According to the publisher, Global Krill Oil Market is expected to reach USD 527.55 million by 2026 from USD 260.6 million in 2019 at a CAGR of 10.6 %, over the projection period.
Krill oil is essentially an extract from tiny crustaceans found in the ocean water across the world. The vital factors contributing to the growth of the krill oil market are its growing demand in the pharmaceutical industry and its usage as dietary supplements in increasing applications. Krill Oil contains Omega 3 fatty acids which are considered essential for healthy development. It is widely used in infant food products and other pharmaceutical products due to its health benefits. Besides, increasing health concerns and awareness are also expected to induce the krill oil market.
It has been observed that the oil is as beneficial as other marine oils in terms of power, nutrients and absorption. The oil consists of omega-3 fatty acids, which help in conditions of menopause, inflammation, joint and bone health, ageing, and obesity. Krill oil comprises fats that help reduce swelling, maintain low cholesterol, and avoid blood clotting by making blood platelets less sticky. The health-related benefits offered by krill oil and adoption of a healthy lifestyle are likely to drive the demand during the projection period.
Besides, the growing acceptance of krill oil as a substitute for fish oil is enhancing the demand for krill oil. However, rising pollution in the sea threatens the species and population of krill, which may hinder the growth of the market.
“The Key drivers of the Krill Oil Market are Demand for Omega 3 products and an increasing number of cancer patients.”
Omega-3 products are essential as dietary additions for the requirement of fatty acids of the human body. Baby formula contains less amount of omega-3 EPA/DHA, so the fortified product's market is predicted to grow at a faster rate. Besides, the use of Omega 3 is vital in food, pharmaceutical, and animal feed industries. The omega-3 products are obtained from numerous sources like fish oil, krill oil, and algal oil. Presently, omega-3 fatty acid resulting from fish oil is commercially available while other sources of Omega-3 have not received acceptance among consumers. This situation offers tremendous market growth opportunity.
Krill oil is full of omega-three acids which help kill the cancer-causing cells and induce apoptosis. The rising awareness about this benefit among cancer patients is expanding the krill oil market size by many folds. In 2018, 17 million people suffered from cancer and 9.6 million died of it as per Cancer Research, UK. The alarming figures of deaths due to cancer and health-consciousness among people are expected to induce the Krill oil market.
“Europe dominates the Krill Oil Market.”
Europe holds the leading market share trailed by North America. The Scandinavian countries in the European region are the significant consumers of krill oil. The proximity to the Arctic Ocean and consumer awareness are expected to play a critical role in boosting this market growth during the forecast period. The Asia-Pacific is anticipated to register strong growth led by changing health and wellness trends in countries such as Japan and China.
“The leading players” operating in the Global Krill Oil Market are Aker BioMarine, Rimfrost AS, and Neptune Wellness Solutions Inc., Qingdao Kangjing Marine Biotechnology Co., Ltd., NWC Naturals Inc., Daeduck FRD Inc., Neptune Technologies & Bioressources Inc., Enzymotec Ltd., NutriGold Inc., Olympic Seafood AS (RIMFROST AS), RB LLC., and Aker BioMarine SA.
