Krill Oil Market: Global Industry Analysis and Forecast (2023-2029)

Krill Oil Market was valued at US$ 387.19 Mn in 2022. Krill Oil Market size is expected to grow at a CAGR of 12% through the forecast period.
Krill Oil Market Overview:
Euphausia Superba, a species of Antarctic krill, is used to make krill oil. Consumers' growing understanding of the advantages of omega 3-fatty acids, eicosapentaenoic acid (EPA), and docosahexaenoic acid is what is driving the krill oil market (DHA). The krill oil marketprofit from the increased focus on research and study of the many medical benefits associated with krill oil. For instance, krill oil enhances neurological development in newborns, lowers inflammation, and promotes the health of the cardiovasculature. Additionally, the rise in seafood allergies is causing a decline in fish consumption, which results in many people having low levels of docosahexaenoic acid (DHA) and eicosapentaenoic acid (EPA), another significant factor driving the krill oil market.To know about the Research Methodology :- Request Free Sample Report

COVID-19 Impact:

The market for krill oil has suffered as a result of the COVID-19 pandemic. Production has been substantially affected by the lockdown-related closure of all major manufacturers. The market's growth has been hindered by the presence of possible and affordable replacements for krill oil.

Krill oil is not regarded as an essential commodity, thus the government has relaxed regulations for a select few critical businesses, which has had a significant negative impact on sales and earnings. However, if the sector diversifies online sales and lowers the price, demand is expected to increase significantly.
Krill Oil Market Dynamics:
Market Drivers:

It is expected that growing public knowledge of the advantages of omega-3 fatty acids fuels the market growth of krill oil. Additionally, it is expected that increased consumption of DHA, which improves focus and mental acuity while sharpening the intellect, increases demand for krill oil. Additionally, krill oil helps treat conditions including cancer, depression, stroke, and irregular periods, which is helping the market for krill oil develop.

As krill oil is utilized in the manufacturing of skin care products due to its anti-inflammatory and antioxidant characteristics, the cosmetic sector is expected to increase, particularly in the Asia Pacific region. The demand for personal grooming products is expected to increase along with rising consumer awareness of beauty products. Owing to the growing elderly population, especially in advanced economies like the U.K., Germany, France, and Japan. It is expected that rising consumer health consciousness in nations like India, China, and the US increase the demand for nutrient-rich food and drink.

The trend among consumers is toward nutrient-dense foods. Regarding this, the market's demand for krill oil products is most likely to be driven by rising income levels and agrowing urban population. Globally, young people are becoming much more health-conscious and incorporating more nutritious foods into their diets, which drives up demand for krill oil throughout the forecast period.

Market Restraints:

It is believed that the adverse effects of krill oil use, such as stomach discomfort and decreased appetite, hamperthe market growth. Additionally, consuming krill oil cause heartburn, fishy burps, gas, bloating, nausea, and diarrhea, all of which are expected to lower the demand for krill oil. Additionally, it causes acne or oily skin on the face, and in certain situations, krill oil may also raise blood pressure. The aforementioned issues are expected to hamper market growth.

Market Opportunities:

The market growth of krill oil is expected to be boosted by manufacturers' increased focus on the introduction of novel omega-3 supplements over the forecast period. For instance, Omega vie DHA 650 Quality silver 5 was unveiled By Polaris in May 2018. It is acceptable for vegetarians and vegans because Omega vie DHA 650 algae Quality silver 5 is totally made in France from sustainable microalgae sources. Omega vie DHA 650 algae Quality silver 5 is also appropriate for use in dairy products, dressing oils, milk, dietary supplements, and other food preparations.

Consumers' increased adoption of healthy lifestyles is driving up demand for health-beneficial goods like nutritional supplements and organic food, which present enormous potential opportunities for the krill oil market. For instance, RIMFROST unveiled new Antarctic krill that is super phospholipid rich. Without any additional ingredients, it has the highest natural concentration on the market. Therefore, it is anticipated that the increased attention of manufacturers to produce krill oil dietary supplements in order to fulfill the rising demand will promote krill oil market growth.
Krill Oil Market Segment Analysis:
Based on Product, The Liquids segment is expected to grow at the highest CAGR during the forecast period. During the forecast period, segment growth is expected to be driven by the rising demand for liquid krill oil in baby formula and pet food.

