Krill Oil Market Segmented By Liquid, Tablets, Capsules and Softgel Form in Dietary Supplements, Functional Food and Beverages, Pharmaceuticals, Pet Food and Animal Feed
Industry: Food and Beverages
Published Date: January-2023
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 271
Report ID: PMRREP6721
The market for krill oil can be expected to expand at a value based CAGR of 7.7% and show an increase in revenue from US$ 170.1 Mn to around US$ 357.7 Mn by 2033.
| Attributes | Key Insights |
|---|---|
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Krill Oil Market Size (2023E) |
US$ 170.1 Mn |
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Projected Sales of Krill Oil (2033F) |
US$ 357.7 Mn |
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Value CAGR (2023-2033) |
7.7% |
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Value Share of Top 4 Countries (2022E) |
49% |
The global krill oil market has witnessed significant growth in the historical period registering a CAGR of 7.3% in the historical period and was valued at US$ 170.1 Mn in 2023. The market is expected to grow steadily with increasing awareness and benefits about applications of krill oil.
Krill oil is obtained from Antarctic krill/ Euphasia Superba species. It forms the largest biomass available on earth. Scientific research has concluded the higher benefits of krill oil over the other marine oils. This oil is specifically intended to meet the necessary omega-3 fatty acids and phospholipids requirements required for general well-being. Consumption of omega-3 fatty acids is on the rise currently. Krill, which acts as an alternative source for omega-3 fatty acids, thereby helps address this challenge. Increasing consumer inclination towards maintenance of a healthy lifestyle through the consumption of dietary supplements and nutritious diet is a major factor witnessed in the krill oil market and the global market for krill oil is estimated to reach an approximate valuation of US$ 357.7 Mn in the forecast period.
“Growing Quest for Dietary Supplements among Consumers”
Nutrients play a critical role in overall human health, several studies published in renowned scientific journals focus on the benefits of adequate nutrition for maintaining overall health. However, with the change in lifestyles and eating habits, consumers worldwide fail to meet the recommended intake levels of nutrition.
The impact of low nutrient intake is a major public health concern, resulting in vulnerability to infection and diseases. This has resulted in increased consumption of dietary supplements for supporting overall health.
Krill oil is one of the major ingredients in the healthy lifestyle regime of many people, as it provides the necessary omega-3 fatty acids. Krill oil-based products are marketed as healthy foods due to their high protein content and nutritional value and are available as capsules, tablets, powders, and liquids.
“Increasing applications of krill oil across diverse sectors”
The market for krill oil is expected to rise by double digits, in the coming years. The increasing number of applications of krill oil across various sectors may be linked to the market's rise to a large extent. Pharmaceuticals and the functional food and beverage market are projected to see a rise in krill oil consumption. The market for krill oil will benefit from escalating demand for sports supplements, as well as increased awareness regarding gastrointestinal health.
Furthermore, the market is likely to benefit from expanding pet ownership and rising spending power of pet owners, who are increasingly inclined to spend on krill oil-containing pet food. Krill oil is utilised in the pharmaceutical, supplement, and food sectors for a variety of purposes.
“Growing Demand for Omega-3 Products”
Omega-3 fatty acids provide a variety of health benefits, which is fuelling the demand for omega-3 supplements and aiding the growth of omega-3 products market. The infant nutrition business, which is projected to drive the market over the forecast period, has a lot of omega-3 applications. Omega-3 products are in great demand due to recent need for easy and highly efficient ultra-high concentrates.
Krill oil is a possible source of omega-3 and is becoming more popular due to its better qualities, such as increased water solubility and faster absorption in the human body after consumption than fish oil. The market for krill oil is likely to be driven by rising consumer demand for omega-3-based products.
Consumption of krill-oil based supplements supports age-related ailments such as heart problems, arthritis, eye conditions and others. Krill oil composition contains substances beneficial to health which justifies its use as a novel food ingredient for pharmacological and nutraceutical applications. The rising demand for omega-3 based supplements such as krill oil supplements with the rising geriatric population in the developed countries will prove favourable for market growth of krill oil.
“Key Players Adopting Product Expansion Strategy to Enter New Lines of Business”
Key participants in the krill oil industry are working on developing a product expansion plan in order to gain a larger share of the market. In response to changing customer preferences, companies are emphasising the availability of krill oil-based products in smaller doses that may be tailored to specific dietary requirements.
