Krill Oil Market Size & Growth Analysis to 2030

The global krill oil market size is projected to grow at a significant CAGR of around 11% during the forecast period 2021 to 2027. The rising prevalence of chronic diseases such as cancer and cardiovascular diseases and the growing geriatric population around the world are some major factors to drive the market growth. Moreover, the health benefits associated with the product to prevent various diseases such as cancer, cardiovascular, hypertension, and others are anticipated to increase the demand for the product.

The increasing awareness regarding health among people is estimated to fuel the market growth. Furthermore, the avoidance of fish-related products from diet is further anticipated to boost the market growth over the forecast period. In addition, the increasing use of krill oil in various applications such as Dietary Supplements, Pharmaceuticals, and Others is expected to increase the demand for the product in next upcoming years.

Market Drivers:

Increasing Consumer Awareness of Health Benefits: Krill oil is known for its high content of omega-3 fatty acids, primarily eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA). These omega-3 fatty acids have been associated with various health benefits, including cardiovascular health, brain function, joint health, and inflammation reduction. As consumers become more aware of the importance of omega-3 fatty acids for overall health and wellness, the demand for krill oil as a source of these nutrients increases. According to a study published in the Journal of the American College of Nutrition, krill oil supplementation significantly increased the levels of EPA and DHA in the blood, leading to improved cardiovascular health markers.

Growing Demand for Dietary Supplements: The dietary supplement industry is experiencing significant growth worldwide. Consumers are increasingly turning to dietary supplements to complement their nutritional intake and support their overall well-being. Krill oil is a popular ingredient in dietary supplements due to its omega-3 fatty acid profile and potential health benefits. The growing demand for dietary supplements drives the demand for krill oil as a key ingredient.

Sustainable and Eco-Friendly Source: Krill oil is derived from krill, a small marine crustacean found in the pristine waters of the Antarctic Ocean. Unlike some traditional fish oil sources, krill oil is considered a sustainable and eco-friendly option. Krill populations are highly regulated and monitored to ensure responsible harvesting practices. The sustainability factor associated with krill oil appeals to environmentally conscious consumers and contributes to its market growth.

Rising Demand for Functional Food and Beverages: Functional foods and beverages are gaining popularity among health-conscious consumers. These products are fortified with specific nutrients or bioactive ingredients to offer additional health benefits. Krill oil, with its omega-3 fatty acids and antioxidant properties, is incorporated into various functional food and beverage products. The increasing demand for functional products that offer health-enhancing properties drives the demand for krill oil as an ingredient.

Technological Advancements in Extraction and Processing: Continuous advancements in extraction and processing technologies have improved the efficiency and quality of krill oil production. Advanced extraction methods, such as cold-pressing and supercritical fluid extraction, help retain the nutritional integrity of krill oil and minimize oxidation. Technological advancements have also led to the development of concentrated forms of krill oil with higher levels of omega-3 fatty acids, offering more potent and convenient options for consumers.

Expansion of Aquaculture and Animal Feed Industries: Krill oil is used as an ingredient in aquaculture feed and animal nutrition. It is recognized for its benefits in promoting growth, enhancing feed conversion efficiency, and improving the health and vitality of farmed aquatic species. With the expansion of the aquaculture industry to meet the growing demand for fish and seafood, the demand for krill oil as a feed ingredient increases. Additionally, krill oil is being explored as a potential ingredient in pet foods to offer similar health benefits to companion animals.

Research and Development in Krill Oil Applications: Ongoing research and development activities are expanding the applications of krill oil in various sectors. Scientists and manufacturers are exploring the potential benefits of krill oil in areas such as skincare, nutraceuticals, sports nutrition, and functional beverages. This research-driven approach opens up new avenues for the utilization of krill oil and fuels market growth.

Market Snapshot:

Market Insights:

The global krill oil market is bifurcated into product, application, and geography. On the basis of product, the market is further segmented into liquids, softgels, and capsules. The liquid segment dominated the global market in 2020 and expected to grow at the same trends over the forecast period. The segment growth is attributed to the increasing demand for the product in infant formulas and pet food. On the other hand, the capsule segment is anticipated to grow at a significant growth rate over the forecast period.

On the basis of application, the market is bifurcated into dietary supplements, animal feed, functional food & beverages, pharmaceuticals, and others. The dietary supplements segment dominated the global krill oil market in 2020 and accounted to hold the largest revenue share of two-trhid percent of the market. The increasing awareness regarding chronic disease and other health issues are expected to drive the segment growth. Furthermore, the increasing demand for the product from infant formulas is anticipated to boost the segment growth over the forecast period.

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The krill oil comprehensive study offers an in-depth analysis of industry trends, market size, competitive analysis, and market forecast – 2021 to 2027. Research Corridor report provides detailed premium insight into the global market and reveals the potential revenue streams, commercial prospects, market drivers, challenges, opportunities, issues, and events affecting the industry. In addition, the report has a dedicated section covering market forecasts and analysis for leading geographies, profiles of major companies operating in the market and expert opinion obtained from interviews with industry executives and experts from prominent companies.

The krill oil market research report presents the analysis of each segment from 2018 to 2027 considering 2020 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2021 to 2027.

Historical & Forecast Period

• 2018-19 – Historical Year
• 2020 – Base Year
• 2021-2027 – Forecast Period

Market Segmentation:

By Product:

• Liquids
• Softgels
• Capsules

By Application:

• Dietary Supplements
• Animal Feed
• Functional Food & Beverages
• Pharmaceuticals
• Others

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Geographic Coverage:

Geographically, North America dominated the global krill oil market in 2020 and estimated to hold the largest revenue share of around one-fourth of the market. The increasing demand for the product in pharmaceuticals, infant formula, and supplements is a major factor to drive the market growth in the region. Furthermore, the increasing consumer awareness regarding health and fitness is further anticipated to boost the market growth in North America.

Competition Assessment:

Some of the major market players operating in the global krill oil market are Aker BioMarine Ergomax, Norwegian Fish Oil AS, Neptune Wellness Solutions Inc., and NutriGold Inc. Companies are exploring markets by expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy.

Key Companies:

• Aker BioMarine Ergomax
• Norwegian Fish Oil AS
• Neptune Wellness Solutions Inc.
• NutriGold Inc.
• Nutracode
• Qingdao Kangjing Marine Biotechnology Co., LTD.
• NWC Naturals Inc.
• Schiff Nutrition International, Inc.
• Rimfrost AS

Key Questions Answered by Krill Oil Market Report

• Global krill oil market forecasts from 2021-2027
• Regional krill oil market forecasts from 2021-2027 covering Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America
• Country-level forecasts from 2021-2027 covering 15 major countries from the aforementioned regions
• Krill oil submarket forecasts from 2021-2027 covering the market by type, by product, by application, and geography
• Various industry models such as SWOT analysis, Value Chain Analysis pertaining to the krill oil market
• Analysis of the key factors driving and restraining the growth of the global, regional, and country-level krill oil markets from 2021-2027
• Competitive Landscape and market positioning of top 10 players operating in the krill oil market