Role and Prospect of Marine Biotechnology in Blue Economy

Abstract

AbstractMarine biotechnology is a recent technology that supports and improves the development of the blue economy. Marine biotechnology is more of a field that makes use of marine bioresources as the source of biological applications. The market-linked application of marine resource biotechnology has grown steadily over recent decades. For numerous commercialized products, the market exceeded several billion USD per annum by the year 2020, with a composite annual growth rate of 4–5%. Potential applications of biotechnology in marine environments include polyunsaturated fatty acids (PUFAs), microbiomes, and coatings. The growing focus on marine technology for the research and development of innovative drug has amplified the growth of the blue biotechnology market in the European region, whereas the market share in the Asia-Pacific region displays a substantial growth in this market, but blue biotechnology is not much used in various fields yet. The lack of awareness about the practice of marine microorganisms and their applications slows down the market in this region.KeywordsMarine biotechnologyBlue biotechnologyMarine bioprospectingBlue economyMarine bioresourcesSubstantial growthSustainable development goalsGenomeMicrobiomePUFAs