Global blue biotechnology market is anticipated to reach US$ 5.9 Bn by 2031, according to a new report published by Absolute Markets Insights. The market is expected to expand at a CAGR of 7.8% from 2023 to 2031. Blue biotechnology is a field of biotechnology that comprises of study and use of marine organisms and resources for various purposes. It involves the use of advanced technologies to understand the genetic, biochemical, and physiological properties of marine organisms and to develop new products and applications in areas such as medicine, agriculture, energy, and the environment. Marine organisms happen to a rich source of bioactive compounds that have potential applications in various industries. For instance, marine microorganisms have been found to produce antibiotics and anticancer drugs, while seaweeds and microalgae can be used as a source of food and biofuels. Blue biotechnology has the potential to contribute to the sustainable development of marine resources and to the development of new products and technologies that can benefit society. Though, it is important to ensure that the exploitation of these resources is done in a responsible and sustainable way, to minimize the impact on marine ecosystems and to ensure their long-term viability.
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Research in blue biotechnology involves collaboration between scientists from different fields, including marine biology, biotechnology, chemistry, and engineering. The development of new technologies like genetic engineering, bio-prospecting, and synthetic biology is also contributing to the growth of this field. The global blue biotechnology market is advancing rapidly on the path of the progress courtesy of numerous factors. The biggest factor that aids the growth of this market is that the blue biotechnology has the potential to provide a variety of benefits, including new medicines, sustainable food production, renewable energy, and environmental remediation.
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Global Blue Biotechnology Market Key Takeaways:
- Marine organisms possess the ability to break down pollutants and toxins, making them potentially useful for environmental remediation. The bacteria found in marine sediments have been used to break down oil spills. Hence government bodies are promoting its use extensively.
- Marine organisms just like seaweed and microalgae are rich in nutrients and have the potential to be used as a sustainable source of food. They can be used to develop new food products or as a supplement to existing food products.
- The region of Asia Pacific has been forecasted to mint most of the money for the global blue biotechnology market at the quickest rate in next couple of years. The region is rich in marine life courtesy of the Indian and Pacific Ocean. Along with this, rising awareness among governments regarding pollution boosts the growth of this market.
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Competitors: Global Blue Biotechnology Market:
- AKER BIOMARINE
- New England Biolabs (UK) Ltd.
- PML Applcations
- Samudra Biopharma Pvt. Ltd
- Sanosil Biotech
- Other Market Participants
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Global Blue Biotechnology Market:
- Functional Ingredient and animal feed
- Pharmaceuticals and Nutraceuticals
- Foods and food additives
- Materials (e.g., clothes and construction materials)
- Drug Discovery
By End Users
- Research and Academic Institutes
- Biotechnology and Pharmaceutical Institutes
- North America (U.S., Canada, Mexico, Rest of North America)
- Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe
- Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific
- Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
- Latin America (Brazil, Argentina, Rest of Latin America)
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