Blue Biotechnology Market Analysis

Global Blue Biotechnology Market Overview

Blue Biotechnology Market size was valued at USD 5.28 billion in 2023. The Blue Biotechnology Market industry is projected to grow from USD 5.65 billion in 2024 to USD 10.54 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.15% during the forecast period (2024 - 2032).

The factors that are driving the growth of the global market are increasing awareness of blue biotechnology-based nutraceuticals and pharmaceuticals and strategic initiatives associated with pharmaceuticals and nutraceuticals sourced from marine organisms.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Blue Biotechnology Market Trends

• Increasing Awareness of Blue Biotechnology-Based Nutraceuticals and Pharmaceuticals

The increasing awareness of blue biotechnology-based nutraceuticals and pharmaceuticals is playing a pivotal role in fueling the growth of the blue biotechnology market. As consumers become more conscious of the health benefits offered by marine-derived compounds, there is a growing demand for products derived from marine organisms. Nutraceuticals containing marine ingredients such as omega-3 fatty acids, antioxidants, and minerals are gaining popularity due to their perceived health-promoting properties. For instance, Cyanotech Corporation (US) manufactures BioAstin Hawaiian Astaxanthin, which is a nutrient powder that treats immune, skin, and joint health. Moreover, pharmaceuticals developed from marine organisms are garnering attention for their potential in treating various diseases, including cancer, infectious diseases, and neurological disorders. For instance, PharmaMar (Spain) manufacturer Yondelis compound derived from the colonial sea squirt ecteinascidia turbinata recommends treating soft tissue sarcoma as a monotherapy. Furthermore, it is also utilized in treating ovarian cancer in combination with Doxil (PLD). Moreover, Eisai Co., Ltd. (Japan) manufactures HALAVEN injection, which is developed from a natural substance found in a sea sponge and is utilized to treat unresectable or metastatic liposarcoma. This rising awareness among consumers, healthcare professionals, and industry stakeholders is driving increased investment, research, and development activities in the blue biotechnology sector, leading to a surge in product innovation and market expansion. As a result, the blue biotechnology market is poised for substantial growth as it continues to harness the vast potential of marine resources to address global health challenges.

Moreover, the surge in strategic initiatives aimed at pharmaceutical and nutraceutical products derived from marine organisms is significantly driving the Blue Biotechnology Market. As the pharmaceutical and nutraceutical industries look for new ways to meet changing healthcare and dietary needs, their focus has shifted to the oceans' vast and largely untapped resources. Strategic acquisition and product launch in marine biotechnology are accelerating the discovery, development, and commercialization of novel marine-derived compounds. These initiatives not only broaden the product pipeline, but also promote technological advancements in fields such as bioprospecting, bioprocessing, and marine genomics. For instance, in July 2019, Aker BioMarine (Norway) acquired Lang Pharma Nutrition (US) which has 35 years of history in the nutrition & dietary supplement and focus on health-benefit driven products. Lang will aid Aker BioMarine expand its brand in the US.

Thus, the Blue Biotechnology Market is expanding due to rising awareness of blue biotechnology-based nutraceuticals and pharmaceuticals, as well as strategic initiatives focused on marine organisms.

Blue Biotechnology Market Segment Insights

Blue Biotechnology Market Product Insights

Based on product, the Blue Biotechnology Market is segmented into enzymes, pharma products, bulk chemicals, biopolymers, and others. The enzyme segment accounted for the largest market in 2023, and biopolymers segment is anticipated to be the fastest-growing for the forecast period of 2024–2032. The growth of the product segment is driven by various factors, including the continuous innovation in biotechnology such as protein engineering and genetic engineering in order enhance production and application capabilities of enzyme, rising demand for pharmaceuticals such as hormones, vaccines, among others. Further, growing shifts towards the bio-based chemicals and rising investment in R&D in order to discover and develop new chemical compounds from marine sources is burgeoning the market growth.

Blue Biotechnology Market Application Insights

Based on type, the Blue Biotechnology Market has been segmented into bioengineering, genomics, vaccine development, drug discovery, fisheries, aquaculture, biofuels, water treatment services, and others. Drug discovery held the largest market share in 2023 and is anticipated to register the highest CAGR from 2023 to 2032. Bioengineering encompasses a wide range of disciplines, including genetic engineering, tissue engineering, biomedical engineering, and synthetic biology. Bioengineers can then work on isolating and synthesizing compounds from these organisms for drug development. This could lead to the discovery of novel antibiotics, anticancer agents, or treatments for other diseases. Moreover, increasing research and development for drug development with the help of genomics and investing in advanced water treatment solutions can lead to long-term cost savings and operational benefits for healthcare organizations, which are factors contributing to the application segment growth.

FIGURE 2: BLUE BIOTECHNOLOGY MARKET, BY APPLICATION, 2023 & 2032 (USD BILLION)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Blue Biotechnology Market End User Insights

Based on end user, the blue biotechnology market is segmented into hospitals, pharmaceutical companies, biotechnology companies, and others. Biotechnology companies held the largest market share in 2023 and are anticipated to register the highest CAGR during the forecast period. As research activities are increasing, researchers are also focusing on exploring marine diversity and developing biotechnological solutions through marine organisms. Moreover, there is a high demand for eco-friendly products, and sustainability is also contributing to the end-user segment. Furthermore, growing regulatory initiatives in support of marine biotechnology research and development are also driving the market.  

