IMARC Group’s report titled “Krill Oil Market Report by Product Type (Liquid, Softgels, Capsules), Application (Dietary Supplements, Animal Feed, Functional Foods and Beverages, Pharmaceuticals, and Others), and Region 2024-2032“. The global krill oil market size reached US$ 703.9 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,695.4 Million by 2032, exhibiting a growth rate (CAGR) of 10% during 2024-2032.
Factors Affecting the Growth of the Krill Oil Industry:
- Changing Preference for Natural Supplements:
The growing consumer preference for natural and sustainable supplements is significantly influencing the health and wellness market. As awareness regarding the benefits of natural products increases, more individuals are opting for supplements that are perceived as safer, less processed, and environmentally friendly. Additionally, krill oil, derived from tiny crustaceans found in the Antarctic Ocean, aligns with this shift. It is a rich source of omega-3 fatty acids, like fish oil, with added benefits such as astaxanthin, a potent antioxidant. Moreover, consumers are drawn to krill oil for its natural origin and as it is considered more sustainable compared to other marine oils. As the trend toward natural and sustainable products continues to increase, krill oil is well-positioned to become a preferred choice among health-conscious individuals seeking effective and ethical supplement options.
- Growing Geriatric Population:
The aging global population is escalating the demand for supplements that support health and wellness in later life, and krill oil is emerging as a valuable option. As people age, they are more likely to experience joint discomfort, cognitive decline, and other age-related health issues. Additionally, krill oil, with its high content of omega-3 fatty acids, has been shown to support joint health, reduce inflammation, and improve cognitive function, making it particularly attractive to older adults. Moreover, the presence of phospholipids in krill oil enhances the absorption of omega-3s, potentially leading to better health outcomes compared to traditional fish oils. Furthermore, the geriatric population is seeking supplements that improve their quality of life and help them maintain independence and vitality. As a result, krill oil is gaining traction as a go-to supplement for aging individuals, with its benefits tailored to address the specific health concerns associated with aging.
- Expansion of Distribution Channels:
The expansion of distribution channels has played a crucial role in the growing accessibility and popularity of krill oil supplements. Additionally, the rise of e-commerce and online shopping platforms has made it easier than ever for consumers to purchase health supplements, including krill oil, from the comfort of their homes. Moreover, retailers and manufacturers have also expanded their presence in both physical stores and online marketplaces, ensuring that krill oil products are easily available to a broader audience. This increased availability has been accompanied by targeted marketing efforts that educate consumers about the benefits of krill oil, driving demand and encouraging repeat purchases. Furthermore, the expansion into specialty health stores and pharmacies has enhanced the credibility and visibility of krill oil, making it a more mainstream choice for consumers. As distribution channels continue to evolve and grow, the market for krill oil is expected to expand further, driven by ease of access and the growing awareness regarding its health benefits.
Leading Companies Operating in the Industry:
- 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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Market Report Segmentation:
Breakup by Product Type:
- Liquid
- Softgels
- Capsules
Capsules dominate the krill oil market due to their convenience, ease of ingestion, and widespread consumer preference for supplement forms that are simple to incorporate into daily routines.
Breakup by Application:
- Dietary Supplements
- Animal Feed
- Functional Foods and Beverages
- Pharmaceuticals
- Others
Dietary supplements hold the largest market share as krill oil is primarily marketed and consumed for its health benefits, including omega-3 fatty acids and antioxidants, which appeal strongly to health-conscious consumers.
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’s dominance in the krill oil market is attributed to its high consumer awareness regarding the health benefits, advanced healthcare infrastructure, and strong demand for dietary supplements in the region.
Global Krill Oil Market Trends:
At present, the growing awareness about the health benefits of krill oil, such as its rich content of omega-3 fatty acids (EPA and DHA), antioxidants, and phospholipids, is escalating the market demand. Additionally, consumers are seeking natural supplements to support cardiovascular health, brain function, and joint health, thus influencing the market growth. Moreover, krill oil is considered a more sustainable source of omega-3 compared to fish oil, as krill harvesting is regulated to prevent overfishing which is important to eco-conscious consumers. Furthermore, the growing trend of incorporating krill oil into functional foods and beverages including fortified foods, energy bars, and drinks aimed at health-conscious consumers is influencing the market growth.
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