Krill Oil Market - Forecast(2023 - 2028)

Krill Oil Market Overview:

According to the results generated in the most recent survey conducted by the World Health Organization (WHO) that were released in 2018, 1.9 billion adults were overweight from which 650 million were obese in 2016. The global obese population has tripled since 1975,[1] and the contemporary lifestyle and the consumption of fatty foods are collectively escalating the figure and making people more susceptible to diseases that are caused by obesity. Krill oil can significantly reduce fat deposits in the body. It also improves metabolic activities and prevents omega 3 deficiency. This happens to be the main reason responsible for the booming krill oil market which had a market size of $430 million as of 2018. Furthermore, the awareness about the health benefits of krill oil is expected to bolster the demand for the same which is estimated to increase with a staggering compound annual growth rate (CAGR) of 13.4% during the forecast period of 2019 to 2025.

There is a tangible growth in awareness about the deficiency of fatty acids in people belonging to some parts of Europe, especially Germany. Apparently, the consumers are now opting for healthy dietary supplements such as krill oil that are rich in fatty acids. Veganism is also makings strides in many countries of Europe, and fish consumption has substantially gone downhill due to which many people have low Docosahexaenoic acid (DHA) and Eicosapentaenoic acid (EPA). Krill oil is found to be a supplement for these acids that play an essential role in the body. This is leading to a change in the eating habits of the prospective customers that are now showing a predilection for krill oil which is creating opportunities for the European krill oil manufacturers. In 2018, Europe had the greatest krill oil market share of 35%.       

Krill Oil Market Outlook:

Prepared from a species named Euphausia Superba and Euphausia Pacifica that are tiny crustaceans, Krill oil is an extract that is consumed as soft gels or capsules. It finds applications in food, pharmaceuticals, and animal feed. Owing to the health benefits of krill oil, it is more often than used as a dietary supplement which is preferred by a major part of consumers as mentioned above. The application of krill oil as a dietary supplement is projected to observe a healthy CAGR of 13.8% through to 2025.

Krill Oil Market Growth Drivers:

·         The Growing Number of Cancer Patients –

According to Cancer Research UK, there were 17 million cases of cancer registered in 2018 with 9.6 million deaths attributable to cancer.[2] The disquieting figures have been a concern to the world, and the healthcare sector is striving to ameliorate the situation. On the other hand, the consumers have also become aware of cancer and eatables that can reduce the vulnerability towards the disease. Krill oil has omega 3 acids in galore which kill the cancer-causing cells and induce apoptosis. This benefit coupled with the easy access of information pertaining to health and wellness which is available on various websites is expanding the krill oil market size by many folds.  

·         The Reduction in Inflammation in the Body –

Skincare has become very important to people, especially to the residents of North America and other regions where skin diseases are rampant. According to the American Academy of Dermatology, 50 million Americans are affected by acne. Additionally, other skin diseases such as atopic dermatitis, psoriasis, and rosacea are also prevalent.[3] Krill oil reduces the possibility of inflammation in the body, which, in turn, reduces the susceptibility towards a gamut of skin diseases. Prospective customers are realizing this advantageous feature of krill oil which is opening up the krill oil market revenue avenue for the vendors.

·         The Prevalence of Heart Diseases and High Cholesterol –

There is an enormous number of people that suffer from heart conditions in the world, and high cholesterol has become a common problem. Apparently, krill oil reduces blood fats and cholesterol, thereby lessening the chances of heart diseases. This is one of the reasons for the flourishing global krill oil market. 

Krill Oil Market Trends :

·         In January 2018, Aker BioMarine acquired Enzymotec’s krill oil business. The acquisition was a part of Frutarom’s merger plan as the company felt that the krill business is not fitting with Enzymotec’s core business goals. However, Aker BioMarine has envisioned to position itself in the krill oil market.

·         In December 2017, Sami Direct had launched Krill C3 Power which is a good source of EPA and DHA and also provides advanced antioxidant support.

·         There is perpetual research on krill oil, and many research firms are finding concrete pieces of evidence for the benefits of krill oil that include its aid in treating colitis, neurological development, and detoxification of the body. Recently, krill oil is also found to be helpful in alleviating Attention Deficit Disorder (ADD) .

Krill Oil Market Challenges:

The major challenge faced by the vendors in the krill oil market is due to the fact that the product is expensive, and the target customers are still dithering to purchase it which is reducing the market size. Furthermore, there are shreds of evidence of adulteration in krill oil, and organizations such as Food and Drug Administration (FDA) are investigating the product. This is projected to influence the krill oil market as there will be stringent regulations pertaining to the product. However, the number of people opting for the product is remarkably going uphill, and the vendors are creating a transparent supply chain so that the customers get the pure product.

Krill Oil Market Key Players Perspective:

The key players striving to capitalize on the projected demand for krill oil are Aker BioMarine SA, Neptune Technologies & Bioressources Inc., Enzymotec Ltd., Qingdao Kangjing Marine Biotechnology Co., Ltd., Azantis Inc., RB LLC., Olympic Seafood AS, Daeduck FRD Inc., NWC Naturals Inc., and NutriGold Inc.

Krill Oil Market Research Scope:

The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the krill oil market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the specific applications of krill oil in food, pharmaceuticals, animal food, dietary supplements, and others.  

Krill Oil Market Report: Industry Coverage

The report analyses the product demand of krill oil by packaging that includes bottle, jar, liquid pump, and others; and it also analysis the product by form - liquid, capsule, and others. It also analysis the sales of the products on the basis of distribution channels that include large retailers, online portals, pharmacies, and others.

The krill oil market report also analyzes the major geographic regions as well as the major countries in these regions. The regions and countries covered in the study include:

North America: The U.S., Canada, Mexico

South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica

Europe: The U.K., Germany, Italy, France, the Netherlands, Belgium, Spain, Denmark

APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong

Middle East and Africa: Israel, South Africa, Saudi Arabia

Key Questions Addressed in the krill oil Market Report

Is the market demand for krill oil growing? How long will it continue to grow and at what rate?

Which type of home security system presents the major growth opportunities?

Is there a possibility for change in the market structure over time?

Are additional developments needed for the existing product or services offerings or do the existing products meet the customer demands?

Do the key vendors look for partnerships to expand their businesses with respect to geography or product?

What are the short-term, long-term, and medium-term growth drivers for the market?

What are the short-term, medium-term, and long-term challenges for the market?

What are the short-term, medium-term, and long-term opportunities for the market

Who are the top players/companies of the market?

What are the recent innovations in the market?

How many patents have been filed by the leading players?

What are the types of patents filed by the leading players?

What is our Vision 2030 for the krill oil market?

A Few Focus Points Of This Research Are Given Below:

Give a deep-dive analysis of the key operational strategies with focus on the corporate structure, R&D strategies, localization strategies, production capabilities, and sales performance of various companies

Provide an overview of the product portfolio, including product planning, development, and positioning

Discuss the role of technology companies in partnerships

Explore the regional sales activities

Analyze the market size and giving the forecast for current and future global krill oil market during the forecast 2019–2025