Krill Oil Market Outlook
According to a new report by Expert Market Research titled “Global Krill Oil Market Size, Share, Analysis, Report, Demand, Forecast 2023-2028″, the global krill oil market reached a value of more than USD 632.97 million in 2022. Aided by rising consumption of fatty foods and growing geriatric population, the market is projected to further grow at a CAGR of 11.40% between 2023 and 2028 to reach a value of USD 1209.76 million by 2028.
Krill oil, extracted from tiny shrimp-like crustaceans known as krill, is becoming increasingly popular as a premium source of omega-3 fatty acids, phospholipids, and astaxanthin. Unlike fish oil, which has been traditionally dominant in the omega-3 market, krill oil is touted to have better absorption capabilities and does not have the infamous ‘fishy’ aftertaste, making it a preferred choice for many consumers.
A primary force driving the krill oil market demand is the heightened global awareness regarding the health advantages of omega-3 fatty acids. As consumers become more health-conscious, they are seeking supplements that can aid in heart health, reduce inflammation, and support cognitive functions. Krill oil, backed by numerous studies, is increasingly recognised for its ability to provide these benefits.
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Influenced by krill oil market trends, a range of products from dietary supplements to fortified foods are emerging. The beauty and cosmetics industry is also recognising the potential of krill oil, due to its anti-inflammatory properties that can help in skin health and anti-ageing formulations. This diversification in applications further broadens the market’s horizon, promoting robust growth.
The krill oil market analysis reveals a fascinating shift in consumer behaviour. With a burgeoning middle class and improved disposable income, consumers are willing to invest more in premium health products. Krill oil, with its myriad benefits and slightly higher price point compared to traditional fish oil, is well poised to capitalise on this trend.
The sustainability angle also plays a pivotal role in boosting the krill oil market size. As consumers grow more environmentally conscious, the demand for sustainably sourced products is soaring. Krill oil producers are aligning with this sentiment, ensuring that the krill harvesting processes have minimal environmental impact, preserving the delicate marine ecosystem.
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To ensure continued growth and consumer trust, companies are actively engaging in research and development. Efforts are centred around enhancing the oil extraction process, increasing the shelf life of products, and broadening the application range of krill oil in various sectors. Moreover, public awareness campaigns about the health benefits of krill oil compared to traditional omega-3 sources could significantly boost market penetration.
Krill Oil Market Segmentation
The market can be divided based on product type, application, and region.
Market Breakup by Product Type
- Liquid
- Soft Gels
- Capsules
Market Breakup by Application
- Dietary Supplements
- Animal Feed
- Functional Foods and Beverages
- Pharmaceuticals
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global krill oil market. Some of the major players explored in the report by Expert Market Research are as follows:
- NWC Naturals LLC
- Rimfrost AS
- Norwegian Fish Oil AS
- Daeduck FRD
- AdvaCare Pharma
- Biocorp Co., Ltd.
- Others
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