Press Release Description
Global Krill Oil Market Achieves USD 812 Million Value in 2023, Reaching 10.21% CAGR Growth By 2030
The Global Krill Oil Market size was valued at USD 812 million in 2023 and is estimated to grow at a CAGR of around 10.21% during the forecast period, i.e., 2024-30, cites MarkNtel Advisors in the recent research report. Krill oil is recognized for its diverse health benefits, including the reduction of cholesterol levels, inflammation, and the creation of blood platelets. It enhances immunity and improves gut functioning & metabolic activity, while also contributing to reducing body fat deposits. The Krill Oil Market is witnessing growth driven by various factors, such as the thriving food and beverages industry, increased demand for krill oil in the medical and healthcare sector, heightened consumer awareness regarding high-quality nutritional feed products, a surge in demand for food supplements, and the rise in disposable income.
Moreover, the growing health awareness among the public has led to increased interest in dietary supplements for overall well-being. This surge in appeal is propelling the demand for krill oil supplements, thereby driving market growth. The increasing variety of applications of krill oil across various sectors is a significant factor contributing to the market's upward trajectory. Krill oil consumption is expected to rise in the pharmaceutical and functional food and beverage industries. The market is also poised to benefit from rising demand for sports supplements, as well as increased awareness about gastrointestinal health.
Additionally, supplemented R&D investments, rising applications in infant formula, and a growing aging population confronted with chronic diseases such as cancer and cardiovascular disease also aid in assisting the industry's expansion. Besides, the unwillingness of some people to use fish-based products such as fish oil, combined with a preference for healthy food supplements, contributes to the market's growth, further states the research report, “Global Krill Oil Market Analysis, 2024.”
Global Krill Oil Market Segmentation Analysis
Dietary Supplements to Lead the Market
Based on Application, the market is segmented as Dietary Supplements, Fortified Food & Beverages, Pharmaceuticals, Animal Feed, and Others. Of all, the Dietary Supplement segment has consistently held the leading share of the Krill Oil Market in recent years, and this trend is projected to persist in the future. The prevalence of health consciousness among consumers and the global rise in fitness trends contribute to the ongoing demand for dietary supplements. Fitness enthusiasts as well as individuals who go to the gym on a regular basis are incorporating such supplements into their routines to help with muscle development, creating a significant demand for krill oil-based dietary supplements.
North America to Capture Largest Share
In 2021, North America dominated the Krill Oil Market, and this trend is expected to persist in the future, contributing significantly to overall market revenue. The region's growth is driven by increasing public awareness of the health benefits linked to krill oil, with consumers prioritizing health and turning to natural alternatives.
Further, the rising demand for krill oil supplements is also fueled by the prevalence of chronic diseases, such as heart disease and arthritis. Moreover, the North America Krill Oil Market is forecasted to experience moderate growth in the coming years, fueled by the continued demand for krill oil supplements and increased accessibility through online channels.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Aker Bio Marine, Enzymotec USA Inc., Omega Protein, Rimfrost AS, Schiff Nutrition International Inc., Norwegian Fish Oil AS, Nutri Gold Inc., Ergomax, Qingdao Kangjing Marine Biotechnology Co. Ltd, NWC Natural Inc., Nutracode, Krill Canada Corporation, Superbakerill, and Others, are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the Global Krill Oil Market?
- What key factors would propel and impede the industry across the region?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition been shaping across various countries?
- How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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