Global Krill Oil Market by Application (Animal Feed, Dietary Supplements, Functional Food & Beverages), by Product (Liquids, Softgels, Capsules) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global krill oil market was valued at USD 275.6 Million in 2019. It is projected to experience a revenue-based CAGR (11.6%) during the forecast period. This is due to the growing geriatric population in developed countries like Germany, France and Japan. Consumption of nutrient-rich foods and beverages will increase as consumers become more aware of their health in countries like India, China and the U.S.

High nutritional foods are more popular with buyers. This will drive demand for krill oils products in the market. The demand for krill oils will rise over the forecast period as the younger generation is more aware of the benefits of healthy eating habits and adopts them.

The largest revenue share of the North American market was held by the U.S. in 2019. Softgels accounted for the largest share of the U.S. market's revenue in 2019. It is expected to maintain its dominance in the future. Over the forecast period, the capsules segment will likely experience the fastest growth rate in U.S. markets.

Due to the rising demand for nutritional supplements and the increasing awareness about gastrointestinal health, the main application segments are dietary supplements, functional foods and beverages, pharmaceuticals, and pharmaceuticals. Due to rising disposable incomes and increasing pet ownership, the demand for animal and pet feed is expected to be high. Over the forecast period, krill oil demand will rise due to increased product innovation in animal and pet food markets. This application segment is expected to see a rise in demand for krill oils.

The demand for omega 3 is expected to rise due to technological advancements in the production of active pharmaceutical ingredients (APIs), and high-potent active ingredients. This will drive market growth for the period. Krill oil suppliers face challenges because of high production costs and low economies-of-scale from the supplier side. Production costs are a bottleneck at every stage of the process, including extraction, oil filtering, separation, refining, and refinement. This can lead to higher product costs, which in turn will hinder the growth of markets.

South Georgia, a krill-rich region, could face serious challenges as a future habitat due to the shift towards the south in the distributional limits for zooplankton and the rising water temperatures. Climate changes such as the alteration of mixed-layer depth are likely to impact the spatial distribution and structure of phytoplankton communities. These climatic changes adversely affect the krill population and will reduce the demand for krill oils over the forecast period.

Product Insights

The krill oil market can be divided into softgels and capsules based on product type. The liquid krill oil, which is a liposomal product, is great for infant nutrition. It is expected to be in high demand during the forecast period. Segment growth is expected to be driven by the growing demand for liquid Krill Oil in infant formulas and petfood.

Soft gel applications are expected to grow significantly in the future. Softgels are popular for their smooth texture and taste-mapping capabilities. Softgels are also easier to swallow because of their flexible shape.

Capsules are well-received because they offer protection against sensitive ingredients, allow for unique mixtures of ingredients, provide oil-soluble and fat-soluble nutrients delivery, and reduce gastrointestinal irritation. Furthermore, sealed hard gelatin capsules provide good oxygen barriers. These factors will increase demand for krill oils capsules in the future.

Application Insights

Over the forecast period, the rising consumption of omega-3 polyunsaturated fat acids in functional foods as well as pharmaceuticals will drive the demand. The demand for krill oil is expected to rise in developed countries such as the U.S. and France. This will be due to increasing awareness about healthcare and chronic diseases. There are also regulations that favor the use of omega 3 in infant formulations.

The market will be driven by docosahexaenoic and eicosapentaenoic acids (DHA) in the near future. These include reducing bad cholesterol and blood pressure and preventing heart attacks and strokes. In addition, the industry will be encouraged to expand by increasing spending in the pharmaceutical sector in China and other countries such as India, Indonesia, Malaysian, Singapore, Thailand, Vietnam, and Malaysia. Industry penetration will be further accelerated by high investments from foreign players such as the Swiss company Novartis and GlaxoSmithKline (GSK) in the UK.

