The ocean drives industries from tourism and biotech to clean energy and pharmaceuticals. But climate change, pollution and underfunding put its future at risk.
More than just fishing boats and cargo ships, the fast-growing ocean economy hit a record $2.2 trillion in exports in 2023, with services accounting for 59% of the total. It powers industries from tourism and pharmaceuticals to biotechnology and clean energy, supporting over 600 million jobs worldwide.
Since 1995, the ocean economy has grown 2.5 times, outpacing the 1.9-fold expansion of the world economy, with developing economies driving much of this growth.
New UN Trade and Development (UNCTAD) data shows that whiletourism (33%) and shipping (22%) remain the dominant sectors, high-tech and manufacturing industries are gaining ground, now making up 16% of ocean trade. These include pharmaceuticals, marine sports, clean energy and electrical equipment.
New industries are also emerging. A $10.8 billion market for marine-based plastic substitutes is taking shape, offering economic gains and environmental benefits. Marine biotechnology, valued at $4.2 billion in 2023 and projected to reach $6.4 billion by 2025, is expanding with innovations in low-carbon marine foods, new antibiotics and bio-based materials.
Rising threats, lagging investment
But the ocean economy – and its immense potential – is under increasing strain. Overfishing, pollution and climate change threaten its role as an economic engine. Today, 37.7% of global fish stocks are overfished, up from 10% in 1974.
Rising ocean temperatures are worsening the crisis. 2024 was the hottest year on record for seawater, with temperatures 1.55°C above pre-industrial levels, disrupting marine ecosystems, shifting fish populations and threatening food security. Rising sea levels endanger coastal infrastructure, ports and shipping routes.
Plastic pollution is another ocean emergency. Two million tons of plastic waste enter the ocean each year, taking centuries to degrade.
These risks are life-threatening for small island developing states, which rely heavily on marine resources. Their per capita ocean-related exports topped $2,600 in 2023 – nearly ten times the global average.
Meanwhile, the ocean economy remains critically underfunded. Sustainable Development Goal 14 (life below water) requires $175 billion annually, but only $30 billion has been disbursed since 2010, making it one of the least-funded goals. At the same time, $22 billion in harmful fishing subsidies continue to fuel overfishing and marine ecosystem destruction.
Charting a new, sustainable course
The ocean economy is at a turning point. To ensure it grows sustainably and inclusively, these key actions are urgently needed:
- Finalize a legally binding treaty on plastic pollution to cut waste and expand marine-based industries.
- End harmful subsidies and scale up financing, leveraging public and private funds.
- Expand data collection on ocean-related emissions, trade, and investment to align policies with climate goals.
- Integrate ocean-based sectors into national climate and biodiversity plans to improve resilience.
With the 5th UN Ocean Forum convening in March, and the 2025 UN Ocean Conference meeting in June, policymakers have a unique opportunity to act. At stake is the future of the ocean economy and the billions of lives that depend on it.