Krill Oil Supplements Market Size, Share, Growth Analysis, By Product(Liquids, softgels and capsules), By Application(Dietary supplements, animal feed) - Industry Forecast 2024-2031

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.