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1.1. Research Objective
1.2. Product Overview
1.3. Market Segmentation
2. Research Methodology
2.1. Qualitative Research
2.1.1. Primary & Secondary Sources
2.2. Quantitative Research
2.2.1. Primary & Secondary Sources
2.3. Market Breakdown & Data Triangulation
2.3.1. Secondary Research
2.3.2. Primary Research
2.4. Breakdown of Primary research respondent, By Region
2.5. Assumption & Limitation
3. Executive Summary
4. Global Krill Oil market Industry Insights
4.1. Industry Value Chain Analysis
4.2. DROC Analysis
4.2.1. Growth Drivers
4.3. Technological Landscape/Recent Development
4.4. Regulatory Framework
4.5. Company Market Share Analysis, 2019
4.6. Porter’s Five Forces Analysis
4.6.1. Bargaining Power of Suppliers
4.6.2. Bargaining Power of Buyers
4.6.3. Threat of New Entrants
4.6.4. Threat of Substitutes
4.6.5. Intensity of Rivalry
4.7. Impact of COVID 19
5. Global Krill Oil market Overview
5.1. Market Size & Forecast by Value, 2016-2026
5.1.1. By Value (USD Million)
5.2. Market Share & Forecast
5.2.1. By Product Type
5.2.2. By Application
188.8.131.52. Fortified Food & Beverages
184.108.40.206. Animal Feed
220.127.116.11. Dietary Supplements
5.2.3. By Distribution Channel
18.104.22.168. Departmental Store
22.214.171.124. Pharmacy Store
126.96.36.199. Online Stores
5.2.4. By Region
188.8.131.52. North America
184.108.40.206. Asia Pacific
220.127.116.11. Latin America
18.104.22.168. Middle East & Africa
6. North America Krill Oil Market
6.1. Market Size & Forecast by Value, 2016-2026
6.1.1. By Value (USD Million)
6.2. Market Share & Forecast
6.2.1. By Product Type
6.2.2. By Application
6.2.3. By Distribution Channels
6.2.4. By Country
22.214.171.124. United States
7. Europe Krill Oil market
7.1. Market Size & Forecast by Value, 2016-2026
7.1.1. By Value (USD Million)
7.2. Market Share & Forecast
7.2.1. By Product Type
7.2.2. By Application
7.2.3. By Distribution Channels
7.2.4. By Country
126.96.36.199. United Kingdom
188.8.131.52. Rest of Europe
8. Asia Pacific Krill Oil Market
8.1. Market Size & Forecast by Value, 2016-2026
8.1.1. By Value (USD Million)
8.2. Market Share & Forecast
8.2.1. By Product Type
8.2.2. By Application
8.2.3. By Distribution Channels
8.2.4. By Country
184.108.40.206. South Korea
220.127.116.11. Rest of Asia Pacific
9. Latin America Krill Oil Market
9.1. Market Size & Forecast by Value, 2016-2026
9.1.1. By Value (USD Million)
9.2. Market Share & Forecast
9.2.1. By Product Type
9.2.2. By Application
9.2.3. By Distribution Channels
9.2.4. By Country
18.104.22.168. Rest of Latin America
10. Middle East & Africa Krill Oil Market
10.1. Market Size & Forecast by Value, 2016-2026
10.1.1. By Value (USD Million)
10.2. Market Share & Forecast
10.2.1. By Product Type
10.2.2. By Application
10.2.3. By Distribution Channels
10.2.4. By Country
10.2.4.1. Saudi Arabia
10.2.4.3. South Africa
10.2.4.4. Rest of Middle East & Africa
11. Company Profile (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) *
11.1. Aker BioMarine
11.2. Rimfrost AS
11.3. Neptune Wellness Solutions Inc.
11.4. Qingdao Kangjing Marine Biotechnology Co.
11.5. NWC Naturals Inc.
11.6. Daeduck FRD Inc.
11.7. Neptune Technologies & Bioressources Inc.
11.8. Enzymotec Ltd
11.9. NutriGold Inc.,
11.10. Olympic Seafood AS (RIMFROST AS)
11.11. RB LLC.
* Financial details in case of unlisted companies will be available as per data availability
**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable
A selection of companies mentioned in this report includes:
- Aker BioMarine
- Rimfrost AS
- Neptune Wellness Solutions Inc.
- Qingdao Kangjing Marine Biotechnology Co. Ltd.
- NWC Naturals Inc.
- Daeduck FRD Inc.
- Neptune Technologies & Bioressources Inc.
- Enzymotec Ltd.
- NutriGold Inc.
- Olympic Seafood AS (RIMFROST AS)
- RB LLC.,