LONDON--(BUSINESS WIRE)--According to a recent Technavio report, the blue biotechnology market is expected to grow by USD 1.77 billion during 2019-2023. Growth in the blue biotechnology market can be attributed to many segments, one of which is the application segment comprising of pharmaceuticals, F&B, and others. Industry participants are focusing on analyzing maximum growth opportunities in the market by considering their prospects in the fast-growing, application segment.
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There is an increase in the demand for organic cosmetics among consumers due to the growing awareness about the side effects caused by synthetic cosmetic products. Marine resources are gaining prominence in the cosmetic industry because they contain active ingredients that help in protecting the skin by hydrating and making it firm. Cosmetics made from natural ingredients are developed with the help of blue biotechnology-based products. This will boost the popularity of blue biotechnology in the cosmetic industry. As per Technavio, the blue biotechnology market is forecast to grow at a CAGR of almost 7% by 2023.
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Marine resources such as algae are a source of active ingredients. They contain oligo-elements like iron, copper, and zinc, proteins, and carbohydrates. They are also rich in vitamins A, B, and C and amino acids.
In addition, microalgae, macroalgae, fish, marine bacteria, halophytes, and marine mud and water are used in the production of products for anti-aging, photoprotection, hydration, and skin whitening. This will further boost the need for blue biotechnology to derive active ingredients from these sources.
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Developments in the field of Blue Biotechnology
Several vendors in the market are focusing on developing and introducing new products. For instance, Archer Daniels Midland Company launched Onavita DHA algal oil, which is an addition to the company’s Omega-3 product line.
Aker BioMarins is one of the several vendors operating in the blue biotechnology space. The company caters and provides its blue biotechnology products to various end-users including nutraceuticals and food industry.
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Technavio is an international consulting and market research firm dedicated to empowering confident strategic decisions within the medical device, dental, pharmaceutical and more Healthcare industries.