LONDON–(BUSINESS WIRE)–#GlobalMarineBiotechnologyMarket–The global marine biotechnology market size is expected to grow by USD 2.5 billion as per Technavio. This marks a significant market growth compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. Moreover, healthy growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of over 8%. Request free sample pages
Read the 120-page report with TOC on “Marine Biotechnology Market Analysis Report by Application (Healthcare products, Energy and environment management products, and Food and cosmetics products) and Geographic Landscape (APAC, Europe, MEA, North America, and South America), and the Segment Forecasts, 2020-2024”.
https://www.technavio.com/report/marine-biotechnology-market-industry-analysis
The market is driven by the increase in demand for biofuel. In addition, the increasing application of seaweeds is anticipated to boost the growth of the marine biotechnology market.
While the rise in demand for energy across the world is propelling the demand for fossil fuels, global warming, rise in prices of petroleum-based fuels, need for energy protection, and scarcity of fossil fuels are compelling economies to adopt renewable energy sources such as biomass. Biomass is derived from various forest, agriculture, and aquatic sources using the process of marine biotechnology. It is used as a feedstock to produce several biofuels such as biodiesel, bioethanol, biohydrogen, bio-oil, and biogas. Algal biomass is also gaining prominence as an alternative feedstock to produce biofuels. The increase in such biofuels through the application of marine biotechnology is expected to drive market growth during the forecast period.
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Major Five Marine Biotechnology Companies:
Aker BioMarine AS
Aker BioMarine AS develops and sells krill-based ingredients for the animal feed market and consumer nutritional supplements. The company offers SUPERBA KRILL, QRILL Aqua, and QRILL Pet. SUPERBA KRILL is a natural source of omega-3S, phospholipids, choline, and astaxanthin. QRILL Aqua is rich in phospholipid-bound omega-3 fatty acids, the antioxidant astaxanthin, proteins, and minerals. QRILL Pet is a natural source of omega-3 fatty acids, marine proteins, and astaxanthin.
BASF SE
BASF SE offers products through the following business units: Chemicals, Performance Products, Functional Materials & Solutions, and Agricultural Solutions. The company offers Dry n-3 DHA 11A and Lucantin Pink.
CP Kelco
CP Kelco operates under various business segments, namely Carboxymethyl Cellulose (CMC) / Cellulose Gum, Carrageenan, Citrus Fiber, Diutan Gum, and Others. The company offers GENULACTA and GENUTINE.
Cyanotech Corp.
Cyanotech Corp. offers Hawaiian Spirulina and Cyanotech BioAstin Hawaiian Astaxanthin. Hawaiian Spirulina is used in the treatment of immune system, cardiovascular health, and overall cellular health. Cyanotech BioAstin Hawaiian Astaxanthin is used in the treatment of joint and tendon health, skin health, cardiovascular health, and others.
KD Pharma Group
KD Pharma Group offers products through the following business segments: KD Pharma, KD Nutra, and KD Biopharma. The company offers Omega-3 products such as ALFA gastro-resistant capsules, which is used for the treatment of familial adenomatous polyposis and ulcerative colitis.
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Marine Biotechnology Application Outlook (Revenue, USD bn, 2020-2024)
- Healthcare products
- Energy and environment management products
- Food and cosmetics products
Marine Biotechnology Regional Outlook (Revenue, USD bn, 2020-2024)
- APAC
- Europe
- MEA
- North America
- South America
- Key leading countries
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