DUBLIN, April 17, 2023 /PRNewswire/ — The “Marine Biotechnology Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Type (Bioactive Substance v/s Biomaterials), By Technology, By Application, By End User Industry, By Region and Competition” report has been added to ResearchAndMarkets.com’s offering.
The Global Marine Biotechnology Market is anticipated to witness impressive growth during the forecast period.
This can be ascribed to the growing demand for natural products from marine-derived like seaweed-related products and increasing investments in the development of sustainable and natural products.
Additionally, increasing advancement in the areas of fisheries, drug discovery, and aquaculture is expected to boost market growth in the forecast period. Additionally, increasing demand for different efficient therapeutics to deliver quality care is further propelling the marine biotechnology market in the forecast period.
Marine-derived drugs are developed for the treatment of different chronic diseases, such as cardiovascular disease and neurological disorders. Besides, growing consumer awareness and increasing emphasis on eco-friendly products are further enhancing the demand for marine biotechnology.
Furthermore, the growing demand for agricultural industries for pesticides, plant growth regulators, and seed-coated fungicides is another factor that will propel the growth of the marine biotechnology market during the forecast period. In 2020, some 223.2 thousand pounds of the fungicide mancozeb were applied to onion crops in the United States.
Growing Demand from Energy Sector
Increasing demand for energy supply across the globe is a major factor for market growth, and marine biotechnology can make an important contribution to energy production in very different ways. Microbial Enhanced Oil Recovery is a bio-based product to enhance the recovery efficiency of fossil oil reserves and can help to increase the life of mature oil reservoirs.
Microalgae cultivation for bio-energy generation is a major issue and one of marine biotechnology’s main goals. Thus, owing to these factors are expected to boost the market growth during the forecast period. In 2021, U.S. ethanol production totaled about 15 billion gallons, and combined biodiesel/renewable diesel production totaled about 2.5 billion gallons. Also, expanding knowledge and understanding of marine resources due to recent advances in science and technology has driven the growth of the market during the forecasted year.
Growing usage in food, cosmetics, and other industry
Increasing usage of marine products in food, cosmetics, and agriculture industries propels market growth during the forecast period. Ingredients derived from marine biotechnology provide a unique and instant solution to classic beauty concerns.
Marine microorganisms are useful, and enzyme secretion by them is more beneficial than other enzymes which are used in the creation of cosmetic products like Vitamin C, moisturizers and anti-aging creams, etc. Increasing developments in medication research, fisheries, and aquaculture are expected to propel the market growth during the forecast period.
Ongoing advances, emerging technologies like bioprocessing and phenomics, and nutritional and sustainability benefits are expected to play a vital role in pushing the overall adoption of microalgae in the food supplement and nutraceutical industries.
New discoveries and the development of marine peptides will drive the growth of peptide therapeutics in the coming years. The beauty and personal care market in the United States is worth approximately $84 billion. As such, the United States accounts for 22% of the value of the global cosmetics industry.
In this report, global marine biotechnology market has been segmented into the following categories, in addition to the industry trends, which have also been detailed below:
Marine Biotechnology Market, By Type:
Marine Biotechnology Market, By Technology:
Marine Biotechnology Market, By Application:
Marine Biotechnology Market, By End User Industry:
Marine Biotechnology Market, By Region:
Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/qkmzss
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Research and Markets
Laura Wood, Senior Manager
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets