Krill are small, up to 6 cm long, shrimplike shellfish at the base of the ocean's food chain. Including 85 species of krill, the total estimated biomass was between 400 and 600 metric tonnes in 2016–17. For the 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 acid, eicosapentaenoic acid (EPA), found in fish and fish oil, and phospholipid-derived fatty acids (PLFA), mainly phosphatidylcholine, known as marine lecithin, Krill oil is becoming more popular in the public eye and in the media as consumers become more aware of its positive health benefits for the human body compared to fish oil. Krill oil is viewed as a viable alternative to fish oil for delivering 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 and 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, or Pacific krill.
Market Synopsis
Tablets are projected to dominate the krill oil market in the upcoming years.
Based on product type, the global krill oil market is segmented into liquids and tablets. In the base year 2017, the tablet segment dominated the global krill oil market by product type with a market share of more than 60% by value and was expected to maintain its pole position throughout the forecast period of 2018 to 2026.
Bakery products segment to record the fastest CAGR and largest share of the global krill oil application market.
Based on applications, the global krill oil market is segmented into fortified foods and beverages, animal feed, dietary supplements, pharmaceuticals, and other applications. In the base year of 2017, the dietary supplements segment dominated the global market with more than 40% of the market share. Furthermore, the segment is expected to witness the highest CAGR from 2018 to 2026, owing to the increasing demand for krill oil-based dietary supplements from developed countries such as the U.K., Germany, France, Italy, and the United States, among others.
Rapid demand for krill oil in Asia-Pacific is projected to catapult the market's growth.
The 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 are expected to be the most favorable countries for market growth due to a rise in awareness among consumers coupled with various health benefits associated with the use of omega-3-rich foods. Asia Pacific stands out distinctly with a significant market share owing to rising disposable income, purchasing power, a growing middle-class population, and changing dietary habits. Moreover, growing concern over health and wellness in emerging regions like 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, the market is highly consolidated, as very few players have significant market shares. 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 players in the global Krill Oil market. To maintain their dominance in this market, companies are heavily 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 the global market.
Historical and Forecast Period
2016: Historical Year
2017: Base Year
2018-2026: Forecast Period
Our study analyzed each market segment during the period of 2016 to 2026, with 2017 as the base year. The forecast period of 2018–2026 is considered for the CAGR calculation.
Report Scope by Segments
The krill oil market report represents an understanding of the current market strategies and dynamics, along with quantitative and qualitative analysis of the overall market. The report provides a thorough outline of the global krill oil market by categorizing it in terms of form, application, and geography. Our interest in publishing this broad research report is to aid food and beverage professionals and market stakeholders in making decisions and implementing strategic initiatives in the krill oil market.
Form Segment (2016–2026; Kilo Ton, US$ Mn)
Tablets
Liquid
Application Segment (2016–2026; US$ Mn)
Fortified Food and Beverages
Animal Feed
Dietary Supplements
Pharmaceuticals
Others
Distribution Channel Segment (2016–2026; US$ Mn)
Supermarkets/Hypermarkets
Departmental Store
Pharmacy Store
Online Store
Others
Geography Segment (2016–2026; US$ Mn)
North America
U.S.
Canada
Europe
U.K.
Germany
France
Rest of Europe
Asia-Pacific (APAC)
Japan
China
India
Rest of APAC
Latin America (LATAM)
Brazil
Mexico
rest of Latin America
Middle East and Africa (MEA)
GCC
rest of MEA
This research report describes leading continents and their major countries, along with profiles of key players operating in the overall market and their planned developments. Our report further defines the overall market dynamics, such as drivers, challenges, and opportunities prevalent in the market, to understand the global krill oil market more explicitly.
Our in-depth segmentation analysis up to the country level highlights revenue pockets and investment opportunities in the market. Key players profiled include Aker BioMarine AS, Azantis Inc., Daeduck FRD Inc., Enzymotec Ltd., Neptune Wellness Solutions, Norweigan Fish Oil, NutriGold Inc., NWC Naturals Inc., Olympic Seafood AS, Qingdao Kangjing Marine, Biotechnology Co. Ltd., RB LLC, and Rimfrost AS. among others.
Key questions are answered in this report.
What are the current market trends in the krill oil market, and what are the valuable opportunities for the players?
How do governmental laws affect the global as well as the regional markets?
Which are the recent innovations in the market?
Which is the most lucrative region for investment?
What are the market size and trends in emerging markets such as China, India, and Brazil?
Which are the prime applications of krill oil in different geographies?
Frequently Asked Question:
The market for Krill Oil Market is expected to reach USD$ 282.8 Mn in 2026.
The Krill Oil Market is expected to see significant CAGR growth over the coming years, at 13.1%.
The report is forecasted from 2018 -2026.
The base year of this report is 2017.
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 .are some of the major players in the global market.