On the other hand, soft gel applications have grown significantly in popularity in the industry and are expected to do so throughout the forecast period. Soft gels are very well-liked because of their supple texture and ability to cover over tastes. Soft gels are also simpler to swallow thanks to their flexible forms. Since they guard against delicate components, allow for unusual ingredient combinations, ensure the delivery of nutrient-rich oils and fats, and lessen gastrointestinal discomfort, capsules are frequently used. Hard gelatin capsules that are sealed act as effective oxygen barriers. Over the course of the forecast period, all of these factors are expected to boost krill oil capsule demand.Based on Application, The Dietary Supplements (omega 3 polyunsaturated fatty acids)segment is expected to grow with the highest CAGR during the forecast period. Omega 3 polyunsaturated fatty acids are being consumed more often in functional foods and pharmaceuticals. In developed economies like those in the United States, Germany, the United Kingdom, Japan, and France, demand for krill oil is expected to rise as people become more aware of healthcare issues and chronic diseases, as the use of omega 3 in applications expands, and as laws are passed that support the use of the product in infant formulas.

During the forecast period, the market is expected to be driven by the health advantages provided By eicosapentaenoic acid (EPA)/docosahexaenoic acids (DHA), such as the reduction of bad cholesterol, blood pressure, and coronary heart diseases, including heart attacks and strokes. In addition, rising pharmaceutical sector spending in China, India, Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam is probably going to promote industry growth. High investments from international businesses like German Bayer, British GlaxoSmithKline (GSK), and Swiss Novartis are also anticipated to increase industry penetration over the next years.
Krill Oil Market Regional Insights:
The North America region dominated the market with XX % share in 2022. The North America region is expected to witness significant growth at a CAGR of XX% through the forecast period.

Some of the key application segments in the area include medications, infant formulae, and supplemental and functional foods. Growing consumer interest in fitness in the United States, Canada, and Mexico is expected to fuel product demand in the application of functional foods and beverages. The demand for krill oil in North America is additionally expected to increase during the forecast period as a result of growing health benefits and the launch of new dietary supplement product types.

Rising demand for the supplement in nations like China, India, Singapore, South Korea, Australia, and Japan has fueled the growth of omega 3 in the Asia Pacific region. The demand for omega-3 in this region is rising as krill oil becomes more prevalent in everyday diets and as consumer awareness of health issues rises. In addition, it is expected that during the forecast period, the cultivation of krill fish will continue to rise in the South China Sea and the Indian Ocean.

The market is expected to be driven by rising research and development activities as well as rising krill oil usage in the pharmaceutical industry. Additionally, it is expected that over the course of the forecast period, demand for pharmaceutical goods based on krill oil in the region grow due to the rising consumption of better medications and the need to extend the life expectancy of the aging population.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the market to the decision-makers.

The reports also help in understanding the Krill Oil Market dynamic, and structure By analyzing the market segments and projecting the Krill Oil Market size. Clear representation of competitive analysis of key players By Vehicle type, price, financial position, product portfolio, growth strategies, and regional presence in the Krill Oil Market make the report investor’s guide.
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Krill Oil Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US$ 387.19 Mn.


Forecast Period 2023 to 2029 CAGR:
12%
Market Size in 2029:
US$ 855.97 Mn.


 Segments Covered:
by Product
Liquids
Softgels
Capsules


by Application
Dietary Supplements
Animal Feed
Functional Food & Beverages


by Sales Channel
B2B
B2C


by Distribution Channel
Supermarkets/Hypermarkets
Drug Stores & Pharmacies
Online Retailers
Others



Krill Oil Market By Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Krill Oil Market Key Players are:
1. AdvaCare Pharma
2. Aker Biomarine
3. Beijing Be-Better Technology Co. Ltd.
4. Biocorp Co. Ltd.
5. Bio-Mer New Zealand
6. IAF NETWORK S.p.A.
7. Jarrow Formulas Inc.
8. KLAIRE LABS
9. Kori
10.NORWAY OMEGA LTD.
11.NOW® Foods
12.NutriGold Inc.
13.NutriNZ
14.Orzaks İlaç
15.Qingdao Kangjing Marine Biotechnology Co. Ltd.
16.Reckitt Benckiser Group Plc
17.Rimfrost AS
18.Viva Naturals
19.Xi'an Prius Biological Engineering Co. Ltd.
20.Xi'an Sost Biotech Co. Ltd.

Frequently Asked Questions:

1] What segments are covered in the Global Krill Oil Market report?
Ans. The segments covered in the Krill Oil Market report are based on Product ,Sales Channel, Distribution Channel and Application.

2] Which region is expected to hold the highest share in the Global Krill Oil Market?
Ans. The North America region is expected to hold the highest share in the Krill Oil Market.

3] What is the market size of the Global Krill Oil Market By 2029?
Ans. The market size of the Krill Oil Market By 2029 is expected to reach US$ 855.97 Mn.

4] What is the forecast period for the Global Krill Oil Market?
Ans. The forecast period for the Krill Oil Market is 2023-2029.

5] What was the market size of the GlobalKrill Oil Market in 2022?
Ans. The market size of the Krill Oil Market in 2022 was valued at US$ 387.19 Mn.