The krill oil market valuation is expected to be USD 997.4 Million in 2023 and is anticipated to rise to USD 2.7 Billion by 2033. Sales of krill oil grow at a CAGR of 10.5% during the forecast period.
Various factors propelling the market share are:
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The increasing adoption of krill oil among consumers is rapidly growing the market size during the forecast period. With the rising demand for healthy diet products and better immune systems, the end-users are shifting their preferences toward better substitutes.
Although, the rising fast-paced lifestyle and availability of enriched products are expected to increase the demand for krill oil during the forecast period.
The growing demand to spend on healthy food items to lower the level of cholesterol and improve health is propelling market share. The rising chronic diseases, high blood pressure, and poor digestion are accelerating the demand for krill oil.
Krill oil helps to gain healthy fats and fights against inflammation. These characteristics are estimated to increase the adoption of krill oil among patients during the forecast period.
The sales of krill oil rise due to rapidly improving patients' joint and arthritis pain. The adoption of krill oil for a healthy heart to fight against heart diseases is advancing market opportunities.
| Attributes | Details |
|---|---|
| Market CAGR (2023 to 2033) | 10.5% |
| Market Valuation (2023) | USD 997.4 Million |
| Market Valuation (2033) | USD 2.7 Billion |
According to FMI, the krill oil market secured a CAGR of 9.4% in 2017 to 2022 and 10.5% registered during the forecast period.
The end-user industries include dietary supplements, functional food and beverages, pharmaceuticals, pet food, animal feed, and others. These sectors are growing the market share during the forecast period.
Short Term (2022 to 2025): The growing demand for dietary supplements and functional foods is accelerating the demand for krill oil.
Medium Term (2025 to 2028): The changing lifestyle, personal care, and shifting preferences are increasing the market growth.
Long Term (2028 to 2032): The growing geriatric population, high blood pressure, and chronic diseases are likely to increase the adoption of krill oil during the forecast period.
The market valuation stood at USD 899.5 Million in 2017 to 2022 and is likely to grow to USD 2.7 Billion during the forecast period.
Principal Consultant
| Segments | Foam |
|---|---|
| Top Category | Soft Gel |
| CAGR (2023 to 2033) | 10.8% |
| CAGR (2017 to 2022) | 9.6% |
| Segments | End Use |
|---|---|
| Top Category | Dietary Supplements |
| CAGR (2023 to 2033) | 10.1% |
| CAGR (2017 to 2022) | 8.9% |
Based on the form segment, the soft gel category is estimated to secure a CAGR of 10.8% during the forecast period. The Historic CAGR of soft gel krill oil stood at 9.6%.
The demand for the soft gel is rapidly growing among end-users due to its easy consumption and no specific flavor addition. The soft gel is tamper-proof and is available in different sizes, colors, and shapes per consumers' requirements. These factors influence the soft gel krill oil market during the forecast period. Liquid and capsules of krill oils are growing the market share in dietary supplements.
Based on end-user, dietary supplements lead the global market by occupying a CAGR of 10.1% during the forecast period. The category recorded a CAGR of 8.9% in the historic period. In the last two decades, the rising demand for healthy diets and supplements has increased the dietary supplements market.
For instance, FAO and WHO announced guidelines regarding awareness of healthy supplements through their campaign. These institutes provide information about implementing microinstruction and food fortification among consumers. These regulations boost the dietary supplements category.
| Country | USA |
|---|---|
| CAGR (2023 to 2023) | 10% |
| CAGR (2017 to 2022) | 9.1% |
| Valuation (2023 to 2033) | 546.8 Million |
| Country | UK |
|---|---|
| CAGR (2023 to 2023) | 11.1% |
| CAGR (2017 to 2022) | 10.3% |
| Valuation (2023 to 2033) | 126.3 Million |
| Country | China |
|---|---|
| CAGR (2023 to 2023) | 14.4% |
| CAGR (2017 to 2022) | 13.7% |
| Valuation (2023 to 2033) | 389 Million |
| Country | India |
|---|---|
| CAGR (2023 to 2023) | 14.0% |
| CAGR (2017 to 2022) | 13.2% |
| Valuation (2023 to 2033) | 184.7 Million |
| Country | Germany |
|---|---|
| CAGR (2023 to 2023) | 9.4% |
| CAGR (2017 to 2022) | 8.9% |
| Valuation (2023 to 2033) | 138.9 Million |
According to Future Market Insights (FMI), the USA is leading the global market for krill oil during the forecast period. The USA contributes a CAGR of 10% with a valuation of 546.8 Million during the forecast period. The rising demand for supplement diets and a healthy lifestyle are accelerating the demand for krill oil in the USA.
In addition, the growing consumption of krill oil products due to limiting the risk of Omega-3s and heart disease drives the growth of the USA krill oil market. The Historic CAGR of the USA market stood at 9.1% from 2017 to 2022.
According to Future Market Insights (FMI), the UK market is anticipated to be one of the largest hubs for krill oil in the global market during the forecast period. The UK is likely to secure a CAGR of 11.1% with a valuation of 126.3 Million during the forecast period.
