Global Krill Oil Market To Grow At A CAGR Of 11.5% By 2028

According to the report, the global Krill Oil market size was valued at approximately USD 760 Million in 2021 and is predicted to reach around USD 1628.3 Million by the end of 2028, expanding at a CAGR of around 11.5% from 2022 to 2028.

Krill, sometimes known as Euphausia fantastic, are tiny, shrimp-like crustaceans found primarily in the oceans. Krill oil is largely accessible in the form of liquid, capsules, and soft gels. Krill oil, being an excellent source of omega-3, aids in lowering blood pressure, supporting good heart health, lowering cholesterol, and improving metabolism. It also has a high concentration of astaxanthin, which boosts immunity and lowers muscular inflammation. As a result, krill oil is commonly found in nutritional supplements, functional foods and beverages, medications, animal feed, and other applications.

The increasing geriatric population, combined with the high prevalence of gastrointestinal problems, is driving higher demand for krill oil. Furthermore, rising consumer awareness of health and well-being is fueling the demand for dietary supplements. The global krill oil market is expanding due to the rising use of gelatin capsules for assuring oil-soluble nutrient delivery with little gastrointestinal irritation.

Furthermore, the increased use of krill oil in infant formula due to the presence of eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA), which promote infant brain development, is driving the market. Furthermore, several advancements in oil extraction technology along with the growing cultivation of krill fish across different geographic locations will continue to bolster the market growth. is believed that the adverse effects of krill oil use, such as stomach discomfort and decreased appetite, will limit market expansion. Additionally, consuming krill oil may cause heartburn, fishy burps, gas, bloating, nausea, and diarrhea, all of which are predicted to lower the demand for krill oil.

The global krill oil market is segmented based on product type, application, distribution channel, and region.

The liquids, softgels, and capsule segments of the global market are divided based on the type of product. Due to the rising demand for liquid krill in infant formula and pet food, the liquid segment is predicted to dominate the market throughout the forecasted period. In addition, softgels are anticipated to develop at the highest CAGR during the analysis period because of their widespread use and taste-masking properties.

Softgels are easier to swallow due to their flexible shapes. During the projection period, the capsules segment is anticipated to develop significantly. Capsules are commonly used because they permit novel application combinations, protect against sensitive applications, ensure the delivery of fat-soluble nutrients, and reduce gastrointestinal irritation. Additionally, sealed hard gelatin capsules provide effective oxygen barriers. Due to all of these factors, the demand for krill oil capsules is estimated to increase over the anticipated period.

The market is divided into dietary supplements, animal feed, functional foods and beverages, pharmaceuticals, and others based on application. During the projected period, the segment for functional food and beverages is anticipated to increase at the highest CAGR.

It is anticipated that over the projection period, demand for krill oil will increase as a result of people consuming more omega-3 polyunsaturated fatty acids in prescription medications and functional foods. Due to rising healthcare and chronic disease awareness, favorable regulations for the product's use in infant formulations, and expanding omega 3 application profiling, the demand for krill oil is expected to rise in developed nations like the United States, Germany, France, the United Kingdom, and Japan.

The global krill oil market is divided into supermarkets/hypermarkets, drug stores & pharmacies, online retailers, and others based on the distribution channel. Throughout the projected period, supermarkets and hypermarkets are anticipated to rule the industry. Several supermarkets and hypermarkets, like Walmart, Tesco, Target Brands Inc., Sainsbury's, and Asda, among others, sell special supplements to entice more customers to buy goods. Due to growing investments in product research and development as well as the trend toward supplements including Omega-3s and antioxidants to support general body health, manufacturers have been pushed to introduce new products through well-known supermarkets in recent years. This is encouraging for the sector's expansion.

The market for krill oils is divided into five regions based on geography: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The region of North America held the greatest global krill oil market share of more than 35% in 2021 and is anticipated to continue to hold this position throughout the forecast period. The increasing application from industries including medicines, infant formula, and supplemental & functional foods is responsible for the region's rise. Additionally, the region's rising cardiovascular disease rates are a major hindrance to the market's expansion.

The global krill oil market is dominated by players like Neptune Wellness, AKER BIOMARINE, Rimfrost AS, RB Health (US) LLC, Norwegian Fish Oil AS, Nutrigold, ErgoMax Office, Qingdao Kangjing Marine Biotechnology Co., Ltd, NWC Naturals Inc., Nutracode LLC, among others.

Recent Developments:

• 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 oil market.
• In November 2020, Aker BioMarine launched a new delivery-based platform, Lysoveta. The platform is based on LPC-bound EPA and DHA sourced from Krill.

This review is based on a report by Zion Market Research, titled “Krill Oil Market By Product Type (Liquids, Softgels, and Capsules), By Application (Dietary Supplements, Animal Feed, Functional Food & Beverages, Pharmaceuticals, and Others), By Distribution Channel (Supermarkets/Hypermarkets, Drug Stores & Pharmacies, Online Retailers and Others), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028.”- Report at https://www.zionmarketresearch.com/report/krill-oil-market

The global krill oil market is segmented as follows:

By Product Type

• Liquids
• Softgels
• Capsules

By Application

• Dietary Supplements
• Animal Feed
• Functional Food & Beverages
• Pharmaceuticals
• Others

By Distribution Channel

• Supermarkets/Hypermarkets
• Drug Stores & Pharmacies
• Online Retailers
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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