IMARC Group's report titled "Krill Oil Market Report by Product Type (Liquid, Softgels, Capsules), Application (Dietary Supplements, Animal Feed, Functional Foods and Beverages, Pharmaceuticals, and Others), and Region 2024-2032". offers a comprehensive analysis of the industry, which comprises insights on the global krill oil market share. The global market size reached US$ 703.9 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,695.4 Million by 2032, exhibiting a growth rate (CAGR) of 10% during 2024-2032.
Factors Affecting the Growth of the Global Krill Oil Industry:
- Increasing Health Awareness:
One of the primary factors driving the global krill oil market is the growing awareness of health and wellness among consumers globally. Krill oil is recognized for its high concentration of omega-3 fatty acids, EPA and DHA, which are essential for maintaining heart health, reducing inflammation, and supporting brain function. Unlike fish oil, krill oil contains phospholipids, which allow for better absorption of these fatty acids by the body. Moreover, krill oil is a source of antioxidants, including astaxanthin, which further enhances its nutritional profile. As consumers become more informed about the benefits of omega-3 fatty acids and seek out products that offer superior absorption and efficacy, the demand for krill oil supplements has surged, propelling the market forward.
- Growing Demand for Sustainable and Eco-Friendly Source:
Sustainability concerns are increasingly influencing consumer choices, driving demand for eco-friendly and sustainably sourced products. Krill oil is harvested from Antarctic krill, a biomass that is managed and monitored by the Commission for the Conservation of Antarctic Marine Living Resources (CCAMLR). This organization ensures that krill harvesting is conducted in a manner that does not adversely affect the Antarctic ecosystem and the species that depend on krill as a food source. Consumers are becoming more conscious of the environmental impact of their purchases, and the sustainable nature of krill oil production is a significant factor contributing to its growing popularity.
- Technological Advancements:
Technological advancements in extraction and processing methods have significantly impacted the krill oil market. Modern techniques have improved the efficiency and purity of krill oil extraction, resulting in higher-quality products with better stability and longer shelf life. These advancements have also made it possible to extract krill oil with minimal environmental impact, enhancing its appeal to eco-conscious consumers. Furthermore, improved encapsulation technologies have led to the development of krill oil supplements that do not have the fishy aftertaste associated with traditional omega-3 supplements, making them more palatable to a broader audience. These technological innovations have lowered production costs, made krill oil supplements more accessible, and fueled market growth.
Leading Companies Operating in the Industry:
- Aker Biomarine Antarctic AS
- Coastside Bio Resources
- Ergomax B.V.
- Krill Canada Sales Corporation
- Neptune Wellness Solutions Inc.
- Norwegian Fish Oil AS
- NutriGold Inc.
- NWC Naturals Inc.
- Nutracode LLC
- Qingdao Kangjing Marine Biotechnology Co. Ltd.
- Rimfrost AS
- Schiff Nutrition International Inc. (Reckitt Benckiser Group Plc).
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/krill-oil-market/requestsample
Market Report Segmentation:
Breakup by Product Type:
- Liquid
- Softgels
- Capsules
Capsules dominate the market as they offer a convenient and easy way to consume krill oil supplements.
Breakup by Application:
- Dietary Supplements
- Animal Feed
- Functional Foods and Beverages
- Pharmaceuticals
- Others
Dietary supplements represent the largest segment as there is a growing consumer awareness and focus on health and wellness globally.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America’s dominance in the krill oil market is attributed to region’s large population that is increasingly health-conscious and proactive about preventive healthcare.
Global Krill Oil Market Trends:
There is a growing awareness about the health benefits associated with omega-3 fatty acids, including heart health, brain function, and joint support. As a rich source of omega-3s, krill oil supplements are experiencing increased demand, particularly among health-conscious consumers. Besides, manufacturers are expanding their product offerings to cater to diverse consumer preferences and health needs. This includes variations such as flavored krill oil supplements, combination products with other beneficial ingredients, and specialized formulations targeting specific health concerns. Moreover, there is ongoing research and development efforts in the krill oil industry to further understand its health benefits and potential applications. Studies exploring the effects of krill oil on cardiovascular health, cognitive function, inflammation, and other health markers continue to drive interest and innovation in the market.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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