Marine biotechnology has usage across a broad array of industries such as pharmaceutical, food, personal care, energy, and chemicals, among others. Moreover, growing inclination towards eco-friendly  products in light of environmental concerns has fostered an increase in the demand for marine biotechnology. Also, increasing investments in translational research as well as significant advances in drug discovery are likely to propel the market demand over the coming years.

The global marine biotechnology market is likely to reach USD 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 that has remained untapped for several years. Such resources have the ability to produce new products and processes along with addressing the global challenges of food, health and energy. Another significant outcome of marine biotechnology includes the development of innovative tools and solutions for effective sustainable management of marine environment.

In addition, key societal challenges such as sustainable food security, sustainable energy security, environmental health, human health and wellbeing, and the greening of industrial products and processes still persist. Therefore, marine biotechnology has emerged as a rapidly burgeoning industry across the globe. It has recently been embraced as a field of huge potential by molecular biologists as well as by the biotechnology industry as the oceans contain a wide range of diverse biological and unique resources.

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Global Marine Biotechnology Market Demand Outlook, COVID-19 Impact, Trend Analysis, By Source, By Product, By Technology, Application (Aquaculture & Food Products, Environmental & Human Health, Drug Discovery, Pollution Remediation, Wastewater & Waste Disposal, Biofuels), By End-Use, By Application, By End-Use and Industry Estimates 2021-2027 –  “https://quantalignresearch.com/global-marine-biotechnology-market-report “

Key insights: 

• The algae segment held the major share of the global market in the year 2020, and the trend is likely to continue over the forecast period.
• Bio-material segment was the largest product segment in 2020, and is expected to grow at a significant CAGR from 2021-2027
• Aquaculture & food products segment accounted for the largest share of the market in 2020, while the wastewater & waste disposal segment is likely to witness a considerable CAGR from 2021-2027
• Pharmaceutical & biotech segment held a substantial share of the market in 2020, and is projected to generate significant market demand over the next eight years
• Europe held the majority share of the global market in 2020, however Asia-Pacific is expected to grow at the fastest CAGR over the forecast period

Key players operating in the market include Biotech Pharmacon ASA, AlgaEnergy S.A, Aker Biomarine, New England Biolabs, Sea Run Holdings, Inc., CoDo International Limited, SEPPIC, BIOMAR Microbial Technologies, Corbion NV, Cyanotech Corporation, & Marinomed Biotech AG, among others.