Blue Biotechnology Market Research Report Information by Product (Enzymes, Pharma Products, Bulk Chemicals, and Others), by Application (Bioengineering, Genomics, Vaccine Development, Drug Discovery, Fisheries, Aquaculture, Biofuels, Water Treatment Services, and Others), and by End User (Hospitals, Pharmaceutical Companies, Biotechnology Companies, and Others) and by Region (North America, Europe, Asia-Pacific, and Rest of the World) – Industry Forecast till 2032
The Blue Biotechnology Market is expected to increase at a compound annual growth rate (CAGR) of 7.15% between 2024 and 2032, from USD 5.65 billion in 2024 to USD 10.54 billion by 2032. The increasing awareness of medicines and nutraceuticals based on blue biotechnology as well as strategic initiatives related to pharmaceuticals and nutraceuticals generated from marine creatures are the factors propelling the growth of the worldwide market.
The market for blue biotechnology is expanding due in large part to growing consumer awareness of medications and nutraceuticals based on blue biotechnology. The demand for items made from marine species is rising as people become more aware of the health advantages provided by substances originating from marine environments. Because of their alleged health benefits, nutraceuticals with marine components including antioxidants, minerals, and omega-3 fatty acids are becoming more and more well-liked.
Furthermore, a major factor propelling the blue biotechnology market is the increase in strategic initiatives targeted at pharmaceutical and nutraceutical products made from marine organisms. The pharmaceutical and nutraceutical businesses have turned their attention to the immense and largely unexplored resources found in the oceans as they search for innovative approaches to address evolving dietary and healthcare needs.
Insights on Market SegmentsThe Blue Biotechnology Market is divided into segments based on goods, including bulk chemicals, biopolymers, pharmaceutical products, and enzymes.
The Blue Biotechnology Market has been divided into several segments based on their respective applications, including bioengineering, genomics, vaccine development, drug discovery, aquaculture, fisheries, biofuels, and water treatment services.
Hospitals, pharmaceutical firms, biotechnology businesses, and others make up the end-user segmentation of the blue biotechnology market.
Regional Perspectives The market is separated into four regions: Asia-Pacific, Europe, North America, and the Rest of the World. Because of its sophisticated healthcare infrastructure, burgeoning investment in R&D, and concentration of well-established pharma makers, North America held the greatest market share in 2023—more than 36.04%. Furthermore, the region's industry is expanding due to the existence of well-known market players who actively participate in meeting customer demand.
Due to the existence of numerous large start-ups connected to blue biotechnology, the market for blue biotechnology in Europe is expected to increase significantly between 2024 and 2032. For example, until September 2020, the Portugal-based Calouste Gulbenkian and Oceano Azul Foundations received over 120 blue biotechnology-related proposals from over 30 countries.
Throughout the projection period, the Asia-Pacific blue biotechnology market is expected to grow at the quickest rate because to the high demand for products produced from marine sources in a variety of industries, including cosmetics, pharmaceuticals, and agriculture. Furthermore, the market is expanding due to the ease with which marine resource exploration and exploitation can now be conducted thanks to advancements in biotechnological tools and techniques including proteomics, metabolomics, and genomics. Researchers can now identify, separate, and manufacture important molecules from marine species with greater efficiency thanks to this technology.
Principal PlayersMarinomed Biotech AG (Austria), Marshall Marine Products (India), Marinova (Australia), Aker BioMarine (Norway), Pharma Mar (Spain), Cyanotech Corporation (US), ADM (US), Geomarine (India), CP Kelco U.S., Inc. (US), and TerSera Therapeutics LLC (US) are some of the major players in the blue biotechnology market.