USD 915.95 Million
Global Krill Oil Supplements Market Size, Share, Growth Analysis, By Product(Liquids, softgels and capsules), By Application(Dietary supplements, animal feed) - Industry Forecast 2024-2031
Report ID:
SQMIG30L2205 |
Region:
Global |
Published Date: April, 2024
Pages:
198
|
Tables:
63 |
Figures:
75
Global Krill Oil Supplements Market Insights
Global Krill Oil Supplements Market size was valued at USD 915.95 Million in 2022 and is poised to grow from USD 1014.87 Million in 2023 to USD 2305.31 Million by 2031, at a CAGR of 1O.8% during the forecast period (2024-2031).
The global krill oil supplements market is a rapidly growing industry that focuses on providing consumers with nutritional supplements derived from krill, a small crustacean found in the waters of the Southern Ocean. The market is driven by the increasing demand for dietary supplements that offer a variety of health benefits, including cardiovascular health, joint health, and cognitive function. The primary purpose of the krill oil supplements market is to provide consumers with a natural and sustainable source of omega-3 fatty acids, phospholipids, and antioxidants.
Krill oil is a superior source of omega-3 fatty acids compared to traditional fish oil supplements, as it contains a higher concentration of the beneficial nutrients EPA and DHA, and is also easier for the body to absorb. The market is experiencing significant growth due to several drivers, including the rising awareness of the health benefits of omega-3 fatty acids and the increasing demand for natural and sustainable products. Additionally, the rising prevalence of chronic diseases, such as cardiovascular disease and arthritis, is also driving the demand for krill oil supplements as a preventative measure. However, the market also faces certain restraints, including the high cost of krill oil supplements compared to traditional fish oil supplements and the limited availability of krill oil due to its dependence on sustainable fishing practices. Key trends in the market include the increasing demand for vegan and vegetarian krill oil supplements, which utilize algae-based sources of omega-3 fatty acids, and the rising popularity of krill oil supplements as a natural treatment for ADHD and other cognitive disorders.
US Krill Oil Supplements Market is poised to grow at sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Liquids
Fastest Growth
Liquids
Growth Rate
1O.8% CAGR
Global Krill Oil Supplements Market ($ Bn)
Country Share for North America Region (%)
Global Krill Oil Supplements Market Size By Type ($ Bn)
Global Krill Oil Supplements Market Size By Type (%)
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Global Krill Oil Supplements Market Segmental Analysis
Global Krill Oil Supplements Market is segmented on the basis of product, application, and region. By product, the market is segmented into liquids, softgels and capsules. By application, the market is segmented into dietary supplements, animal feed, functional food & beverages, pharmaceuticals and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Global Krill Oil Supplements Market Analysis by Product
The liquid form of krill oil supplements is expected to experience a Compound Annual Growth Rate (CAGR) of 9.6% during the forecast period. The demand for liquid krill oil is expected to rise due to its suitability for infant nutrition and its increasing use in pet foods and infant formulas.
Softgels are also gaining popularity and are projected to grow significantly with a CAGR of 10.5% during the forecast period. The popularity of softgels can be attributed to their ability to mask the taste and texture, as well as their ease of swallowing due to their flexible shapes.
Krill oil capsules are expected to experience a CAGR of 11.6% from 2022 to 2030. Capsules are widely used because they offer unique application combinations, protect sensitive applications, ensure the delivery of fat-soluble nutrients, and reduce gastrointestinal irritation. Moreover, sealed hard gelatin capsules provide effective oxygen barriers. These features are expected to increase the demand for krill oil capsules during the forecast period. Overall, the krill oil supplement market is expected to grow in the coming years, driven by the increasing demand for different forms of the supplement.
