Krill Oil Market

Global Krill Oil Market Size (2024 to 2029):

The Global Krill Oil Market size was worth US$ 1.3 billion in 2024, and it is determined to reach a valuation of US$ 2.03 billion in 2029, progressing with an annual expansion rate CAGR of 9.4% between 2024 and 2029.

Krill oil is an oil derived from small crustaceans found in the world's oceans. These shrimp-like crustaceans make up the largest biomass on the planet. Euphasia Superba and Euphasia Pacifica are majorly used for krill oil extraction. The oil can be extracted by solvent extraction or solventless extraction techniques. The increasing propensity of consumers to maintain a healthy lifestyle through the intake of omega-3 fatty acids and a nutritious diet is a major trend driving the growth of the krill oil market. Krill is a supplement that is in great demand on the market as an alternative to fish oil. It is a rich source of eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA), a type of omega fat found primarily in marine life. Krill oil has many health benefits, as it has anti-inflammatory properties and helps reduce arthritis and joint pain. The fats present in krill oil are easier for the body to absorb into the bloodstream. Consuming krill oil can also improve blood flow and reduce the risk of heart disease. Euphasia Superba and Euphasia Pacifica are the two main species used in the krill oil extraction process. Oils are made up of omega-3 fatty acids that are considered nutritional. Other health benefits associated with omega-3 intake include inflammation, joint and bone health, menopause, aging, and obesity. Krill oil contains fats that help reduce swelling, keep cholesterol low, and help prevent blood clotting by making platelets less sticky.

Key factors driving the growth of the global krill oil market include the growing demand for omega-3 fatty acids, pressure on existing fish stocks, and consumer demand for healthy oils to lower cholesterol.

Global Krill Oil Market Drivers:

Increased awareness of the health benefits of omega-3 fatty acids is expected to drive the growth of the global krill oil market. Additionally, increased DHA consumption is expected to increase the demand for krill oil by sharpening the mind, improving memory, and improving concentration. Manufacturers are now more focused on launching innovative omega-3 supplements that are expected to drive the growth of the krill oil market during the forecast period. The increasing adoption of a healthy lifestyle among consumers is supposed to provide tremendous growth opportunities for the krill oil market as demand for healthy products such as dietary supplements and organic foods increases. Therefore, the increasing focus of the manufacturing industry on the introduction of krill oil health supplements to meet the increasing demand is expected to drive the growth of the krill oil business. The main factor contributing to the growth of the krill oil market is the increasing demand in the pharmaceutical industry and its use as a dietary supplement, increasing the demand in the global market. The demand for krill oil as an alternative to fish oil increases as acceptance increases. The demand for krill oil is also increasing due to the increasing use in the manufacture of a variety of functional foods. The growing concern for health and the myriad medical benefits that krill oil provides is expected to drive the evolution of the market. Krill oil is widely used in the production of infant formulas, driving the growth of the market.

Global Krill Oil Market Restraints:

Factors hampering market growth are the decline in the Antarctic krill population and adverse ecological impacts on marine species hampering the market. High product costs, lack of proper regulation, preference to use existing fish oil, and lack of consumer awareness of the nutritional benefits of krill oil products are some of the key factors that could hold back market growth during the foreseen period. Side effects associated with the consumption of krill oil, such as an upset stomach and decreased appetite, are estimated to limit market growth. Additionally, consuming krill oil can cause fishy burps, heartburn, nausea, bloating, gas, and diarrhea, which is also expected to limit the demand for krill oil. Also, it can also lead to oily skin on the face or breakouts and in some cases krill oil can also raise blood pressure. The above-mentioned factors are supposed to hamper market growth. Those who are allergic to shellfish may also be allergic to supplements produced from krill oil, which in turn reduces the demand for krill oil among people with shellfish allergies, negatively affecting the growth of krill. krill oil market. Additionally, krill oil can slow down the blood clotting process and increase the risk of bleeding during surgery. These factors are estimated to limit the growth of the krill oil market during the forecast period.

REPORT COVERAGE: 

This research report on the Global Krill Oil Market has been segmented and sub-segmented based on product, application, and region. 

Global Krill Oil Market – By Product:

• Softgels
• Liquids
• Capsules

Based on the product, the krill oil market has been segmented into softgels, liquids, and capsules. Liquid Krill Oil is a liposomal product, ideal for infant nutrition and is expected to be in high demand during the forecast period. The growing demand for liquid krill oil in infant formulas and pet foods is expected to drive growth in the sector in the coming years. Softgel is very popular due to its smooth texture and flavor masking capabilities. In addition, its flexible shape facilitates the ingestion of soft capsules. Capsules are widely used because they protect against sensitive ingredients, allow a unique combination of ingredients, ensure the delivery of oils and fat-soluble nutrients, and reduce gastrointestinal irritation.

Global Krill Oil Market – By Application:

• Animal Feed
• Dietary Supplements
• Functional Food
• Beverages

By application, the market is segmented into pet and animal foods, functional foods and beverages, pharmaceuticals, dietary supplements, and infant formulas. As the consumption of omega-3 polyunsaturated fatty acids in functional foods and pharmaceuticals increases, the demand for krill oil is expected to increase during the forecast period. USA, Germany, UK, Japan and France due to increased awareness of medical and chronic diseases, higher omega 3 application profile, and regulations favoring the use of these products in infant formulas.

Global Krill Oil Market - Region:

• North America 
• Europe 
• Asia-Pacific 
• Latin America 
• Middle East and Africa 

North America accounted for more than 23.2% of the global market revenue share in 2019. Supplements and functional foods, infant formulas and pharmaceuticals are some of the key applications in the region. Increasing consumer propensity for fitness in Canada, the United States and Mexico is expected to drive demand for products in functional food and beverage applications. Additionally, the growing health benefits and the introduction of new forms of dietary supplement products are expected to further increase the demand for krill oil in North America over the next few years. The regional sector in Asia Pacific is expected to show tremendous growth during the forecast period. There is a growing awareness of health trends in developing countries in the region, which is expected to increase the popularity of krill oil. Growth in the area can also be attributed to factors such as increasing demand from functional food and dietary supplement companies that produce supplements and pharmaceuticals. Increased awareness of the health benefits of krill oil is supposed to fuel growth. Regional growth is expected to be driven by changing health trends in countries like China and Japan. In regions such as India and other Southeast Asian countries, proximity to the sea and increased fishing activity are estimated to boost krill oil production in the locale.

KEY PLAYERS IN THE MARKET:

Key players in the global krill oil market include Enzymotec Ltd., Qingdao Kangjing Marine Biotechnology Co., Ltd., NWC Naturals Inc., RB LLC., Daeduck FRD Inc., NutriGold Inc., Neptune Technologies & Bioressources Inc., Aker BioMarine Exist SA and Olympic Seafood AS.

RECENT HAPPENINGS IN THE MARKET:

In November 2019, Aker BioMarine signed a krill oil supply contract with Acasti Pharma. Through a partnership with the biopharmaceutical company Acasti, Aker will supply krill oil as an active ingredient in a new treatment for hypertriglyceridaemia.