Industry Outlook

Krill are small, up to 6 cm, shrimplike shellfish at the base of the ocean’s food chain. Including 85 species of krill, the total estimated biomass of between 400 Mn and 600 Mn tones in 2016-17.  For claimed health benefits of krill oil, including the management and treatment of conditions, such as hyperlipidemia, inflammation, and arthritis, there has been a noticeable increase in research and promotion of krill oil in recent years. Additionally, because krill oil contains the same docosahexaenoic acid (DHA) and omega-3 fatty acids eicosapentaenoic acid (EPA) found in fish and fish oil and phospholipid-derived fatty acids (PLFA), mainly phosphatidylcholine, known as marine lecithin. Krill oil is growing more and more popular in the public eye and in the media, as consumers are becoming more aware about the positive health benefits to the human body than fish oil. Krill oil is viewed as a viable alternative to fish oil to deliver the health benefits associated with EPA and DHA.

Krill oil can help lower blood fats and increase high-density lipoprotein (HDL), due to the presence of astaxanthin, an antioxidant that comes from the algae krill feed on, which gives krill their pink color. The majority of krill is harvested for aquaculture feed, but krill harvested for human consumption is one of two species: Euphausia Superba, or Antarctic krill; and Euphausia Pacifica, Pacific krill.

Tablet segment projected to dominate the krill oil market in upcoming years

Based on product type, global krill oil market is segmented into liquids and tablets. In the base year 2017, tablet segment dominated the global krill oil market by product type with market share of more than 60% by value and expected to maintain its pole position throughout the forecast period of 2018 to 2026.

Bakery products segment to record fastest CAGR and largest share of global krill oil application market

Based on applications global krill oil market is segmented into fortified food & beverages, animal feed, dietary supplements, pharmaceuticals and other applications. In the base year 2017, dietary supplements segment dominated the global market with more than 40% of market share. Furthermore the segment is expected to witness highest CAGR from 2018 to 2026 owing increasing demand of krill oil based dietary supplements from developed countries such as U.K., Germany, France, Italy and the united states among others.

Rapid demand for krill oil in Asia Pacific projected to catapult the market growth

Krill oil market is expanding at a significant rate, mainly in Asia Pacific due to vigorous growth in the regional healthcare industry. Developing countries such as Brazil, Mexico, China, India, Iran, Saudi Arabia and South Korea expected to be the most favorable countries for market growth due to rise in awareness among consumers coupled with various health benefits associated with the use of omega-3 rich foods. Asia Pacific stands distinctly with a significant market share owing to rising disposable income, purchasing power, growing middle class population, and changing dietary habits. Moreover, growing concern over health and wellness in emerging regions of China and India along with rising per capita income is expected to bolster the global krill oil market.

Cargill is one of the promising players in the krill oil market

There are plenty of brands present in the global krill oil market. However, market is highly consolidated as very few players have significant market share. Aker BioMarine AS, Azantis Inc, Enzymotec Ltd., ., Daeduck FRD Inc., Neptune Wellness Solutions, Norweigan Fish Oil, NutriGold Inc., NWC Naturals Inc., Olympic Seafood AS, Qingdao Kangjing Marine, RB LLC., Biotechnology Co Ltd., and Rimfrost AS. are some of the key market players in the global Krill Oil market. To maintain their dominance in this market companies are highly focusing on new product development, branding and promotional activities. Large multinationals are following similar pricing strategies and distribution channels to compete in the local as well as global market.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Krill Oil market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Krill Oil market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Krill Oil market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Krill Oil market?
• Which is the largest regional market for Krill Oil market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Krill Oil market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Krill Oil market worldwide?