Global Krill Oil Supplements Market Analysis by Application
The functional foods segment is expected to have a Compound Annual Growth Rate (CAGR) of 3.0% during the forecast period. The consumption of omega-3 polyunsaturated fatty acids in functional foods and pharmaceutical products is expected to increase demand for krill oil. Developed countries such as the U.S., Germany, France, the U.K., and Japan are expected to drive the demand for krill oil due to rising healthcare and chronic disease awareness, regulations supporting the use of the product in infant formulations, and expanding omega-3 application profiling.
In 2021, dietary supplements held the largest market share, and this is expected to continue during the forecast period. Krill oil is particularly popular among young people because of its high nutritional content. As consumers become more aware of the importance of a nutritious diet, the use of krill oil in dietary supplements is expected to increase. Additionally, the animal feed application segment is projected to grow significantly with a CAGR of 6.2%. The increasing expenditure on pet wellness supported by rising pet adoption and ownership will drive the segment's growth in the coming years.
Global Krill Oil Supplements Market Size By Type, 2023 (%)
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Global Krill Oil Supplements Market Regional Insights
North America held the largest market share of 37.4% in 2021, with key application sectors including pharmaceuticals, infant formula, and supplemental & functional foods. The demand for krill oil supplements in North America is expected to increase due to expanding health benefits and the introduction of various dietary supplement product forms. Rising fitness preferences among consumers in the U.S., Canada, Mexico, and Canada are expected to drive demand for functional food and beverage applications.
The Asia Pacific market is predicted to experience a CAGR of 11.5%. Krill oil dietary supplements are increasingly popular among middle-aged consumers in China for their eye and immune benefits. The growth of omega-3 in the Asia Pacific region has been fueled by rising supplement demand in countries such as India, China, Singapore, South Korea, Japan, and Australia. The use of krill oil in daily diets and consumer awareness regarding health issues are expected to drive the demand for omega-3 in the region. Furthermore, the cultivation of krill fish in the Indian Ocean and the South China Sea is expected to continue growing over the next few years. The market growth is also expected to be propelled by the increasing use of krill oil in the pharmaceutical industry and expanding R&D activities in the region.
Global Krill Oil Supplements Market Size By Region, 2024-2031
- Largest
- Fastest
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Global Krill Oil Supplements Market Dynamics
Global Krill Oil Supplements Market Drivers
Growing health consciousness among consumers
- There is a rising trend among consumers towards adopting a healthy lifestyle, which has led to an increased demand for natural dietary supplements. Krill oil supplements are considered a rich source of omega-3 fatty acids, phospholipids, and astaxanthin, which have various health benefits, such as reducing inflammation, improving heart health, and enhancing brain function. As a result, the growing health consciousness among consumers is driving the demand for krill oil supplements.
Increasing demand from pharmaceutical industry
- The use of krill oil supplements in the pharmaceutical industry is increasing due to their therapeutic properties. Krill oil is used in the manufacturing of drugs for the treatment of various diseases, such as arthritis, high cholesterol, and cardiovascular diseases. Additionally, the rising R&D activities in the pharmaceutical industry for developing new drugs and treatments are expected to boost the demand for krill oil supplements.
Global Krill Oil Supplements Market Restraints
High cost of krill oil supplements
- The cost of krill oil supplements is relatively high compared to other dietary supplements. The limited availability of krill in the oceans and the difficulty in harvesting it have resulted in the high cost of krill oil supplements. This high cost may act as a restraint in the market growth, particularly in price-sensitive regions.
Availability of substitute products
- Krill oil supplements face competition from other omega-3 supplements, such as fish oil, flaxseed oil, and chia seed oil, which are readily available and relatively cheaper. This competition may pose a challenge to the growth of the krill oil supplements market.
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Global Krill Oil Supplements Market Competitive Landscape
Global Krill Oil Supplements Market is characterized by intense competition among major players, which is driven by product innovation, pricing strategies, and mergers & acquisitions. The market is expected to witness an increase in strategic collaborations and partnerships between manufacturers and retailers to expand their market reach and distribution networks. In addition, the market is expected to witness an increase in mergers and acquisitions as major players look to gain a larger market share and diversify their product portfolios.
