Global Bio-Marine Ingredients Market Set to Surge to US$ 4,011.5 Million by 2033 Addressing Urgent Global Needs for Eco-Friendly Resources
The global bio-marine ingredients market is anticipated to reach a market valuation of US$ 2,307.4 million in 2023. Over the forecast period (2023 to 2033), global bio-marine ingredients demand is estimated to grow at 5.7% CAGR. By 2033, the total market is projected to reach US$ 4,011.5 million valuation.
Due to the overexploitation of terrestrial resources and the problem of waste disposal, modern communities all over the world are in urgent need of alternative, sustainable, and eco-friendly resources.
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In recent times, humans require greater support from the pharmaceutical, nutraceutical, and biological disciplines to age better. As a result, research has focused on bio-marine ingredients in order to discover new and alternative sources of natural compounds.
Till now, more than 28 bio-marine natural products and 175 chemical entities have been discovered in the last 20 years, and hundreds of new ingredients are discovered every year. Furthermore, there are now seven approved marine-derived pharmaceuticals in clinical usage, as well as around 26 natural products in phase I to phase III clinical trials which shows the significance of bio-marine ingredient has received in present times.
For instance, every year, fish processing companies generate huge volumes of fish waste, accounting for around 25% of total production. Over 70% of the waste is made up of skin, bones, scales, and fins.
Bio-marine ingredients like collagen extracted from fish peptides and waste derived from collagenous sources have been found to exhibit a variety of bioactivities with potential pharmacological and cosmeceutical applications, in addition to biomaterial for tissue engineering.
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Hence, after recognizing the opportunity that bio-marine ingredients could offer, manufacturers started differentiating products in the market by leveraging unique sourcing methods, developing innovative formulations, emphasizing sustainability, highlighting health benefits, and targeting specific consumer segments with tailored marketing strategies.
For instance,
Malaysia Dairy Industries (MDI) has infused its nutritious probiotic drink with collagen peptides. This “Vitagen Collagen” drink promotes the growth of good gut bacteria and rejuvenates the skin.
Similarly, Avon also launched the Avon Life Marine Fish Peptide Collagen Drink, a novel drink made from superior-quality fish peptide collagen from salmon fish skin and fructo-oligosaccharides.
Nestle Malaysia has also released Nescafe Body Partner, Kacip Fatimah, and Collagen Coffee, all of which contain collagen derived from fish. Another nutraceutical drink rich in marine collagen and antioxidants for healthy skin is the Nutrova collagen+antioxidants (cranberry flavor).
Key Takeaways from the Bio-Marine Ingredients Report:
The bio-marine ingredients marketis expected to be valued at US$ 2,307.4 million by 2023.
Global demand for bio-marine ingredients is likely to soar at 7% CAGRover the forecast period.
Based on source, demand for fish is expected to continue as it is holding a market share of 45% to reach a market valuation of US$ 1,805.2 million by the end of 2033.
According to FMI analysis, the protein segment is predicted to attain a market share of 0% during the assessment period, resulting in a market size of US$ 922.6 million by 2033.
The United States bio-marine ingredients market is projected to reach a valuation of US$ 1,343.9 million by 2033.
“The bio-marine ingredients market is expected to expand due to rising consumer demand for natural and sustainable products, expanded applications, and technological and sourcing advancements.” – says a lead analyst at Future Market Insights (FMI)
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Who is Winning?
Aker BioMarine AS, Cargill, Incorporated, CP Kelco U.S., Inc., FMC Corporation, Givaudan SA, Ingredion Incorporated, Lonza Group AG, Marinova Pty Ltd., Neptune Wellness Solutions Inc., Rousselot S.A.S., Seagarden AS, Symrise AG, Tate & Lyle PLC, The Archer Daniels Midland Company (ADM) are key bio-marine ingredients manufacturers listed in the report.
These companies are expanding product portfolios, employing strategies like advertising, partnerships, acquisitions, agreements, and mergers to maintain market relevance and drive growth in the bio-marine ingredients market.
For instance,
In 2020, Bio-Marine Ingredients Ireland received a new investment of US$ 5.9 million. The biotech firm provides extracts of lipids, proteins, and calcium from fish for applications such as animal feed and food
In 2020, French bio-marine ingredient company, Algaia, specializing in seaweed natural extracts, has recently wrapped up a US$2.4 million funding round, which it says it will use to develop a new variety of seaweed-based solutions that may be used to generate plant-based replacements.
In 2021, the Korea National Marine Biodiversity Institute and Cj Cheiljedang collaborated to research potential marine-derived ingredients.
Bio-Marine Ingredients Market by Category
By Source:
Fish
Crustaceans
Algae
Others
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