The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
The key highlights of the report include:
Market Overview (2018-2028)
• Historic Market Size (2022): USD 632.97 million
• Forecast CAGR (2023-2028): 11.40%
• Forecast Market Size (2028): USD 1,209.76 million
The global krill oil market has been witnessing rapid growth owing to the increase in awareness regarding health and wellness. The high omega-3 concentration in krill oil offers similar health benefits as other dietary supplements. Omega-3 helps maintain healthy joints, a strong heart, and a sharp mind. Omega-3 fatty acids also help in proper functioning of phospholipids, which are the building blocks of cells.
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These fats can also assist in maintaining blood lipid, total cholesterol, and triglyceride levels in a healthy range. Many individuals choose to consume omega-3 supplements because they help maintain healthy levels of low-density lipoprotein (LDL), high-density lipoprotein (HDL) cholesterol, and blood pressure.
Krill oil is rich in astaxanthin, the pigment that gives krill their red colour. This pigment is a powerful antioxidant and helps improve the body’s defences against free radicals and plays a significant role in providing the many health advantages of krill oil. Moreover, krill oil also aids in several neurodegenerative diseases such as Parkinson’s disease. The growing geriatric population globally is expected to support the krill oil market over the forecast period.
Krill Oil Market Segmentation
Krill oil is extracted from a species of Antarctic krill, Euphausia Superba, which is a food source for whales, penguins, and large fish. Krill oil contains omega-3 fatty acids that are also commonly found in fish oil, as well as phospholipid-derived fatty acids (PLFA) such as phosphatidylcholine, which is also known as marine lecithin. Krill oil is red in colour and is used as a supplement for heart disease, high cholesterol, high levels of certain blood fats (triglycerides), and high blood pressure.
On the basis of product type, the market is segmented into:
• Liquid
• Soft Gels
• Capsules
Based on application, the market is divided into:
• Dietary Supplements
• Animal Feed
• Functional Foods and Beverages
• Pharmaceuticals
• Others
On the basis of region, the market is categorised into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
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Krill Oil Market Trends
The krill oil market is anticipated to grow over the course of the forecast period due to the robust growth of the dietary supplement and pharmaceutical sectors. Krill oil is used to develop dietary supplements and therapeutics and offers more health benefits than a regular omega-3 supplement.
The krill oil market is further aided by new product launches and innovations. For instance, Kori Krill oil has expanded its portfolio with the launch of new Krill Oil Gummies, a first of its kind that provides omega-3 in its natural phospholipid form for better absorption. The gummies improve the heart, brain, joints, eyes, skin, and immune health. In 2022, Lifestar Company Limited, a subsidiary of RS Group, introduced Krill Oil Plus CBD, a CBD-added product that is considered Thailand’s first supplement with CBD as an ingredient.
In the Asia Pacific, Japan’s increasing beauty and personal care market is complementing the growth of krill oil supplements which are known to improve skin hydration, promote cell regeneration, and erase wrinkles, among many other advantages. The krill oil market is also being supported by research and development activities and expansions of market players. Aker BioMarine, a Norwegian fishing and biotech company has established an office in Tokyo due to the high demand for krill oil. The company aims to expand its nutraceutical ingredients market in Asia with the recent expansion.
Key Market Players
The major players in the global krill oil market report include NWC Naturals LLC, Rimfrost AS, Norwegian Fish Oil AS, Daeduck FRD, AdvaCare Pharma, and Biocorp Co., Ltd., among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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