Global Marine Biotechnology market accounted for $3.93 billion in 2017 and is expected to reach $8.74 billion by 2026 growing at a CAGR of 9.3% during the forecast period.
Some of the important factors driving the market growth are current applications of marine derived enzymes in cosmetics, use of micro algae and marine algae in bio-field products. However, Lower R&D investment in the field is hampering the growth of the market. Some of the key opportunities is the Marine biotechnological advancements has been resulted successful in diverse fields with increasing investments from venture capitalists.
Marine biotechnology is a pioneering field of in recent science and technology that customs various marine bio resources for a huge number of uses, including the production of food, fuel, often bioactive, compounds and possibly will contribute to prosperous communities, green growth and sustainable industries. Even though marine biotechnology is in an emerging stage, it has unexploited potential and accomplished capability growth prospect for future.
By applications, Marine Natural Products for Medicine segment is held significant growth during the forecast period due to rising investment by key players and other factors like healthy and dietary supplements because they are rich in amino acids, proteins, vitamins, and minerals etc. Since the marine environment is the mainly biologically and chemically diverse habitat on the planet, marine biotechnology has, in recent years delivered an increasing number of most important therapeutic products, industrial and environmental applications and analytical tools.
By geography, Europe is anticipated to be one of the leading regions contributing to the global market during the forecast period. With Europe getting better from the economic crisis, the region has been making stable investments in marine biotechnology and is also witnessing the appearance of several small and micro and medium sized enterprise that are making major assistance to the R&D and opening of novel marine-based products. In additionally, the European Union research policy supports a number of collaborative projects in marine biotechnology.
What our report offers:
Market share assessments for the regional and country level segments
Market share analysis of the top industry players
Strategic recommendations for the new entrants
Market forecasts for a minimum of 9 years of all the mentioned segments, sub segments and the regional markets