The United States dominates the market with the largest share for marine biotechnology as it is home to the developed marine research centers specializing in the field.
According to a new report by Transparency Market Research, healthcare or biotechnology constitutes the largest end-use segment for marine biology.
Europe is also one of the leading regions contributing to the growth of this market, and the regions in Asia Pacific such as China, India, South Korea and Japan, Thailand, Vietnam and Australia are expected to become substantial markets for marine biotechnology in the foreseeable future.
The countries in Africa such as Mozambique, Nigeria, South Africa and Tunisia are also growing and are expected to be one of the key markets over coming years, says the market researcher.
Marine biotechnology is a growing field comprising marine bio-medicine including pharmaceuticals discovery, materials technology, bio remediation, marine biomedical model organism, genomics, bioinformatics and molecular genetics; but also offers opportunities for personal care and cosmetics products producers.
In terms of cosmetics applications, the majority of marine-based bioactive substances appear in anti-aging and anti-cellulite formulations.
While Human Nutrition and Pharmaceuticals are the key end-user segments of marine biotech products, the Cosmetics and Personal Care segment is expected to be the fastest growing end-user over the next few years.
The prime motivation is derived from the enormous biodiversity and genetic life in sea, as well as the marine environment being a rich source of both chemical and biological diversity.
This diversity consists of compound with the potential for industrial development as cosmetics, nutritional supplements, pharmaceuticals, molecular probes, enzymes, fine chemicals, and agrichemicals.
TMR says that although marine biotechnology market is in a nascent stage, it has untapped potential and promising growth prospect for future.
Growing usage of marine product in food, cosmetics, and agriculture industries is driving the market for marine biotechnology, although lack of R&D investment is constraining this growth.
Companies highlighted by TMR that are big on the uptake and active in cosmetics are Lonza and CP Kelco.