LONDON--(BUSINESS WIRE)--The global marine biotechnology market is expected to grow at a CAGR of more than 7% from 2018-2022, according to a new market research report by Technavio.
Global marine biotechnology market segmentation by application and geography
Technavio’s report on the global marine biotechnology market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by application, which includes food and cosmetic products, energy and environment management products, and healthcare products. There is a rise in demand for cosmetics across the world, owing to the growth of the aging population and increasing emphasis on appearance. Marine resources are a source of active ingredients for the cosmetic industry.
Based on geography, the global marine biotechnology market has been segmented into the Americas, APAC, and EMEA. As of 2017, 42% of the market share came from the Americas.
“The Americas dominated the marine biotechnology market due to the increase in funding and grants to develop novel drugs from bio-based products. The US was the largest revenue contributor to the marine technology market in the region,” says a senior analyst at Technavio for lab equipment research.
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Marine biotechnology market: competitive landscape
The global marine biotechnology market comprises of several international and regional companies such as BASF, CP Kelco, Cyanotech, and SEPPIC. The competitive environment is expected to intensify during the forecast period owing to an increase in product innovations, service extensions, and M&As.
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Other topics covered in the report:
Market drivers:
- Increase in demand for biofuel
- Rising demand for natural compounds in cosmetic industry
Market trends:
- Increasing concern about climate change
- Increasing investments in R&D
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