Report Overview

Global Krill Oil Market size was estimated to be USD 260.6 million in 2019 and, it is anticipated to reach USD 527.55 million by 2026, at a CAGR of 10.6 %, over the projection period.

Global Krill Oil Market – Market Outlook & Trends 

Global Krill Oil Market size was estimated to be USD 260.6 million in 2019 and, it is anticipated to reach USD 527.55 million by 2026, at a CAGR of 10.6 %, over the projection period. Growing demand in the pharmaceutical industry and its usage as dietary supplements drive the Global Krill Oil Market. Besides, the increasing health concerns and the innumerable medical benefits offered by the krill oil are expected to induce the development of the market. The rising acceptance of krill oil as a substitute for fish oil augments its demand. It is widely used in dietary supplements, several food items, the infant food formula and animal feed, consequently triggering the market growth. However, declining species & number of Antarctic krill and hazardous effects of water pollution on sea species may hinder the growth of this market.

Global Krill Oil Market – Overview 

Krill oil is essentially an extract from tiny lobsters, which are found in the ocean water all across the world. It has been recognized that krill oil is as good as other marine oils in terms of energy, nutrients, and absorption. Euphrasia Pacifica and Euphrasia Superba are the two main types of crustaceans used for extracting krill oil. The oil consists of omega-3 fatty acids, which is promoted as a nutritional constituent in it. Omega-3 consumption is beneficial conditions of comprises menopause, inflammation, joint and bone health, ageing, and obesity. It helps reduce swelling, maintain low cholesterol and avoids blood clotting by making blood platelets less sticky. Its health benefits lead to more adoption by consumers, furthering its market growth.

Growth Drivers 

Rising Demand for Omega-3 Products 

Omega-3 products are essential dietary additions for obtaining fatty acids required by the human body for healthy growth and brain development. Infant food formula contains less omega-3 EPA/DHA in comparison to its requirement, so the request for supplemented products is expected to grow at a faster rate. Besides, the consumption of omega-3 fatty acids is vital to food, pharmaceutical, and feed industries. 

The omega-3 substances are gained from numerous sources, like fish oil, krill oil, and algal oil. Presently, omega-3 fatty acid from fish oil is widely available whereas other sources such as fungi and algae are available but not as accepted in the market. Krill oil offers a substitute for Fish oil for Omega-3 and has tremendous growth potential.

The Growing Number of Cancer Patients 

Krill oil is rich in omega-3 fatty acids which help destroy the cancer-causing cells and induce apoptosis. The increasing awareness regarding this benefit helps expand the krill oil market size by many folds. Besides, the consumers have become conscious of the diets and supplements that help reduce the susceptibility to the illness. As per Cancer Research UK, 17 million cases of cancer were registered in 2018, out of which 9.6 million cases resulted in deaths. The growing cancer cases, coupled with the measures to overcome this disease, are expected to contribute to this market significantly.

Impact of COVID-19 in industry

Due to COVID-19, the pharmaceutical industry and health supplements market has received a significant boost. The krill oil, containing Omega 3 fatty acids, is beneficial in various conditions and helps the healthy development. Such awareness and its acceptance by consumers are expected to induce the demand for Krill Oil containing products.

Krill Oil Market: Segmentation

The global krill oil market is segregated by product type and application. Based on Product form, the market is segmented into liquid and tablet. By application, the market is segmented into functional food, dietary supplements, drugs, pet food, and animal food and beverages. 

Based on geography, the Krill oil market is segmented into major five regions viz., North America, Europe, Asia-Pacific, South America, and Middle East & Africa.

Global Krill Oil Market: Regional Insights 

Europe retains the leading market share followed by North America. The Scandinavian countries in the European region are the significant consumers of krill oil. The concentration of krill oil manufacturers such as Aker BioMarine & Rimfrost AS and high raw material obtainability due to proximity to the Arctic Ocean are likely to play a crucial role in propelling growth during the forecast period. The Asia-Pacific is expected to witness to be the firmest-growing market throughout the prediction period because of changing health and wellness trends in the countries like Japan and China.

Competitive Landscape

The leading players considered for market analysis are Aker BioMarine, Rimfrost AS, and Neptune Wellness Solutions Inc., Qingdao Kangjing Marine Biotechnology Co., Ltd., NWC Naturals Inc., Daeduck FRD Inc., Neptune Technologies & Bioressources Inc., Enzymotec Ltd., NutriGold Inc., Olympic Seafood AS (RIMFROST AS), RB LLC., and Aker BioMarine SA and others.

Recent Developments

Ø  In January 2018, Aker BioMarine acquired Enzymotec’s krill oil business. The acquisition was a part of Frutarom’s merger plan as the company felt that the krill business is not fitting with Enzymotec’s core business goals. However, Aker BioMarine has envisioned positioning itself in the krill oil market.

Scope of the Report

By Product Type

Ø  Liquid

Ø  Tablet

By Application

Ø  Fortified Food & Beverages,

Ø  Animal Feed

Ø  Dietary Supplements

Ø  Pharmaceuticals

Ø  Others

By Distribution Channels

Ø  Supermarkets/Hypermarkets

Ø  Departmental Store

Ø  Pharmacy Store

Ø  Online Store

Ø  Others

By Region

Ø  North America

Ø  Europe 

Ø  Asia Pacific

Ø  South America

Ø  Middle East & Africa

The objective of the Study:

Ø  To analyze and estimate the Global Krill Oil Market size, in terms of value.

Ø  To examine the market segmentation carefully and estimate the market size, in terms of value, based on the region by segmenting the Global Krill Oil into five regions, namely, North America, Europe, Asia Pacific, Rest of the World and their leading countries.

Ø  To outline, categorize and project the Global Krill Oil Market based on the Type, Application and Region.

Ø  To examine competitive developments in products and applications within the Global Krill Oil Market.

Ø  To highlight market dynamics such as drivers, restraints, opportunities, and challenges and their impact.

Ø  To provide a detailed competitive landscape, including major players, their strategic profiles, and market shares.

Business Questions Answered by the Report

Ø  How will the market drivers, restraints, and opportunities affect the market dynamics?

Ø  What will be the market size in terms of value and volume and market statistics with a detailed classification?

Ø  Which segment dominates the market or region, and which one will be the fastest-growing, and why?

Ø  Who are the key players in the market, and what is their share?

Ø  What is the strategy adopted by key players, and how does it affect the existing and new players?

Customization Scope for the Client

Client satisfaction is our first and last priority, and that is why BlueWeave Consulting offers customization as per client’s specific needs. The following customization options are available for the report:

Ø  Additional Company Information

Ø  Detail Analysis of five additional companies

Ø  Additional country analysis

Ø  Detailed segment analysis