Krill Oil Market Report 2024, Industry Trends, Share, Size and Forecast Till 2032

Summary:

• The global krill oil market size reached USD 703.9 Million in 2023.

• The market is expected to reach USD 1,695.4 Million by 2032, exhibiting a growth rate (CAGR) of 10% during 2024-2032.

• North America leads the market, accounting for the largest krill oil market share.

• Capsules represents the largest segment offering precise dosages, making them convenient for consumers, particularly those with knee osteoarthritis.

• Dietary supplements hold the largest market share of the industry.

• The rising awareness about health benefits associated with omega-3 fatty acids is a primary driver of the krill oil

• The krill oil market growth and forecast highlight a significant rise as sustainability is becoming a significant priority for both consumers and manufacturers.

Industry Trends and Drivers:

• Growing Health Awareness:

The rising awareness about health benefits associated with omega-3 fatty acids is a major driver of the krill oil market size. Krill oil, rich in omega-3s such as eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA), is gaining traction due to its potential to promote heart health, reduce inflammation, and support cognitive function. Consumers are increasingly seeking natural supplements that align with a proactive approach to health and wellness, especially as chronic conditions like cardiovascular disease and arthritis remain prevalent. Unlike traditional fish oil, krill oil boasts better bioavailability due to its phospholipid structure, making it more effective in nutrient absorption. This growing awareness, combined with the trend toward preventive healthcare, is driving the expansion of the krill oil market share as more consumers incorporate it into their daily health regimen.

• Sustainability and Eco-Friendly Sourcing:

Sustainability is becoming a significant priority for both consumers and manufacturers, thereby influencing the krill oil market trends. Krill oil is often derived from Antarctic krill, which is harvested under strict regulations to ensure minimal environmental impact and sustainable population levels. The Marine Stewardship Council (MSC) and other regulatory bodies play a critical role in certifying responsible krill harvesting and enhancing consumer trust in krill oil products. As more individuals prioritize environmentally conscious choices, products that emphasize sustainable practices are preferred. The market benefits from this trend as manufacturers highlight their commitment to eco-friendly operations, catering to environmentally aware consumers and reinforcing the market's growth trajectory.

• Expanding Applications in Functional Foods and Nutraceuticals:

The versatility in the functional foods and nutraceutical sectors is propelling the krill oil demand. Beyond its use as a standalone supplement, krill oil is being incorporated into various food products and nutraceutical formulations due to its nutrient-rich profile. The inclusion of krill oil in products like fortified snacks, beverages, and dietary supplements caters to consumers looking for convenient, health-boosting options. This trend aligns with the increasing preference for functional foods that offer added health benefits, beyond basic nutrition. The demand for such products is growing as consumers seek ways to improve overall wellness through daily consumption, thereby driving up the use of krill oil in innovative formulations across the food and supplement industries.

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Market Report Segmentation:

Breakup by Product Type:

• Liquid

• Softgels

• Capsules

Capsules represents the largest segment offering precise dosages, making them convenient for consumers, particularly those with knee osteoarthritis.

Breakup by Application:

• Dietary Supplements

• Animal Feed

• Functional Foods and Beverages

• Pharmaceuticals

• Others

Dietary supplements hold the largest market share due to rising awareness about preventive healthcare's importance among individuals.

Regional Insights:

• North America (United States, Canada)

• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)

• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)

• Latin America (Brazil, Mexico, Others)

• Middle East and Africa

North America holds the leading position owing to a large market for krill oil market driven by the rising focus on preventive healthcare measures among individuals.

Top Krill Oil Market Leaders:

• Aker Biomarine Antarctic AS

• Coastside Bio Resources

• Ergomax B.V.

• Krill Canada Sales Corporation

• Neptune Wellness Solutions Inc.

• Norwegian Fish Oil AS

• NutriGold Inc.

• NWC Naturals Inc.

• Nutracode LLC

• Qingdao Kangjing Marine Biotechnology Co. Ltd.

• Rimfrost AS

• Schiff Nutrition International Inc. (Reckitt Benckiser Group Plc).

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