The Bioeconomy

Marine biotechnology is expected to be one of the major technologies of the 21st century, suitable to address the societal “grand challenges” such as health, food, and energy. Global revenues from marine biotechnology alone should reach $3.78 billion by 2012.¹

The sector’s global growth is expected to rise at a compound annual rate of 4.3%, over the period 2007-2012. 

Pharmaceutical and biopharmaceutical products are taking the largest share of the markets, followed by consumer products such as food, beverages, nutraceuticals, and cosmetics (BizAcumen, 2009).²

The European Bio-economy includes all the productive sectors that utilise biological resources (e.g. agriculture, food, forestry, fisheries, aquaculture and other bio-based industries). Biotechnology already has an approximate market size of over €1.5 trillion, employing more than 22 million people .

^{1 Global Industry Analysts, Inc, 2008. 'Marine Biotechnology - A Global Strategic Business Report’}