The blue biotechnology market is expected to gain a market value of USD 1,180.9 million by 2030 at a CAGR of 14.3% from 2022-2030.
With three-quarters of the world being covered by the sea, scientists have realized that aquatic and marine organisms can become a good source of energy and new drugs. This belief has formed the foundation of blue biotechnology. Diverse organisms in the sea are awaiting exploration for their substantial potential. In blue biotechnology, technological advancements are seeking to bridge the gap between the oceanic source and the end product. The global blue biotechnology market is expecting a robust growth during the forecast period ,reveals Market Research Future (MRFR) in a well-analyzed report. This report includes chief drivers that can play integral roles in enhancing the blue technology market prospect of the sector. The energy sector can gain much from this field of research. Studying genomes of marine organisms can contribute much in pharmaceutical and cosmetics industries. The future can witness the rise of genetically modified sea organisms.
However, these types of research can severely impact the sea life by causing pollution which would then directly trigger atmospheric changes. This can hinder the blue biotechnology market during the forecast period. But several NGOs and government initiatives are already having their focus fixed on finding a solution for such pollutions owing to which the blue biotechnology market would not lag behind during the review period.
Led by GEOMAR, Baltic Blue Biotechnology Alliance Consortium has developed an algae-based cosmetic for round-the-clock use. They have named it Berrichi and are introducing other cosmetics as well that are derived from the Baltic Sea.
Gran Conaria has recently received USD 1.5 million to set up a high technology incubator in Arinaga. The site would be a blending point for technological innovation, blue biotechnology, and aquaculture.
The global blue biotechnology market can be segmented by products, application, and end-user.
Product-wise, the blue biotechnology market comprises enzymes, pharma products, bulk chemicals, biopolymers, and others.
Application-based segmentation of the blue biotechnology market includes bio-engineering, genomics, vaccine development, drug discovery and others
Based on end-user, the market can be segmented into hospitals, pharmaceutical companies, biotechnology companies, research institutes, laboratories, and others.
Region-specific segmentation of the global blue biotechnology market includes namely the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas are administering the market with North America getting in impressive income. The locale is very much aware of the advantages of this area and is zeroing in much on creating immunizations from marine life forms. Significant organizations are likewise based out of this locale giving the last wonderful traction in the worldwide market.
Europe expects the subsequent position and puts vigorously in blue biotechnology to foster medications. The APAC, then again, is confronting blows from absence of information in regards to this area. Notwithstanding, its development during the conjecture time frame will be consistent The MEA district claims minimal offer with specialized mediocrity and insufficient clinical offices antagonistically affecting the market development.
The highly competitive market is currently experiencing several mergers and strategies that are projecting growth for the future market. For instance, Croda International Plc, manufacturers of specialty chemicals, acquired Nautilus Biosciences Canada Inc, a marine biotechnology company. Others are banking on funding. Monsanto fund providing Donald Danforth Plant Science Center USD 15million can be considered exemplary.
Some of the key players in the global blue biotechnology market are GlycoMar (Scotland), Aker BioMarine (Norway), Marinova (Australia), Samudra Biopharma Pvt. Ltd (India), New England Biolabs (US), Cellgen Biologicals Pvt Ltd. (India), PML Applications Ltd. (UK), Nurture Aqua Technology Pvt. Ltd. (India), Sea Run Holdings, Inc. (US), PICES (Canada), GeoMarine Biotechnologies (India), Donald Danforth Plant Science Center (US), Shell Marine Products (US), Sanosil Biotech (India), and others.
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