Blue Biotechnology Market Size to Grow Exponentially during the Forecast Period

Biotechnology utilizes living organisms or parts of living organisms and biological systems to create or develop different products. Biotechnology is used in applications such as developing vaccines, developing new sources of biofuel, beer brewing, anti-aging cosmetics, and genetic modification of crops. Blue biotechnology is the amalgamation of marine and aquatic organisms with technology to produce a new source of energy, for the extraction of new active ingredients, to develop new drugs, or to increase seafood safety and its production. It has the potential to answer all the problems related to food demands, human health, and environmental concerns. Blue biotechnology will help in increasing sustainability of production and enhancing animal welfare through the use of zero-waste recirculation, preventive therapeutic measures, and changes in food supply. Blue biotechnology has wide applications in the field of health care and life sciences. It is helpful in the diagnosis of diseases through microbial testing of microorganisms. For decades, humans have been extracting substances from sponges, which have been used in applications such as the treatment for the AIDS virus. Since the 19th century, cod liver oil has been used as a supplement. Algae has been used in cosmetic products. For instance, a company makes a cosmetic known as ‘Sugar kelp’. Companies are growing, harvesting, and fermenting algae to extract minerals, sugars, and iodine and to create products such as facial and body care products and perfumes.

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The global blue biotechnology market is driven by the availability of blue biotechnology products in various sectors. A rise in demand for blue biotechnology products in the cosmetic and pharmaceutical industry for the production of various medicines, drugs, and cosmetic products is fueling the expansion of the global blue biotechnology market. One of the major driving factors of the global blue biotechnology market is an increase in the adoption of biological products over synthetic products by consumers. Expansion of development in the field of biotechnology is leading to a rise in research and development expenditure, resulting in a substantial expansion of the global blue biotechnology market. However, stringent rules and regulations related to the conservation of marine and aquatic ecosystem is likely to act as a barrier for the global blue biotechnology market.

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The global blue biotechnology market can be segmented based on product, application, end-user, and region. In terms of product, the market can be categorized into pharmaceuticals, enzymes, biopolymers, and bulk chemicals. Based on application, the global blue biotechnology market can be categorized into drug discovery, vaccine development, genomics, and bio-engineering. In terms of end-user, the global blue biotechnology market can be categorized into pharmaceutical companies, hospitals, biotechnology companies, and laboratories and research institutes.

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Based on region, the global blue biotechnology market can be segmented into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. North America is estimated to account for a prominent share of the global blue biotechnology market. The region is expected to dominate the market during the forecast period, due to a rise in awareness and increase in demand for blue biotechnology products in vaccine development. Increase in demand for blue biotechnology products in the cosmetic manufacturing industry and existence of a large number of biotechnology companies in research and development are driving the blue biotechnology market in North America. Europe is expected to constitute a prominent market share, due to an increase in focus on marine technology for the research and development of innovative drugs.

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Key players operating in the blue biotechnology market are Donald Danforth Plant Science Center, Aker BioMarine, New England Biolabs, Shell Marine Products, Geomarine Biotechnologies, Nurture Aqua Technology Pvt. Ltd., GlycoMar, Cellgen Biologicals Pvt Ltd., Marinova, and Samudra Biopharma Pvt. Ltd.

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