Regional Insights

North America was responsible for more than 23.2% global market share in 2019. The region's major applications include functional and supplement foods, infant formulas, pharmaceuticals, and pharmaceuticals. Functional food and beverage applications will see a rise in demand due to the rising consumer interest in fitness in the U.S., Canada and Mexico. In North America, krill oil will be in high demand due to growing health benefits and new forms of dietary supplementation.

Rising demand in countries like Australia, Japan, South Korea and China for omega 3 is driving the Asia Pacific region's growth. This region is seeing a rise in consumption of krill oil and a greater awareness about health. The Asia Pacific market will be driven by the increasing cultivation of krill fish, especially in the South China Sea or Indian Ocean.

The market will be driven by the increasing use of krill oil within the pharmaceutical industry and growing research-and-development activities. The region's growing demand for krill oil-based products is expected to be driven by the increasing use of better medication and the increased life expectancy of the older population.

Market Share Information for Krill Oil

A prominent presence is seen in the industry of nutrition supplements by the major players. They work to introduce new product forms to appeal to a wide audience. The product was previously only available as a tablet, but manufacturers now offer liquid and powder versions.

Manufacturers face a major obstacle in the fishing of krill. CCAMLR has strict regulations regarding krill fishing. This limits the number of krill fish that fishermen can catch each year. Aker BioMarine and Rimfrost AS are key players. Aker Biomarine's 2017 acquisitions of Neptune Wellness Solutions Ltd. and Enzymotec Ltd. have pushed the market towards consolidation.

The Report Covers Certain Segments

This report forecasts revenue growth and volume at the global, regional and country level. It also provides analysis of industry trends for each sub-segment from 2016 through 2027. Grand View Research has divided the global krill oils market report by product, region, and application.

• Product Outlook (Volume and Tons; Revenue USD Millions, 2016-2027)

  • Liquids

  • Softgels

  • Capsules

• Application Outlook (Volume and Tons; Revenue USD Million, 2016-2027)

  • Dietary Supplements

  • Animal Feed

  • Functional Food & Beverages

  • Pharmaceuticals

  • Other

• Regional Outlook (Volume and Tons; Revenue USD Millions, 2016-2027)

  • North America

    • U.S

  • Europe

    • Germany

    • U.K.

  • Asia Pacific

    • China

    • Japan

    • Thailand

    • Australia

    • New Zealand

  • Central & South America

    • Brazil

  • Middle East & Africa

These are the most frequently asked questions about this report

b. Global krill oil market was valued at USD 275.6 billion in 2019, and is forecast to grow to USD 306.8 billion by 2020.

b. Global krill oil markets are expected to expand at a compound annual rate of 11.6% between 2019 and 2027, reaching USD 664.6 billion in 2027.

b. With a 37.6% share in 2019, Europe was the dominant market for krill oil. This can be attributed to the growing use of krill oil by the pharmaceutical industry and growing research-and-development activities.

b. Aker BioMarine, Rimfrost AS, Schiff Nutrition International, Inc., Norwegian Fish Oil AS, NutriGold Inc., Ergomax, and Neptune Wellness Solutions Inc. are some of the key players in the krill oils market.

b. The market growth is driven by the increasing awareness of young people and their desire to eat healthy, which will increase the demand for Krill Oil.

Up Market Research published a new report titled “Krill Oil Market research report which is segmented by Application (Animal Feed, Dietary Supplements, Functional Food & Beverages), by Product (Liquids, Softgels, Capsules), By Players/Companies Inc, Norwegian Fish Oil AS, Schiff Nutrition International, Aker BioMarine, NutriGold Inc, Ergomax and Neptune Wellness Solutions Inc, Rimfrost AS”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Krill Oil Market Report Segments:

The market is segmented by Application (Animal Feed, Dietary Supplements, Functional Food & Beverages), by Product (Liquids, Softgels, Capsules).

Krill Oil Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Krill Oil Market

Overview of the regional outlook of the Krill Oil Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Krill Oil Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Krill Oil Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Animal Feed

                2. Dietary Supplements

                3. Functional Food & Beverages

                1. Liquids

                2. Softgels

                3. Capsules

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Krill Oil Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Krill Oil Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.