Blue Biotechnology Market Regional Insights

By region, the market is divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the largest market share of over 36.04% in 2023, owing to the increasing investment in research and development activities, advanced healthcare infrastructure, and presence of established drug manufacturers in North America. Further, the presence of renowned market players who are actively involved in fulfilling consumer demand in the region is burgeoning the region’s market growth. For instance, Cyanotech Corporation (US) sells BioAstin through Nutrex Hawaii as a packaged consumer product to natural product distributors, retailers, and online channels, as well as directly to consumers. It is also supplied as a raw ingredient to dietary supplements, health foods, and cosmetic manufacturers in the form of liquid lipids. BioAstin gelcaps are available in bulk to international distributors. Thus, the presence of such market players, who are expanding their presence through distributors and online channels, is fostering the region’s growth.

Further, the major countries studied are: The US, Canada, Brazil, Germany, France, the UK, Italy, Spain, China, India, Japan, South Korea, and Australia.

FIGURE 3: BLUE BIOTECHNOLOGY MARKET, BY REGION, 2023 & 2032 (USD BILLION)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

The Europe blue biotechnology market shows significant growth during the forecast year, i.e., 2024–2032, owing to the presence of huge start-ups associated with blue biotechnology. For instance, Calouste Gulbenkian and the Oceano Azul Foundations, both headquartered in Portugal, received more than 120 projects from over 30 countries until September 2020 associated with blue biotechnology. Further, in September 2020, Blue Bio Value (Portugal) launched its acceleration program for startups related to the blue bioeconomy with 15 projects from eight different countries in Europe: Portugal, Spain, France, Ireland, Italy, The Netherlands, and the United Kingdom. The Germany blue biotechnology market held the largest market share in 2023, and the UK blue biotechnology market is the fastest-growing market in the Europe region.

The Asia-Pacific blue biotechnology market is the fastest-growing region during the forecast period owing to high demand for marine-derived products in various industries including agriculture, pharmaceuticals, cosmetics, among others. Furthermore, advances in biotechnological tools and techniques, such as genomics, proteomics, and metabolomics, have made it easier to investigate and exploit marine resources which is burgeoning the market growth. These technologies allow researchers to more efficiently identify, isolate, and produce valuable compounds from marine organisms. Moreover, China blue biotechnology market held the largest market share in 2023 and India blue biotechnology market is the fastest growing market in the Asia-Pacific region.

Blue Biotechnology Market Key Market Players & Competitive Insights

The blue biotechnology market is distinguished by the presence of many global, regional, and local players. The increasing awareness of blue biotechnology-based nutraceuticals and pharmaceuticals and strategic initiatives associated with pharmaceuticals and nutraceuticals sourced from marine organisms are further expected to drive the growth of the blue biotechnology market during the forecast period. However, stringent regulatory policies may hamper the growth of the blue biotechnology market. The major players have adopted a strategy of obtaining regulatory approval from government agencies for their devices and signing contracts and agreements to broaden their reach and reduce operational costs.

Marinomed Biotech AG (Austria) is a growing Austrian biopharmaceutical company with a focus on innovative therapies for respiratory and immunological diseases.Marinomed specializes in creating cutting-edge treatments for conditions related to virology and immunology. Leveraging the virus-blocking capabilities of Carragelose, the company has introduced a range of over-the-counter products designed to combat viral respiratory infections. Recently, the company further diversified its portfolio by introducing an allergen-blocking nasal spray and hydrating eye drops in the field of immunology. Moreover, in March 2024, the company entered into partnerships with GAIA Healthcare FZ LLC (UAE) and VitaPlus Kft (Hungary) for the distribution of Carragelose nasal sprays distribution for Gulf region and Eastern Europe

Key Companies in the Blue Biotechnology Market includes.

• Marinomed Biotech AG (Austria)


• Marshall Marine Products (India)


• Marinova (Australia)


• Aker BioMarine (Norway)


• Pharma Mar (Spain)


• Cyanotech Corporation (US)


• ADM (US)


• Geomarine (India)


• CP Kelco U.S., Inc. (US)


• TerSera Therapeutics LLC (US)

Pharmaceutical Excipients Industry Developments

March 2024: Aker BioMarine (Norway) launched FloraMarine, an algae-derived DHA component.  FloraMarine is a novel plant-based, marine source of DHA omega-3 from algae. FloraMarine's high-strength DHA from a clean, sustainable plant source gives brands a competitive edge in response to customer demand.

June 2023: Marinomed Biotech AG (Austria) launched a new Carragelose eye drop product MAM-1001-3, expanding the range of the marketed Carragelose OTC portfolio. The product has a valid certification under the Medical Device Directive (MDD).

December 2023: PharmaMar (Spain) has announced that its licensing partner, Luye Pharma Group Ltd. (China), has received marketing approval for Zepzelca (lurbinectedin) by the Pharmaceutical Administration Bureau in Macao for the treatment of adult patients with metastatic Small-Cell Lung Cancer (SCLC), with disease progression on or after platinum-based chemotherapy.

October 2020: Cyanotech Corporation (US) unveiled BioAstin Hawaiian Astaxanthin, a new powder that comes in concentrations of 1% and 2% and is soluble in water. Grown organically on Hawaii's Big Island's Kona Coast, Haematococcus pluvialis microalgae are the source of the potent antioxidant BioAstin Hawaiian Astaxanthin.

Blue Biotechnology Market Segmentation

Blue Biotechnology Market Product Outlook

• Enzymes


• Pharma Products


• Bulk Chemicals


• Biopolymers


• Others

Blue Biotechnology Market Type Outlook

• Bioengineering


• Genomics


• Vaccine Development


• Drug Discovery


• Fisheries


• Aquaculture


• Biofuels


• Water Treatment Services


• Others

Blue Biotechnology Market End User Outlook

• Hospitals


• Pharmaceutical Companies


• Biotechnology Companies


• Others

Blue Biotechnology Market Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  • Mexico
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • India
  
  
  • Japan
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East & Africa
  
  
  • South America