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
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.
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.
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
Scope of the Report
Ø Fortified Food & Beverages,
Ø Animal Feed
Ø Dietary Supplements
By Distribution Channels
Ø Departmental Store
Ø Pharmacy Store
Ø Online Store
Ø North America
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
Historical data – 2016-2018
Base Year – 2019
2020 – 2026
Revenue in USD Million
U.S, Canada, Germany, UK,
France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, South
Korea UAE, South Africa, Saudi Arabia.
By Product Type, By Application, By Distribution Channels, By
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.