The global Krill Oil Market is expected to stimulate at a good rate In Upcoming Years. Virtual consultations are amongst the ongoing trends. They mitigate the spreading of contagious ailments, thereby facilitating better efficiency. The gap regarding the demand-supply ratio could also be bridged this way. With this practice being followed, the developing economies would benefit better, as the cost to commute could be curtailed.
The global krill oil market is currently valued at approximately US$ 674 Mn, and is anticipated to progress at a stellar CAGR of 10% over the next ten years. The market is predicted to amass revenue worth US$ 1.7 Bn by the end of the decade.
Krill oil is oil extracted from tiny crustaceans, which are found in all the world’s oceans. These shrimp-like crustaceans make up the largest biomass available on the earth. Euphasia Superba and Euphasia Pacifica are the two main species used for krill oil extraction.
Oil can be extracted by solvent extraction or solvent-free extraction techniques. Increasing consumer inclination towards the maintenance of healthy lifestyle through consumption of omega-3 fatty acids and a nutritious diet is a major trend driving the growth of the krill oil market.
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Currently, the global krill oil market is principally driven by factors such as increasing health concerns among consumers, product promotions through trade shows, and the introduction of innovative products with krill oil.
However, factors such as high costs, lack of proper regulations, preference for established fish oils, and lack of consumer awareness about alternatives to krill oil are expected to restrain market growth. Krill oil revenue is projected to expand at a CAGR of 10.2% from 2021 to 2031 and account for US$ 1.78 Bn by 2031.
On the basis of form, the krill oil market has been segmented into liquid and tablets. The tablets segment is expected to account for highest market share as compared to the other form segment. Tablets segment is further sub-segmented into soft gels and capsules.
Among the tablet sub-segments, soft gel is expected to account for nearly 7/10 market share by 2021-end. The capsule sub-segment has been estimated to account for 3/10 market share in 2021.
On the basis of applications, the market is segmented into dietary supplements, functional food & beverages, pharmaceuticals, pet food & animal feed and others (infant formula). The dietary supplements segment is expected to account for 2/5 market share by 2021-end.
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Revenue from this segment is expected to expand at positive CAGR during the forecast period. Increased awareness about the benefits of krill oil for infant formula application is expected to drive the growth of the others (infant formula) segment.
The report provides detailed information about the various trends driving the growth of each segment and offers analysis and insights into the potential of the krill oil market in specific regions.
On the basis of region, the market is segmented into six, namely North America, Latin America, Eastern Europe, Asia-Pacific and the Middle East & Africa.
Among these regions, the market in Europe is expected to remain dominant with an estimated 1/4 share of the global market value by the end of 2031. The market in this region is expected to register a CAGR of 8% in terms of value during the forecast period. However, with increasing demand for krill oil in North America, this region is expected to reel in revenues worth US$ 376 Mn in 2031.
Key players in the global krill oil market include Qingdao Kangjing Marine Biotechnology Co., Ltd., Enzymotec Ltd., RB LLC., NWC Naturals Inc., NutriGold Inc., Daeduck FRD Inc., Aker BioMarine SA, Neptune Technologies & Bioressources Inc., and Olympic Seafood AS (RIMFROST AS).
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Market Segmentation:
By Form
- Liquid
- Tablets
- Softgel
- Capsules
By Application
- Dietary Supplements
- Functional Food & Beverages
- Pharmaceuticals
- Pet Food and Animal Feed
- Others (Infant Formula)
By Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific
- Middle East & Africa
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