Marine Biotechnology

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Marine (or blue) biotechnology encompasses the applications of biotechnology tools on marine resources. Marine biotechnology encompasses those efforts that involve the marine resources of the world, either as the source or target of biotechnology applications. Marine biotechnology may include techniques such as bioprocessing, bioharvesting, bioprospecting, bioremediation, using bioreactors etc (so called process biotechnology techniques); aquaculture/fisheries; gene, protein, or other molecule based techniques; while applications may include: health, food, cosmetology, aquaculture, agriculture, fisheries, manufacturing, environmental remediation, biofilms and corrosion, biomaterials, research tools etc. Therefore, marine biotechnology has a horizontal scope encompassing very different applications, for all of which the marine environment is providing the resources.

The global market for marine biotechnology products and processes is currently estimated at € 2.8 billion (2010) with a cumulative annual growth rate of 4-5 %. Less conservative estimates predict an annual growth in the sector of even up to 10-12 % in the coming years, considering the huge potential and high expectations for further development of this sector at a global scale.

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.