirs with an efficiency of greater than 50%. Large quantities of hydrophobic compounds that can be converted into biodiesel can be accumulated by microalgae, and the production of biodiesel from microalga triacylglycerol’s is a popular topic. To generate enough energy, the overall algal biomass must be balanced. One of the main aims of marine biotechnology is microalgae cultivation for the production of bio-energy, which is a significant concern.

Marine Bio Products Market Segmentation

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• By Type Analysis

By type, the market is segmented into marine animals and marine plant.

• By Application Analysis

Based on application, the market is classified into nutrition supplements, pharmaceuticals, personal care & cosmetics, food ingredients, and agricultural products.

DRIVING FACTORS

"Expanding Marine Technology to Bolster Market Growth"

One of the newest subfields of biotechnology is marine biotechnology. The maritime environment has a rich biodiversity, and the creatures therein contain vital biochemical that have a wide range of applications in industries such as medicine, climatology, and others. The manufacturing of marine-derived polysaccharides, which are among the most plentiful sustainable biomaterials found on land and in the oceans, along with new uses of marine-derived enzymes in the cosmetics industry and the use of marine algae & microalgae for biofuel production, are the main factors anticipated to propel marine bio products market growth.

"Use of Product in Various Applications to Cater to Product Demand"

Molecular genetics, bio-remediation, materials technology, marine biomedical model organisms, genomics, and bioinformatics all fall under the umbrella of the expanding discipline of marine biotechnology. The tremendous biodiversity and genetic life in the sea plainly serve as the primary inspiration for this profession. There is a wide range of chemical and biological variables in the maritime environment. This variety includes substances that have the potential to be used industrially in products, including cosmetics, dietary supplements, fine chemicals, medications, enzymes, molecular probes, and agrichemicals. It includes a wide range of subcategories, including genetics, marine biomaterials, marine bioactive compounds, marine culture, fermentation engineering, and enzyme engineering.

RESTRAINING FACTORS

"High Manufacturing Costs to Hamper Market Expansion"

Manufacturing marine bio products is expensive, which increases the cost of the product. This factor is expected to impede the growth of the market. Moreover, the strict rules for the limited capacity for the development of organic laboratories are also anticipated to restrict the market's growth.

Marine Bio Products Market Regional Insights

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"North America to Lead the Global Market Owing to The Rising Demand for Biomaterials"

North America is forecasted to hold about 33% of the total marine bio products market share due to the growing demand for biomaterial-based products used in various medical applications such as bone morph genic proteins, bone plates, artificial ligaments, and dental implants. 

Asia Pacific is most likely to show significant growth in the market owing to the huge exports of marine biotechnology in the region. China is one of the largest exporters of seafood, coupled with expanding research prevailing for new molecule and marine bio discovery identification. The region holds approximately 32% of the total marine bio products market share.

Europe is anticipated to show sizable growth by virtue of technological advancements in marine biotechnology along with the rising demand from the cosmetic industry and biofuels.

KEY INDUSTRY PLAYERS

"Key Players Focusing On Innovative Technology Development to Grow in Market"

The marine bio products market has a sizable number of prominent competitors and is moderately competitive. A few key players now control a majority of the market in terms of market share. In contrast, mid-size to smaller businesses are expanding their market position by developing new ways to use marine biomaterials for a variety of applications as a result of technological breakthroughs and product improvements. The key competitors strive to expand their market by launching various products that can be used in marine.

List of Market Players Profiled

• Marinova (Australia)
• DSM (Netherlands)
• Seppic (France)
• Croda (U.K.)
• Aker BioMarine (Norway)
• Cyanotech Corporation (U.S.)
• Copeinca (South America)
• TripleNine Group (Australia)
• KD Pharma Group (Norway)
• Epax (Norway)
• GC Rieber Oils (Norway)
• China Fishery Group (China)
• Auqi Marine Bio-Tech (China)
• BMSG (India)
• Sopropeche (France)

REPORT COVERAGE

An overview of the product is provided along with the product description. Numerous industry elements are included in the research.

• The pandemic's aftereffects and the subsequent lockdown.
• The market's most recent trend is currently fueling expansion.
• The factors are most likely to stimulate market growth.
• The reasons the market is expected to grow more slowly.
• A comprehensive regional analysis of the market is conducted.

Significant players and their business offices are also covered in the article.