Global Krill Oil Market By Type (Liquids, and Tablets), By Application (Functional Food & Beverages, Dietary Supplements, Pharmaceuticals, and Animal Food & Pet Food), By Region, and Key Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032

Krill Oil Market Overview:

The global krill oil market was valued at USD 345.7 Million in 2021. It is expected to experience a revenue-based CAGR (11.6%) during the forecast period.

This is due to the growing geriatric population in developed countries like Germany, France, and Japan. Consumption of nutrient-rich foods and beverages will increase as consumers become more aware of their health in countries like India, China, and the U.S.

Global Krill Oil Market Scope:

Product Type Analysis

Liquid Krill Oil is a liposomal supplement that is especially good for infants. It is expected to be in high demand during the forecast period. The krill oil market is divided into soft gels and capsules based on product type. The segment is expected to grow due to rising demand for liquid Krill Oil in infant formulas and pet food.

Soft gels are popular because of their smooth texture and ability to map flavors. Soft gels are also easier to swallow due to their flexible shape. In the coming years, soft gel applications are expected to skyrocket.

Capsules are popular because they protect sensitive ingredients, allow for unique ingredient combinations, deliver oil-soluble and fat-soluble nutrients, and reduce GI irritation. Furthermore, hard Sealed gelatin capsules provide proper oxygen barriers. These factors will raise the demand for the krill oil capsules market.

Application Analysis:

The rising consumption of omega-3 polyunsaturated fatty acids in functional foods and pharmaceuticals will drive demand over the forecast period.

In developed countries such as the United States and France, demand for krill oil is expected to rise. This is due to a rise in public awareness of healthcare and chronic diseases. The use of omega 3 in infant formulas is encouraged by some regulations.

Docosahexaenoic and eicosapentaenoic acids (DHA) will drive the market in the near future. Lowering bad cholesterol and blood pressure, as well as preventing heart attacks and strokes, are among them.

Industry penetration will be further accelerated by high investments from foreign players such as the Swiss company and GlaxoSmithKline (GSK) in the UK.

In addition, increased spending in the pharmaceutical sector in China and other countries such as India, Singapore, Thailand, Indonesia, Malaysia, Vietnam, and Malaysia will encourage the industry to expand.

Key Market Segments:

By Product Type

•  Liquids
•  Soft gels
•  Capsules

By Application

•  Dietary Supplements
•  Animal Feed
•  Functional Food & Beverages
•  Other Applications

Market Dynamics:

The demand for krill oils will rise over the forecast period as the younger generation is more aware of the benefits of healthy eating habits and adopting them. High nutritional foods are more popular with buyers. This will drive demand for krill oil products in the market.

The U.S. held the largest revenue share of the North American market in 2021. Soft gels accounted for the largest share of the U.S. market’s revenue in 2021.

It is expected to maintain its dominance in the future. Over the forecast period, the capsules segment will likely experience the fastest growth rate in U.S. markets.

Dietary and nutritional supplements, as well as functional food and beverages and pharmaceuticals, are the main application segments. This is due to the rising demand for supplements and the increasing awareness about gastrointestinal health.

Due to rising pet ownership and increasing disposable incomes, the demand for animal and pet feeds is expected to be high.

Over the forecast period, krill oil demand will rise due to increased product innovation in animal and pet food markets. This application segment is expected to see a rise in demand for fortified pet foods.

The demand for Omega 3 will rise due to technological advancements in Active Pharma Ingredients (APIs) production.

This will drive overall market growth during the forecast period. Krill oil suppliers face challenges because of high production costs and low economies of scale from the supplier side.

Production costs are a bottleneck at every stage of the process, including extraction, oil filtering, separation, refining, and refinement. This can lead to higher product costs, which will hinder the growth of markets.

Regional Analysis

North America accounted for the highest revenue share, at over 36% in 2021. The region’s major applications include functional and supplement foods, infant formulas, pharmaceuticals, and pharmaceuticals.

Functional food and beverage applications will see a rise in demand due to the rising consumer interest in fitness in the U.S., Canada, and Mexico. In North America, krill oil will be in high demand due to growing health benefits and new forms of dietary supplementation.

The Asia Pacific market will be driven by the increasing cultivation of krill fish, especially in the South China Sea or the Indian Ocean.

Rising demand in countries like Australia, Japan, South Korea, and China for omega three is driving the Asia Pacific region’s growth.

This region is seeing a rise in demand for omega-three due to increased consumption of krill oil and increasing awareness about health.

The market will be driven by the increasing use of krill oil within the pharmaceutical industry and growing research-and-development activities.

The region’s growing demand for krill oil-based products is expected to be driven by the increasing use of better medication and the increased life expectancy of the older population.

Key Regions and Countries covered іn thе rероrt:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share & Key Players Analysis:

A prominent presence is seen in the industry of nutrition supplements by the major players. They work to introduce new product forms to appeal to a wide audience. The product was previously only available as a tablet, but manufacturers now offer liquid and powder versions.

Manufacturers face a major obstacle in the fishing of Krill. CCAMLR has strict regulations regarding krill fishing. This limits the number of krill fish that fishermen can catch each year.

Aker Bio Marine and Rimfrost AS are key players. Aker Bio marine’s 2017 acquisitions of Neptune Wellness Solutions Ltd. and Enzymotec Ltd. have pushed the market towards consolidation.

Маrkеt Кеу Рlауеrѕ:

•  Qіngdао Каngјіng Маrіnе Тесhnоlоgу
•  Еnzуmоtес Ltd.
•  RВ LLС
•  NWС Nаturаlѕ LLС
•  Nutrіgоld Іnс.
•  Dаеduсk FRD Іnс.
•  Nерtunе Тесhnоlоgіеѕ & Віоrеѕоurсеѕ
•  Оlуmріс Ѕеаfооd АЅ
•  Аzаntіѕ Іnс
•  Nоrwеіgаn Fіѕh Оіl
•  Other Key Players

For the Krill Oil Market research study, the following years have been considered to estimate the market size: