Marine Biotechnology Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Marine Biotechnology Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The marine biotechnology market is expected to register a CAGR of 8.5% over the forecast period.

The COVID-19 pandemic affected demand and production in the marine biotechnology industry in 2020 and had an adverse impact on the market's growth. The high prevalence rate of COVID-19 in 2020 in many countries shifted the focus toward increased demand for the development of vaccines and treatment options, which affected the production and demand in the marine biotechnology industry. Moreover, the restrictions implemented by the government in many countries affected the supply chain and production of marine biotechnology products. The physical availability of labor is mandatory during farming operations, and the restrictions implemented by the nations significantly affected the production capacity of key players, such as Cyanotech Corporation. Many companies experienced losses in their marine biotechnology business revenues due to disruptions in supply chain activities. On the other hand, the pandemic aided the production of marine-derived supplements since they provided potential health benefits against the COVID-19 infection. For instance, in an article titled "Cyanobacteria and Algae-Derived Bioactive Metabolites as Antiviral Agents: Evidence, Mode of Action, and Scope for Further Expansion; A Comprehensive Review in Light of the SARS-CoV-2 Outbreak" published in the journal of Antioxidants in February 2022, several marine algae species have been utilized for their bioactive metabolites with potential antiviral and immunomodulatory activities. Such use of marine-derived supplements is expected to boost the market's growth over the coming years.

The increase in usage of marine organisms, such as algae and fungi, in different industries, such as pharmaceuticals, cosmetics, food, and agriculture, is a major factor boosting the growth of the marine biotechnology market. For instance, in July 2021, a team of scientists from the National Institute of Ocean Technology, India, developed an anti-aging ingredient for making cosmetics with the help of deep-sea bacteria.

Furthermore, there is an increasing demand for marine-derived nutritional supplements in developed countries such as the United States, Germany, and the United Kingdom. According to an article titled "Novel Bioactive Compounds From Marine Sources as a Tool for Functional Food Development" published in the journal of Frontiers in Marine Science in February 2022, certain marine microbes which thrive in harsh environmental conditions produce antioxidant, antibacterial, apoptotic, antitumoral, and antiviral chemicals, which could be used in the production of functional food ingredients for health maintenance and chronic disease prevention. The rise in the utilization of marine resources for the production of nutritional supplements is expected to add to the market's growth. Moreover, high dietary levels of polyunsaturated fatty acids are recommended for infants. These healthy fatty acids are produced in large quantities by marine microalgal species. Advancements in the fields of fisheries, drug discovery, and aquaculture and an increase in awareness regarding the untapped potential and use of marine organisms in different industries are expected to increase demand for marine biotechnology sources in the near future.

However, the lack of exploration of the oceans and the limited ability to culture marine microorganisms in laboratory conditions are likely to restrict the market's growth during the forecast period.

Key Market TrendsThe Medical and Pharmaceutical Segment is Expected to Dominate the Market over the Forecast Period

The medical and pharmaceutical segment is anticipated to hold the major share of the market over the analysis period. Currently, microbially derived drugs are increasingly being used in the treatment of infectious diseases and chronic diseases. Some of the most commonly used microbially derived drugs are penicillin, actinomycin, cephalosporins, streptomycin, and cyclosporin.

The increase in research activities related to the use of marine organisms to produce different therapeutics for various diseases is expected to boost the segment’s growth. For instance, in January 2021, scientists at the University of California identified structurally diverse natural compounds in the marine environment. These compounds are expected to help in the development of antiviral therapeutics. Moreover, according to the study titled "Algae biotechnology for nutritional and pharmaceutical applications," published in Biotechnology in Healthcare in March 2022, nearly 11,000 natural effects with nutrition and pharmacological properties have been reported in marine algae. Many compounds found in micro and macroalgae have critical pharmacological properties, such as antibacterial, antifungal, antiviral, antiherpetic, antioxidative, and hypoglycemic properties.

With the advancement in technology, the ability to culture marine organisms has improved. For instance, in April 2021, scientists in Japan successfully cultured the first stable coral cell lines. Such advancement and an increase in research activities related to the use of marine organisms in the pharmaceutical industry are expected to open new avenues for the production of different biomaterials from marine organisms. This, in turn, can promote the demand for marine biotechnology in the medical and pharmaceutical industries.

Europe is Expected to Hold a Major Share in the Marine Biotechnology Market Over the Forecast Period

Europe held the major market share in the marine biotechnology market, and it is expected to dominate the overall market throughout the forecast period. Germany holds the majority of the market in the European region. The government's support to promote the use of natural marine products and the availability of funding for the development of these products will help to boost the market growth in Germany during the forecast period. For instance, in March 2021, Bluu Biosciences, a German-based biotech firm, received almost EUR 7 million to produce high-quality, sustainable fish products from cell cultures.

The presence of sophisticated healthcare infrastructure, technological advancements in marine biotechnology, and the growing demand for marine organisms in the pharmaceutical and cosmetic industries are some of the major factors for the high demand for marine biotechnology in Europe. For instance, in March 2021, Sea4Us planned on developing a remedy for chronic pain, a non-opioid analgesic, with the help of marine bioproducts. The company has worked on many European Commission-supported projects.

Furthermore, according to the statistics of the Food and Agriculture Organization, in 2020, almost 50% of the seafood produced worldwide comes from farming operations in the European region. Such an increase in production activities is likely to bolster market growth at a regional level.

Hence, the above-mentioned factors and the large marine-farming operations in Europe are expected to boost the market's growth in Europe.

Competitive Landscape

The marine biotechnology market is moderately competitive and consists of a large number of major players. In terms of market share, a small number of major players are currently dominating the market. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by introducing new ways to utilize marine biomaterials for various applications. Companies like Abbott Laboratories, Nofima, Lonza Group Ltd., Aker Biomarine, New England Biolabs Inc., Cyanotech Corporation, GlycoMar, Prolume Ltd., Marinova, and Qingdao Codo International Ltd. hold a substantial market share in the marine biotechnology market. Additionally, key players are involved in strategic alliances, such as product approvals, acquisitions, and collaborations, with companies that complement their product portfolio.

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