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Marine Biotechnology's In The Blue Economy | 93099
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Marine Biotechnology's In The Blue Economy

Abstract

Lucie Cristina*

A more modern technology that supports and enhances the growth of the blue economy is marine biotechnology. Marine biotechnology is more of a discipline that draws its biological applications from marine bioresources. Over the past few decades, the market-related use of marine resource biotechnology has gradually increased. By 2020, the market for many marketed items will have grown to several billion USD annually, with a 4-5% average annual growth rate. Polyunsaturated fatty acids (PUFAs), microbiomes, and coatings are potential biotechnology uses in marine settings. The market for blue biotechnology has expanded significantly in the Asia-Pacific region, while the European region has seen its growth accelerated by the increasing emphasis on marine technology for the study and development of novel drugs. However, blue biotechnology is still relatively underutilised in many fields. The market in this area is slowed down by a lack of knowledge about the use of marine microorganisms and their applications (Bethel BJ et al., 2021).

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