Krill Oil Market Size, Industry Analysis & Forecast 2028

Industry Prospective

The global krill oil market size was worth around USD 760 million in 2021 and is predicted to grow to around USD 1628.3 million by 2028 with a compound annual growth rate (CAGR) of roughly 11.5% between 2022 and 2028. The report analyzes the global krill oil market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the krill oil market.

Krill Oil Market: Overview

A species of Antarctic krill which is known as Euphausia superb is used to extract oil; this extracted oil from the krill is known as krill oil. They are generally sold in the form of capsules.

The components that are found in krill oil are omega-3 fatty acids and phospholipid fatty acids. These fatty acids are similar to fish oil. In the extraction process, there may or may not be the involvement of solvents. Owing to the innumerable benefits of krill oil they are widely used in a variety of applications such as functional foods, baby formula, animal feeds, and others. They are also used in the treatment of a variety of heart ailments.

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Key Insights

• As per the analysis shared by our research analyst, the global krill oil market is estimated to grow annually at a CAGR of around 11.5% over the forecast period (2022-2028).
• In terms of revenue, the global krill oil market size was valued at around USD 760 million in 2021 and is projected to reach USD 1628.3 million, by 2028.
• Due to a variety of driving factors, the market is predicted to rise at a significant rate. The global krill oil market is projected to grow owing to the various health benefits related to the consumption of krill oil.
• Based on the product type, the liquid segment is expected to dominate the market during the forecast period.
• Based on application, the functional food & beverages segment is growing at the highest CAGR during the forecast period.
• Based on the distribution channel, the supermarket/hypermarket segment is expected to dominate the market.
• Based on region, North America is projected to dominate the market during the forecast period.

Krill Oil Market: Growth Drivers

Various health benefits of krill oil to drive the market growth

Since a few years ago, krill oil has grown in popularity among consumers. Because of the important fatty acids found in fish oil, people have been taking supplements for years. However, more and more people are turning to krill oil as a substitute. Due to its high content of omega-3 fatty acids EPA and DHA, krill oil has many health advantages. Inflammation is reduced and heart health is improved with krill oil.

Additionally, it has more astaxanthin in it (a carotenoid pigment that gives krill and other crustaceans their characteristic red-pink color). Astaxanthin promotes the health of the neurological system and brain. For instance, a daily dose of 1 to 3 gm of krill oil was found to help lower total cholesterol, triglycerides, Low-density lipoprotein (LDL) cholesterol, and improve High-density lipoprotein (HDL) cholesterol levels, according to the Alternative Medicine Review. Thus, the aforementioned facts drive the global krill oil market growth during the forecast period.

Krill Oil Market: Restraints

Side effects related to the consumption of krill oil might be hampering the market growth

It 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. Additionally, it may cause acne or oily skin on the face, and in certain situations, krill oil may also raise blood pressure. The aforementioned factors are anticipated to impede the global krill oil market expansion.

Krill Oil Market: Opportunities

Krill oil emerged as a replacement for fish oil and is expected to provide lucrative opportunities

Omega-3 fatty acids, which are abundant in krill oil and are crucial for cardiovascular health. While many people rely on supplements, many people get their omega-3 fatty acids from their food. Krill oil supplements are an excellent alternative for those who cannot consume enough krill in their diets or need greater dosages to reduce their triglycerides.

Omega-3 fatty acids found in fish oil supplements are widely used to promote heart health. They are less than optimal, nonetheless, due to the huge size and tolerability of the capsules. The greatest substitute for fish oil and other omega-3 fatty acid supplements now is krill oil, which has surpassed fish oil in popularity. Thus, this is expected to provide an attractive opportunity for market growth.

Krill Oil Market: Segmentation

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

Based on the product type, the global market is bifurcated into liquids, softgels, and capsules. The liquid segment is expected to dominate the market during the forecast period owing to the increasing demand for liquid krill in baby formula and pet food. Besides, softgels are expected to grow at the highest CAGR over the analysis period due to their smooth texture and ability to hide the taste, softgels are widely used. Softgels' flexible forms also make them simpler to swallow.

The capsules segment is expected to witness significant growth during the forecast period. Because they enable novel application combinations, safeguard against sensitive applications, guarantee the delivery of fat-soluble nutrients, and reduce gastrointestinal irritability, capsules are frequently utilized. Hard gelatin capsules that have been sealed offer good oxygen barriers as well. Over the anticipated period, demand for krill oil capsules is expected to rise as a result of all of these factors.

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Based on application, the market is segmented into dietary supplements, animal feed, functional food & beverages, pharmaceuticals, and others. The functional food & beverages segment is expected to grow at the highest CAGR during the forecast period.

Over the projection period, it is expected that demand for krill oil will rise due to the increased consumption of omega-3 polyunsaturated fatty acids in pharmaceuticals and functional foods. Demand for krill oil is anticipated to increase in developed nations like the United States, Germany, France, the United Kingdom, and Japan due to growing healthcare and chronic disease awareness, favorable regulations for the product's use in infant formulations, and expanding omega 3 application profiling.

On the other hand, dietary supplements accounted for the largest market share in 2021 and are expected to show this pattern over the forecast period. Young individuals prefer krill oil because of its excellent nutritional value. Moreover, the product's use in dietary supplements is anticipated to rise as customers become more aware of the value of eating a healthy diet.

Based on distribution channels, the global krill oil market is bifurcated into supermarkets/hypermarkets, drug stores & pharmacies, online retailers, and others. The supermarkets/hypermarkets are expected to dominate the market during the forecast period.

To encourage more customers to purchase products, several supermarkets and hypermarkets, including Walmart, Tesco, Target Brands Inc., Sainsbury's, and Asda, among others, sell distinctive supplements. Manufacturers have been encouraged to launch new products through well-known supermarkets in recent years due to rising investments in product research and development as well as the trend toward supplements containing Omega-3s and antioxidants to support overall body health.

This bodes well for the segment's growth. On the other hand, online retailers are expected to grow at the highest CAGR during the forecast period. The rise of the internet segment is being fueled by market participants also releasing these supplements through their corporate portals. Additionally, it is anticipated that online sales of these supplements will increase during the projected period. The top online retailers of these supplements are well-known e-commerce giants including Amazon, Walmart, Walgreens, Ubuy, Instacart, Alibaba, and company websites.

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 did not fit 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.

Krill Oil Market: Report Scope

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Krill Oil Market: Regional Analysis

North America region is expected to dominate the market during the forecast period

North America region accounted for the largest market share of more than 35% in 2021 and is expected to remain dominant during the forecast period. The growth in the region is attributed to the increasing application from various sectors such as pharmaceuticals, infant formula, and supplemental & functional foods. In addition, the growing number of cardiovascular patients in the region is the key factor that penetrates the growth of the market.

For instance, according to the Centers for Disease Control and Prevention, in the United States, heart disease is the leading cause of death for males, females, and people of the majority of racial and ethnic groups. Heart disease took the lives of almost 697,000 people in 2020, accounting for 1 in 5 fatalities. Besides, the Asia Pacific region is expected to grow at the highest CAGR during the forecast period. The regional growth is attributed to the rising demand for supplements in countries like India, China, Singapore, South Korea, Japan, and Australia.

Krill Oil Market: Competitive Analysis

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

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