The market growth potential of krill oil is driven by advancements in technology and seafood processing. To assure enhanced sales development potential, key businesses are attempting to deliver new products to their clients.
“Factors Restraining the Market Growth of Krill Oil?”
Fresh krill and dried krill biomasses may both be used to obtain krill oil. Fresh krill, on the other hand, has high quantities of proteolytic enzymes, which cause the crustacean to autolyze quickly. As a result, krill must be processed as soon as possible after capture. Extractors of krill oil employ a variety of extraction processes, including solvent, non-solvent, SCFE, and enzyme-assisted extraction procedures. As a result, the cost of manufacture is substantially more than normal oils on the market. Because the extraction cost for krill oil is much greater, one of the key issues encountered by krill oil manufacturers is to supply goods at a competitive pricing range. The high cost of production may stifle the expansion of krill oil market.
Although krill oil provides a number of health benefits, excessive usage might lead to major health problems. Krill oil has a tendency to slow down blood clotting, and prolonged consumption of krill oil-based products while taking other drugs may raise the risk of bruising and bleeding. Krill oil decreases blood sugar levels, and using krill oil supplements alongside diabetic medications can lower blood sugar even further. Krill oil is ineffective in lowering triglycerides, if not consumed with a proper diet plan. The negative consequences of using krill oil will limit the market's growth.
Why does United Kingdom Account for Largest Share in the Krill Oil in the European Regions?
The market of Krill Oil is witnessing significant growth in the United Kingdom with a value CAGR 5.6%. The demand for Krill Oil in the European region is growing at a significant rate which provides a favourable market growth opportunity. According to EU regulation, it is mandatory for all the infant formulas that are marketed in the European Union to contain DHA. Following this regulation, the demand for DHA sources is on the rise.
Which Country Holds the Largest Share in the East Asia Market?
China holds the major share in the East Asian market for Krill Oil. This is due to the growing health and nutritional benefits of Krill Oil among consumers. The high concentration of aquaculture industry in East Asia is proving favourable for the market growth. The market share of China is 84.5% in 2023.
Which End Use segment has the highest demand for krill Oil?
Based on the end use segment the dietary supplements segment has the highest demand for krill oil. The demand for omega-3 based supplements is increasing among the consumers due to increasing awareness. The dietary supplements segment holds a market value share of 79.9% in 2023.
Which is the Dominating Sales Channel for Krill Oil Based Supplements?
The hypermarket/supermarket segments accounts for the highest number of sales of krill oil based supplements. However, the online retail segment is expected to reach US$ 46.5 Mn at a value CAGR of 9.1% by 2033.
The major key players in the global market of Krill Oil are inclined towards expansion, research & development, and advancement of processing technology. The manufacturers are striving and investing heavily to enhance their operation and innovation capabilities.
| Attribute | Details |
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Forecast period |
2023-2033 |
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Historical data available for |
2018-2022 |
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Market analysis |
USD million for value |
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Key regions covered |
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Key countries covered |
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Key segments covered |
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Key companies profiled |
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Report coverage |
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Customization & pricing |
Available upon request |
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As per Persistence Market Research’s projections, North America holds the dominance, with a market value of US$ 45.2 Mn in 2023. Manufacturers of dietary supplements looking for high potential omega-3 sources are providing ample growth opportunities for the manufacturers of krill oil. The demand for marine oils and marine oil based supplements is fuelling the demand for krill oil in the region. Furthermore, the demand for Krill Oil is expected to increase and the market value in North America is expected to reach US$ 88.8 Mn by 2033.
The end use segments of krill oil include dietary supplements, pharmaceuticals, animal feed and others. The dietary supplements segment holds the highest share of the global market followed by the animal feed segment holding 19.1% market value share in 2023.
Some of the leading companies offering Krill Oil includes Aker BioMarine, Rimfrost AS, NOW Foods, Reckitt Benkiser Group plc, Norway Omega, Jarrow Formulas and others.
The maximum growth potential regions are South Asia and East Asia followed by Latin America. These regions are expected to witness a market expansion at CAGRs of 10.5%, 9.9%, and 8.9% respectively.
The top players in the global market for Krill Oil are accounting for an approximate share of 35% to 45%. The majority of key players are from North America and European regions owing to the product's broad use in these markets.
The top shareholders in the global market for Krill Oil are countries such as the U.S., China, India, Canada and the U.K.
