Bio Marine Ingredients Market to Touch US$3 Billion in Revenue by 2030, Expects a New Study

Rising the Rising Tide, the Global Market for Bio Marine Ingredients is up for a Promising Growth Outlook. Fairfield Market Research, in a New Report, Predicts

London, March 18, 2024 (GLOBE NEWSWIRE) — Global bio marine ingredients industry is cresting a wave of opportunity, with market projections anticipating a surge to US$3 Bn by 2030-end. Up from a valuation of US$1.9 Bn recorded in the year 2023, this significant growth of the market is driven by the rising consumer demand for health and wellness products, increasing awareness of the ocean’s potential, and a focus on sustainable sourcing.

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REPORT SCOPE

Report Attributes Details
Base Year 2022  
Forecast Year 2023 – 2030
Market Size in 2022 US$1.9 Bn
Estimated Market Size in 2030 US$3.0 Bn
CAGR 6.5%  
Growth Drivers
  • Expanding Application in Pet Food, Animal Nutrition, Personal Care, and Pharma
  • The Clean-Label and Natural Trend
Segmentation
  • By Source (Fish, Crustaceans, Algae, Others)
  • By Type (Proteins, Peptides, Collagens, Chitosan, Omega-3 Fatty Acids, Polysaccharides, Others)
  • By Application (Food & Beverages, Pharmaceuticals, Cosmetics & Personal Care, Agriculture & Animal Feed, Others)
Regional Coverage
  • North America (US, Canada)
  • Europe (Germany, UK, France, Italy, Turkey, Russia, Rest of Europe)
  • Asia Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, Rest of Latin America)
  • Middle East & Africa (GCC, South Africa, Rest of Middle East & Africa)

Bio marine ingredients offer a treasure trove of functional benefits, boasting properties that range from high-quality protein, and essential fatty acids to unique antioxidants, and minerals. This versatility fuels their application in a vast array of industries,” explains the company’s analyst.

With an expanding application base across sectors like nutraceuticals, F&B, and cosmetics and personal care, the bio marine ingredients industry size is slated for a CAGR of 6.5% between the years of forecast, 2023 and 2030.

More than anything else, the demand for bio marine ingredients is driven by a commitment to sustainability,” says the analyst. Responsible sourcing practices ensure the health of our oceans while providing a steady supply of these valuable resources. Many marine ingredients also boast impressive eco-credentials, like their ability to reduce reliance on land-based resources or even act as replacements for synthetic ingredients.

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Key Research Insights

  • Among the key market trends contributing to this expansion is the burgeoning demand from the food and beverage, as well as animal feed sectors.
  • The fish category has emerged as a dominant force in 2023, owing to its rich nutritional content, notably high levels of protein and omega-3 fatty acids such as EPA, and DHA.
  • marine proteins are expected to dominate, sourced from various marine organisms including fish, shellfish, and algae.
  • The food and beverages sector has emerged as a significant contributor to the bio-marine ingredients market.

Insights into Segmentation Analysis

Fish Category Surges Ahead

In 2023, the fish segment asserted its dominance in the bio-marine ingredients market.

Rich in high-quality proteins and essential omega-3 fatty acids, fish-based ingredients are integral components of animal feed, particularly in aquaculture and poultry sectors.

Fish oil, making up a significant portion of the marine protein market, holds immense potential due to its nutritional benefits and diverse applications.

Algae Emerges as a Growth Catalyst

While currently in its nascent stage, the algae category is poised for rapid expansion.

With advancements in technology facilitating efficient collection and processing of algae, the market for bio-marine ingredients derived from algae is expected to witness significant growth.

As awareness about the health benefits of algae increases, coupled with evolving extraction methods, the demand for algae-based biomarine components is set to surge.

Protein Experiences a Steady Surge

The protein category led the industry in 2023, offering versatility and essential nutrients, including omega-3 fatty acids.

Marine proteins, sourced from various marine organisms including fish, shellfish, and algae, will retain prominence globally as they find widespread application in products such as protein bars, smoothies, and dietary supplements.

Brands are targeting consumers seeking functional foods that promote health and wellness.

With various food and beverage products incorporating bio-marine proteins, this segment continues to witness steady growth, catering to consumers’ increasing demand for natural and nutritious ingredients.

Omega-3 Fatty Acids See a Consistent Rise

Essential for human health, omega-3 fatty acids are anticipated to experience substantial growth throughout the forecast period.

Found in sources such as oily fish and plant-based sources like flaxseed and chia seeds, omega-3 fatty acids offer numerous health benefits, including reducing the risk of heart disease, stroke, and cancer.

Food and Beverages Industry to Lead the Charge

In 2023, the food & beverages segment dominated the market, driven by the growing consumer preference for natural sources of nutrients like omega-3 fatty acids, and antioxidants.

Nutritional supplements play a crucial role in this segment’s growth, while bio-marine ingredients enhance the texture, flavor, and nutritional value of seafood products and processed foods.

Rapid Demand Growth Poised in Cosmetics and Personal Care

Within the forecast period, the cosmetics and personal care category is expected to witness the fastest growth.

Marine-derived ingredients, such as virgin coconut oil, are increasingly utilized in skincare and haircare products due to their moisturizing, antimicrobial, and cleansing properties.

With growing consumer interest in natural and effective ingredients, this segment presents significant opportunities for innovation and expansion.

Key Report Highlights

  • Consumers are drawn to clean-label products with natural ingredients. Bio marine ingredients cater to this trend, offering functional benefits like improved texture and extended shelf-life for F&B products.
  • Marine ingredients are a game-changer in the nutraceutical space, providing potent ingredients for dietary supplements aimed at improving joint health, cognitive function, and overall wellbeing.

Insights into Regional Analysis

North America Leads in Supplement Consumption

North America is poised to command a substantial share of the global market, driven by rising disposable incomes, growing awareness of the health benefits associated with bio-marine ingredients, and a burgeoning demand for natural and sustainable alternatives.

The US market, underpinned by a growing trend of supplement consumption, dominates the North American region.

Consumers in the US increasingly opt for specialized supplements containing marine-derived ingredients like omega-3 fatty acids and marine collagen, driving sales in the pharmaceutical and nutraceutical industries.

Asia Pacific Reflects Swiftly Expanding Market

Asia Pacific is witnessing rapid growth fueled by an increasing understanding of the advantages offered by these organic ingredients, particularly in skincare and haircare applications, where consumers are willing to invest in high-quality products aligned with their health and sustainability values.

The Asia Pacific region, home to some of the world’s largest economies, is witnessing rapid expansion in the bio-marine ingredients market.

Government investments in the fishing industry, such as India’s Pradhan Mantri Matsya Sampada Yojana, are fostering significant development opportunities.

With increasing demand from food and beverages, pharmaceuticals, and cosmetics industries, the Asia Pacific region is poised for substantial growth in the bio-marine ingredients market.

Key Players in Global Bio Marine Ingredients Market

  • Aker BioMarine AS
  • Cargill, Incorporated
  • Ingredion Incorporated
  • Lonza Group AG
  • Seagarden AS
  • Symrise AG
  • Tate & Lyle PLC
  • CP Kelco USA, Inc.
  • FMC Corporation
  • Givaudan Sal

Global Bio Marine Ingredients Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – (By Source Coverage, By Type Coverage, By Application Coverage, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/bio-marine-ingredients-market

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Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.

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