The key manufacturers and market players invest a huge amount in Research and Development activities to enhance market expansion during the forecast period. The growing value chains, suppliers, and key companies are launching new products in the market, which are likely to increase the demand for krill oil products.
The rising consumption of healthy foods and demand for functional food in the nation is increasing the market size. The Historic CAGR of the UK market stood at 10.3% from 2017 to 2022.
According to FMI Report, China collects a CAGR of 14.4% with a valuation of 389 Million during the forecast period. The rising demand for health supplements and cholesterol-free oil is increasing the China market share during the forecast period.
The growing demand for better substitutes than fish oil is increasing the market expansion during the forecast period. As per a study, krill oil enhances Omega 3 fatty acids in the blood. Krill oil is an anti-depressive substance that prevents mental health issues.
Various researchers use krill oil in the pharmaceutical sector due to its benefits. The rising adoption of krill oil to advance personal well-being is fueling the market growth. The Historic CAGR of China market stood at 13.7% from 2017 to 2022.
India is one of the largest populated countries that secures a CAGR of 14% with a valuation of USD 184.7 Million during the forecast period. The increasing demand for healthy food to maintain a healthy lifestyle and a fit body is estimated to increase the adoption of krill oil.
In addition, improved eating habits, diets, and focus on nutrient-rich foods are accelerating the demand for krill oil. The rising consumption of multivitamins and protein to maintain nutrient gaps among fitness trainers is driving market opportunities. The Historic CAGR of the Indian market stood at 13.2% from 2017 to 2022.
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In Feb 2021, Jarrow Formulas Inc. alliance with Natrol to allow high-quality krill oil to their client at a reasonable price. This alliance aims to broaden production in the coming years.
In Jan 2021, VARD and Aker BioMarine Jointly launched their new machinery equipped with cutting-edge technology for harvesting krill oil. The vessel works smoothly and is eco-friendly.
| Company | Aker BioMarine |
|---|---|
| Descriptions | Aker BioMarine is an Antarctic-based biotech company that develops and provides krill-based substances for animal feed, aquaculture, and nutraceutical applications. They aim to enhance human, aquatic, and planetary health. |
| Company | Omega Protein |
|---|---|
| Descriptions | Omega Protein is a US-based nutritional product company that develops and delivers healthy dietary supplements and animal feed to consumers. They aim to continue to increase their production capacity while concentrating on krill oils. |
| Company | RIMFROST |
|---|---|
| Descriptions | RIMFROST provides several krill products to the end-users, including krill powder, krill oil, capsules, and supplements. It collects krill through its vessel with processing technology. The motto is to expand its business all over the region. |
| Company | Reckitt Benckiser Group |
|---|---|
| Descriptions | Reckitt Benckiser Group provides several products related to healthcare, home care, and hygiene. They are investing to focus on Research and Development activities for new product launches to their daily customers to increase market growth. In addition, the company has five types of products, including food, health, and portfolio brands. |
| Company | Enzymotec |
|---|---|
| Descriptions | Enzymotec accounted for 23% of krill oil in the global market in recent years. The company started its business in more than 30+ countries. They operate in two segments, including Vaya pharma and nutrition. |
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD Billion for Value |
| Key Countries Covered | USA, Canada, Germany, UK, France, Italy, Spain, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, and South Africa |
| Key Segments Covered | Foam, End User, Region |
| Key Companies Profiled | Neptune Biotech; Aker BioMarine AS; Alpha B&H Co.; Fuji Chemicals; Krill Canada; Rimfrost AS; Norwegian Fish Oil AS; Quingdao Kangjing Marine Biotechnology Co. Ltd.; Xi'an Prius biological engineering Co. Ltd.; Nutrifynn Caps Inc.; Others |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The krill oil market is predicted to grow at 10.5% CAGR through 2033.
Dietary Supplements industry drives the krill oil market.
The krill oil market is expected to surpass USD 2.7 Billion by 2033.
The krill oil market size is anticipated to be USD 997.4 Million in 2023.
The USA leads the krill oil market.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Form 5.1. Liquid 5.2. Capsules 5.3. Soft Gels 6. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By End Use 6.1. Dietary Supplements 6.2. Functional Foods & Beverages 6.3. Pharmaceuticals 6.4. Pet Food & Animal Feed 6.5. Others 7. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. East Asia 7.5. South Asia 7.6. Middle East and Africa 7.7. Oceania 8. North America Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 10. Europe Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 11. East Asia Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 13. Middle East and Africa Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 14. Oceania Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Neptune Biotech 17.2. Aker BioMarine AS 17.3. Alpha B&H Co. 17.4. Fuji Chemicals 17.5. Krill Canada 17.6. Rimfrost AS 17.7. Norwegian Fish Oil AS 17.8. Quingdao Kangjing Marine Biotechnology Co. Ltd. 17.9. Xi'an Prius biological engineering Co. Ltd. 17.10. Nutrifynn Caps Inc. 18. Assumptions & Acronyms Used 19. Research Methodology
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Krill Oil Market
