NEW YORK, Nov. 4, 2015 /PRNewswire/ -- The Global Marine biotechnology market is expected to reach $5.9 billion by 2022 growing at a CAGR of 6.2% from 2014 to 2022. The growth factor for marine biotechnology market is increase in the demand for natural products. The key drivers for the market are new applications of marine derived enzymes in cosmetics industry and use of marine algae and micro algae in bio-field production. The increase in demand for commodities has resulted in supply shortages and high prices in crude oil, steel and other metals. Developing countries face a challenge as they do not often have the established industrial infrastructure to act as sub-contractors. The market has also been witnessing increasing investments from venture capitalists. However, high R&D costs could pose a challenge to the market growth.
North America has the largest market for marine biotechnology with U.S. accounting for major share, whereas Japan is the fastest growing market. Europe is also one of the leading regions contributing to the global market. With Europe recovering from the economic crisis, the region has been making steady investments in marine biotechnology and is also witnessing the emergence of several small and medium sized enterprises that are making significant contributions to the R&D and introduction of novel marine-based products. In addition, the European Union research policy supports several collaborative projects in marine biotechnology.
Marine biotechnology market is segmented by product, by end-use applications and by geography. Based on product, market is classified into biomaterials, bioactive substances and others. Based on end-use applications, market is classified into industrial products, health care/biotechnology, consumer products, public services & infrastructure, and others. Based on geography, market is segmented into North America, Europe, Asia-Pacific and Rest of the World.
The key players in the Marine biotechnology market include CP Kelco, Nutrex Hawaii, BASF SE, Biotech Marine, Lonza Group Ltd., PharmaMar S.A, BioLume Inc., Royal DSM N.V, Sea Run Holdings Inc, and Cyanotech Corp.
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