Global Krill Oil Market Research Report: Forecast (2024-2030)

Market Definition

Krill oil is a type of oil extracted from krill, which are tiny shrimp-like marine crustaceans. They are small, floating crustaceans found mostly in the Antarctic & North Pacific oceans. They are a primary source of food for many marine animals, including whales, seals, penguins, and fish. This oil is marketed as a dietary supplement & comes in capsule form. It is marketed as an alternative to fish oil supplements, with potentially improved absorption due to the phospholipid form of omega-3s found in it.

Market Insights & Analysis: Global Krill Oil Market (2024-30):

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. The market is experiencing growth & expansion, driven by various factors such as the booming food & beverages industry, heightened demand for krill oil in the medical & healthcare sector, increased consumer awareness regarding high-quality nutritional feed products, a surge in demand for food supplements, and the rise in disposable income.

Krill oil is known for offering diverse health benefits, including cholesterol level reduction, inflammation reduction in injured areas, blood platelet creation, enhanced immunity, improved gut functioning, and metabolic activity improvement. It also contributes to reducing fat deposits in the body. Furthermore, the rising demand for high-quality nutrition and protein-rich foods, increased awareness of the health benefits of krill oil, changing lifestyles, the expanding feed industry in developing economies, and consumer preferences for omega-3-rich products are some of the major aspects pushing market growth.

Additionally, supplemented R&D investments, rising applications in infant formula, and a growing aging population confronted with chronic diseases such as cancer & 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, the global population's rising avoidance of fish consumption, particularly in regions like Europe, where people may lack essential fatty acids like Eicosapentaenoic acid (EPA) and Docosahexaenoic acid (DHA), is a significant driving factor. Also, the usage of krill oil in the sports nutrition sector is a noteworthy aspect pushing the Krill Oil Market growth in the coming years.

Global Krill Oil Market Driver:

Consumers' Increasing Demand for Dietary Supplements to Promote Market Growth – In recent times, shifts in lifestyles & dietary preferences have led to a global shortage in meeting recommended nutrition levels. As a result, consumers are increasingly turning to supplements to address this nutritional gap. Krill oil, containing essential omega-3 fatty acids, has gained popularity among individuals adopting healthy lifestyle practices.

Also regarded as a health-conscious choice due to its high protein content and nutritional value, krill oil is available in various forms, including capsules, tablets, powders, and liquids. The growing health awareness among the public has sparked heightened interest in dietary supplements for overall well-being. Hence, this surge in appeal is propelling the demand for krill oil supplements, thereby driving the Krill Oil Market.

Global Krill Oil Market Challenge:

High Production & Procurement Cost Compared to Other Oils to Impede the Growth – Krill oil can be derived from both fresh krill and dried krill biomasses. However, fresh krill contains significant levels of proteolytic enzymes, leading to rapid autolysis of the crustacean. Consequently, immediate processing of krill is essential post-capture. The extraction of krill oil involves various methods, such as solvent, non-solvent, SCFE (Supercritical Fluid Extraction), and enzyme-assisted extraction procedures. This results in a higher manufacturing cost compared to conventional oils in the market. Therefore, the elevated production cost becomes a limiting factor for the Krill Oil Market expansion.

Global Krill Oil Markett Trend:

Expanding Applications of Krill Oil in Numerous Sectors to Promote Market Growth – The increasing variety of krill oil applications across various sectors can be attributed significantly 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 poised to benefit from rising demand for sports supplements, as well as increased awareness about gastrointestinal health.

Moreover, the market is expected to capitalize on the expanding pet ownership tendency and the increasing spending power of pet owners. These owners are progressively willing to invest in pet food containing krill oil. Consequently, the utilization of krill oil in the pharmaceutical, supplement, food, and other sectors for diverse purposes is emerging as a key trend within the market.

Global Krill Oil Market (2024-30): Segmentation Analysis

The Global Krill Oil Market study by MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2024–2030 at the global, regional, and national levels. In accordance to the analysis, the market has been further classified as:

Based on Form:

• Liquid
• Capsule
• Soft gels

During the forecast period, the Soft gel category is expected to capture a substantial share of the Krill Oil Market. End-users are increasingly favoring soft gels due to their ease of consumption & the absence of specific added flavors. These tamper-proof soft gels are available in various sizes, colors, and shapes tailored to consumers' preferences. Consequently, the ease of consumption and the lack of added flavors make soft gels particularly popular among the geriatric population, establishing them as a prominent form of krill oil intake.

Based on Application:

• Dietary Supplements
• Fortified Food & Beverages
• Pharmaceuticals
• Animal Feed
• Others

 The Dietary Supplement segment possessed the dominant share of the Krill Oil Market in the past years, and this trend is expected to continue in the coming years as well. The prevalence of health consciousness among consumers and the growing fitness trends worldwide contribute to the sustained demand for dietary supplements. Fitness enthusiasts and individuals engaged in regular gym activities are widely incorporating such supplements into their routines to support muscle development. Consequently, dietary supplements containing krill oil have experienced significant demand due to their multiple advantages over other supplements.

Global Krill Oil Market (2024-30): Regional Projection

Geographically, the Global Krill Oil Market expands across:

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

The North American region accounted for the largest share of the Krill Oil Market in 2021 and is anticipated to maintain its prominence, contributing significantly to market revenue in the years to come. The regional market growth is fueled by expanding public awareness of the health benefits associated with krill oil consumption. As consumers prioritize health and seek natural alternatives to conventional medications, the demand for krill oil supplements is on the rise.

Additionally, the prevalence of chronic diseases like heart disease and arthritis is driving the need for supplements that can assist in their management. Over the forecast period, the North America Krill Oil Market is expected to experience moderate growth, propelled by supplementing demand for krill oil supplements and enhanced accessibility to these products through online channels.

Gain a Competitive Edge with Our Global Krill Oil Market Report

• Global Krill Oil Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of the market dynamics & make informed decisions.
• This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
• Global Krill Oil Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.