Krill Oil Market - Growth, Trends, and Forecast (2020 - 2025)

The global krill oil market is projected to grow at a CAGR of 11.71% during the forecast period (2020 - 2025).

Rising adoption of fish oil alternative is driving the krill oil market growth. Earlier, fish oil was only consumed on doctor recommendation but it has been increasing in the last few years, owing to the growing awareness regarding the health benefits of krill oil, which in turn boosting the market studied.

There is a growing demand for special/premium infant formula products. DHA and EPA are essential for infant brain development and immunity strength.

The rising demand for supplements containing ingredients such as eicosapentaenoic acid (EPA), docosahexaenoic acid (DHA) and omega-3 fatty acids is expected to augment the utilization of these products.

Key Market Trends

Rising Demand for Omega-3 Products

Omega-3 products are essential supplements for fatty acids required by the human body for normal functioning and brain development. Though the amount of omega-3 EPA/DHA used to fortify infant formula is quite less, the demand for fortified products is expected to grow at a faster rate. Ongoing R&D in omega-3 fatty acids has become vital to food, pharmaceutical, and feed industries. Currently, omega-3 fatty acid derived from fish is commercially available. However, other sources, such as fungi and algae, are still not as popular, despite being available in the market. The omega-3 products are obtained from various sources, like fish oil, krill oil, and algal oil. Fish oil dominates the market, in both volume and value consumption. DHA and EPA, which are present in omega-3 products, are essential for infant brain development and immunity strength. However, there are quality and sustainability concerns regarding omega-3 oils produced from fish and krill sources, challenging the producers of omega-3 fatty acids and their products.

Asia-Pacific Witnessed a Significant Market Growth

The Asia-Pacific is expected to be the fastest-growing market during the forecast period. The regional growth is driven by countries such as Japan and China on account of changing health and wellness trends in these countries. Europe holds the largest market share followed by North America. The Scandinavian countries in the European region are the major consumers of krill oil. The presence of krill oil manufacturers such as Aker BioMarine & Rimfrost AS and high raw material availability due to proximity to the Arctic Ocean are likely to play a key role in propelling growth during the forecast period.

Competitive Landscape

There are many brands present in the market but very few have significant market share. Various strategies are adopted by companies to maintain their dominance in the market. Large multinationals are following similar pricing strategies and distribution channels. Some of the major key players in krill oil market, globally includes Aker BioMarine, Coastside Bio Resources, Neptune Wellness Solutions Inc., Enzymotec Ltd, NutriGold Inc., among others.

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