PUBLISHER: Acute Market Reports | PRODUCT CODE: 1552378
PUBLISHER: Acute Market Reports | PRODUCT CODE: 1552378
The marine extract market encapsulates a realm where products are derived from marine resources, be it algae, seaweeds, marine plants, or marine animals. These extracts can be used in various industries, including pharmaceuticals, cosmetics, food, and agriculture. The richness of the oceans, covering over 70% of the planet's surface, makes it a trove of biologically active molecules, unique nutritional elements, and therapeutic agents. With evolving consumption patterns and heightened awareness of health and wellness, the marine extract market has experienced a surge in demand over the past few years. The marine extract market is estimated to grow at a CAGR of 5.5% from 2024 to 2032.
Driver: Rising Demand in Cosmetic and Personal Care Industry
The cosmetic and personal care industry has been at the forefront in driving the demand for marine extracts. Marine-based ingredients, known for their hydration, anti-aging, and skin-enhancing properties, have become a staple in various cosmetic formulations. For instance, marine collagen, sourced primarily from fish scales, is renowned for its skin rejuvenation properties. Evidence of this trend is visible on product labels and in marketing campaigns, with brands like La Mer and Thalgo emphasizing their marine-based ingredients. Further, a study published in the Journal of Cosmetic Dermatology showcased the efficacy of marine collagen in skin hydration and elasticity, highlighting its superiority over other types.
Opportunity: Exploration of Deep-Sea Organisms for Pharmaceutical Applications
The deep-sea environment, largely unexplored and mysterious, harbors organisms with unique biochemical compositions. These organisms, thriving under extreme pressures and temperatures, produce molecules not found anywhere else. Recognizing this, pharmaceutical researchers have shifted their attention to deep-sea exploration. An illustrative example is the compound spongothymidine, derived from a marine sponge, which led to the synthesis of the antiviral drug Ara-C, now used in chemotherapy regimes. Further evidence lies in the Journal of Natural Products, which reported multiple bioactive compounds sourced from deep-sea microbes that exhibit anti-tumor and antibiotic properties.
Restraint: Over-Exploitation and Sustainability Concerns
While the oceans offer abundant resources, there's a looming threat of over-exploitation. Extracting marine resources, especially in large quantities, can disrupt the delicate marine ecosystem balance. Over-harvesting specific algae types has led to a decline in their natural populations, impacting the broader marine food chain. A report by the United Nations Food and Agriculture Organization indicated a noticeable depletion in certain seaweed varieties due to unsustainable harvesting practices, emphasizing the need for regulated and sustainable extraction.
Challenge: Regulatory Hurdles and Quality Assurance
Tapping into marine resources, especially for consumables, involves stringent regulatory checks to ensure product safety. Different countries have their regulatory guidelines, making it challenging for manufacturers to achieve universal compliance. For instance, marine extracts used in dietary supplements in Europe must adhere to the European Food Safety Authority standards, which may differ from the U.S. FDA regulations. Furthermore, ensuring consistent quality poses a challenge due to varying marine conditions. An article in the Marine Drugs Journal highlighted the variability in the composition of marine extracts, attributing it to changes in sea temperatures and pollutant levels.
Market Segmentation by Extract Type
By Extract Type, in 2023, the Protein segment had led the market in terms of revenue. Marine proteins, especially those derived from fishes and algae, were extensively used in nutritional supplements and functional foods. Their touted benefits for muscle growth and tissue repair fueled their demand. On the other hand, the Lipid segment is expected to witness the highest CAGR from 2024 to 2032. The growing awareness of Omega-3 fatty acids, primarily eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA), and their health benefits like cardiovascular health and cognitive function boost, are driving this growth. Carbohydrates, mainly sourced from seaweeds, found application in cosmetics due to their skin hydration properties. The Ash segment predominantly had industrial applications, especially in fertilizers. The Others category, which includes niche extracts like marine pigments, showed steady growth but was not a dominant segment.
Market Segmentation by Application
Concerning Application, the Functional Food & Beverages sector was the primary revenue generator in 2023. The rising trend of health and wellness had consumers opting for fortified foods, and marine extracts like fish proteins and algal lipids fit perfectly into this narrative. However, the Cosmetics & Personal Care sector is projected to register the highest CAGR in the decade leading to 2032. Evidence of this lies in the ever-increasing range of skincare products boasting marine collagen or seaweed extracts. The Pharmaceuticals sector, driven by deep-sea exploration and discovery of novel compounds, maintained steady growth. Animal Feed and pet Food saw a rise in marine ingredients, particularly in premium product ranges, while the other segment encapsulated diverse smaller-scale applications.
Market Segmentation by Region
From a Geographic perspective, the Asia-Pacific region was the dominant force in terms of revenue in 2023. Countries like China, Japan, and South Korea, with their coastal cultures and diets rich in seafood, heavily contributed. However, Europe is anticipated to exhibit the highest CAGR from 2024 to 2032. This prediction rests on the region's robust cosmetic and pharmaceutical industries, coupled with sustainability-driven regulations that encourage marine extract usage. North America, with its thriving functional foods market and pharmaceutical research, was a key player, while Latin America and the Middle East & Africa regions showed promise with burgeoning cosmetics sectors.
Competitive Trends
In terms of Competitive Trends, the marine extract market, in its essence, remains fragmented, with a mix of major global players and regional enterprises. Companies like Aker BioMarine, Lonza, BioActor BV, Marinova Pty Ltd., Neptune Wellness Solutions Inc., Rousselot S.A.S., CP Kelco, Taiko Group of Companies, Ashland Global Holdings Inc., FMC Corporation, Seaweed Energy Solutions AS, Extract & Ingredients Ltd., GlycoMar Ltd., Biolume Inc., and Aquapharm Bio-Discovery Limited had a significant presence in 2023 due to their expansive portfolios and global reach. Their strategies often encompassed acquisitions, partnerships, and research investments.
Historical & Forecast Period
This study report represents an analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends & technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. The key data points that enable the estimation of Marine Extract market are as follows:
Research and development budgets of manufacturers and government spending
Revenues of key companies in the market segment
Number of end users & consumption volume, price, and value.
Geographical revenues generated by countries considered in the report
Micro and macro environment factors that are currently influencing the Marine Extract market and their expected impact during the forecast period.
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top-down and bottom-up approach for validation of market estimation assures logical, methodical, and mathematical consistency of the quantitative data.
Market Segmentation
Extract Type
Source
Application
Region Segment (2022-2032; US$ Million)
North America
U.S.
Canada
Rest of North America
UK and European Union
UK
Germany
Spain
Italy
France
Rest of Europe
Asia Pacific
China
Japan
India
Australia
South Korea
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East and Africa
GCC
Africa
Rest of Middle East and Africa
Key questions answered in this report
What are the key micro and macro environmental factors that are impacting the growth of Marine Extract market?
What are the key investment pockets concerning product segments and geographies currently and during the forecast period?
Estimated forecast and market projections up to 2032.
Which segment accounts for the fastest CAGR during the forecast period?
Which market segment holds a larger market share and why?
Are low and middle-income economies investing in the Marine Extract market?
Which is the largest regional market for Marine Extract market?
What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
Which are the key trends driving Marine Extract market growth?
Who are the key competitors and what are their key strategies to enhance their market presence in the Marine Extract market worldwide?
FIG. 10Market Positioning of Key Marine Extract Market Players, 2023
FIG. 11Global Marine Extract Market - Tier Analysis - Percentage of Revenues by Tier Level, 2023 Versus 2032