Top Player’s Company Profiles in Global Krill Oil Supplements Market
- Aker BioMarine (Norway)
- Neptune Wellness Solutions Inc. (Canada)
- Enzymotec Ltd. (Israel)
- RB LLC. (UK)
- NutriGold Inc. (US)
- NWC Naturals Inc. (US)
- Daeduck FRD Inc. (South Korea)
- Qingdao Kangjing Marine Biotechnology Co., Ltd. (China)
- Azantis Inc. (US)
- Natural Health International (South Africa)
- Source Naturals (US)
- Everest Nutrition (US)
- Nutrilite (US)
- Golden Omega S.A. (Chile)
- Solal Technologies (South Africa)
- Acasti Pharma (Canada)
- Bio-marine Ingredients Ireland Ltd. (Ireland)
- Xsto Solutions LLC. (US)
- Rimfrost AS (Norway)
- Nutra-Life Health & Fitness Pvt. Ltd. (New Zealand)
Global Krill Oil Supplements Market Recent Developments
- In March 2024, Aker BioMarine, the world's largest krill oil supplier for supplements, aquaculture and pet food, is diversifying into algae oil to prepare for a supply and demand squeeze in the omega-3 fish oil space.
- In February 2024, Norwegian fishery and biotech company Aker BioMarine announced that it has partnered with Kilyos Nutrition to introduce its Superba Krill oil ingredient to introduce its Superba Krill Oil ingredient to key supplement brands in Brazil.
- In December 2023, Nongshim, a Korean food multinational, launched new health supplement capsules with krill oil to alleviate weakened joints, according to the major food company.
Global Krill Oil Supplements Key Market Trends
- Increasing popularity of vegan and plant-based krill oil supplements: There is a growing trend among consumers towards adopting vegan and plant-based diets. As a result, manufacturers are developing vegan and plant-based krill oil supplements using alternative sources, such as algae and seaweed, to cater to this growing demand.
- Rising demand for krill oil supplements in pet food: Krill oil supplements are also gaining popularity as an ingredient in pet food, owing to their health benefits for pets, such as reducing inflammation, improving joint health, and enhancing cognitive function. The rising demand for natural and organic pet food products is expected to drive the growth of the krill oil supplements market in the pet food segment.
Global Krill Oil Supplements Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Krill Oil Supplements Market analysis, the market is driven by increasing awareness regarding the health benefits associated with krill oil supplements, rising demand for dietary supplements, and expanding applications of krill oil in the pharmaceutical and nutraceutical industries. The market is also expected to benefit from the growing demand for omega-3 supplements, particularly in emerging economies such as China, India, and Brazil. However, the market growth may be hampered by factors such as fluctuating krill harvests, high production costs, and the availability of alternative sources of omega-3 fatty acids. Moreover, stringent regulations and certifications required for krill oil supplements may also pose challenges to market growth. The krill oil supplements market is highly competitive, with several key players operating at a global level. These players are actively engaged in product innovation and development, strategic partnerships and collaborations, and mergers and acquisitions to gain a competitive edge. The market is also witnessing an increasing number of new entrants, particularly in the nutraceutical and pharmaceutical sectors, which is further intensifying the competition. North America and Europe are currently the largest markets for krill oil supplements, but the Asia Pacific region is expected to witness the highest growth during the forecast period. The increasing popularity of krill oil supplements in emerging economies, coupled with rising health consciousness and disposable incomes, is expected to drive market growth in the region. The market is expected to witness significant growth in countries such as China, India, and Japan, which are expected to emerge as major consumers of krill oil supplements in the coming years.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 915.95 Million |
| Market size value in 2031 | USD 2305.31 Million |
| Growth Rate | 1O.8% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Krill Oil Supplements Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Krill Oil Supplements Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Krill Oil Supplements Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Krill Oil Supplements Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Krill Oil Supplements Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Krill Oil Supplements Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Krill Oil Supplements Market Report Snapshots
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