Krill Oil Market | Growth, Trends and Forecasts (2018 - 2023)
Krill Oil Market - Growth, Trends, and Forecast (2018 - 2023)

PUBLISHED

APR 2018

Krill Oil Market - Growth, Trends, and Forecast (2018 - 2023)

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Market Insights

The global krill oil market is expected to reach USD 801.65 million by 2023, growing at a CAGR of 11.1% during 2018-2023. Health-conscious consumers in developed regions are the main consumers of krill oil.    

Market Dynamics

The growing awareness among consumers of the health benefits of omega-3 fatty acids is a major factor for the growth of the krill oil market. China occupied around one-third of the infant formula market in 2015, with imported infant formula valued at USD 2.4 billion annually. Demand for infant milk formula is expected to grow at 10%. There is a growing demand for special/premium infant formula products. DHA and EPA are essential for infant brain development and immunity strength. DHA has well established legal strains for incorporation into infant formula products in different regulations and WHO recommendations. Infant formula holds the major market share for omega-3 consumer products in China.

The product quality of krill omega-3 is superior as compared to the fish oil and krill oil contains a higher concentration of omeg-3 as compared to conventional fish sources. Omega-3 held in krill oil has various health benefits, such as preventing cardiovascular diseases by reducing triglyceride level, reducing obesity, bone health, inflammatory health, and increasing immunity. The prevalence of heart disease is more in developing countries due to unhealthy eating habits and lack of awareness among consumers about healthy ingredients.

                                   

 Market Dynamics

The global krill oil market has been segmented by type into tablet and liquid. The tablet segment dominates the global krill oil market, due to the growing number of krill oil capsule manufacturers as consumers prefer the tablet form due to ease of usage and easy storage. By application, the krill oil market is segmented into dietary supplements, pharmaceuticals, pet food and animal food, and functional food & beverages. Medical benefits, such as lower blood pressure, improved heart health, and reduced triglycerides are allowing the dietary supplement segment to dominate the market. 

Regional analysis

There has been a recent increase in the consumption of krill oil among the consumers in developed regions such as North America and Europe due to the increasing awareness of the importance of omega-3 fatty acids, eicosapentaenoic acid (EPA), and docosahexaenoic acid (DHA) in daily nutritional requirements, which krill oil provides. Europe accounts for the largest market share of the global krill oil market. The Asia-Pacific region is expected to witness high growth during the forecast period due to the increasing influence of health trends in the developing countries. 

Key Developments

  • June 2017 – Enzymotec has launched K•REAL Gold, a next generation krill oil product.
  • Dec 2017 - Sami Direct has launched ‘Krill C3 Power’, a blend of krill oil and Curcumin C3 Complex®, powered with BioPerine®
  • November 2017 – DailyNutra™ has introduced Omega Supreme™ Krill Oil Formulas for heart, brain, bone, and joint health, made with pure Neptune Krill Oil™ and certified sustainable by Friend of the Sea™.

Competitive Landscape

The major players include - Aker BioMarine, Azantis Inc., Bio-resources Inc., Daeduck FRD Inc., Enzymotec Ltd, Neptune Technologies & Bioresources, and Norweigan Fish Oil, among others.

Reasons to Purchase the Report

  • Analyzing outlook of the market with the recent trends and Porter’s five forces analysis
  • Market dynamics, which essentially consider the factors that are impelling the present market scenario, along with growth opportunities of the market in the years to come
  • Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects
  • Regional and country-level analysis integrating the demand and supply forces that are influencing the growth of the market
  • Competitive landscape involving the market shares of major players, along with the key strategies adopted for development in the past five years
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • 3 month analyst support, along with the Market Estimate sheet (in Excel)

Customization of the Report

  • This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you get a report that suits your needs.

1. Introduction

                1.1 Research Methodology

                1.2 Market Definition

                1.3 Report Description

2. Market Overview

                2.1 Market Trend

3. Market Overview

                3.1 Market Dynamics

                                3.1.1 Drivers

                                                3.1.1.1 Rising Demand for Omega-3 Fatty Acids

                                                3.1.1.2 Consumer Demand for Healthy Oils to Reduce Bad Cholesterol

                                3.1.2 Restraints

                                                3.1.2.1 Consumer Shift to Fish Oil

                                                3.1.2.2 Stringent Government Regulations

                                3.1.3 Opportunities

                                                3.1.3.1 Increased Medical Applications of Krill Oil

                                                3.1.3.2 Widespread Application in Food and Supplements

                                3.1.4 Porter's Five Forces Analysis

                                                3.1.4.1 Bargaining Power of Suppliers

                                                3.1.4.2 Bargaining Power of Buyers

                                                3.1.4.3 Threat of New Entrants

                                                3.1.4.4 Threat of Substitute Products and Services

                                                3.1.4.5 Degree of Competition

4. Market Segmentation

                4.1 By Product Type

                                4.1.1 Liquid Type

                                4.1.2 Tablet Type

                4.2 By Application

                                4.2.1 Dietary Supplements

                                4.2.2 Pharmaceuticals

                                4.2.3 Pet Food and Animal Food

                                4.2.4 Functional Food and Beverages

                4.3 By Geography

                                4.3.1 North America

                                                4.3.1.1 US

                                                4.3.1.2 Canada

                                                4.3.1.3 Mexico

                                                4.3.1.4 Rest of North America

                                4.3.2 Europe

                                                4.3.2.1 Spain

                                                4.3.2.2 UK

                                                4.3.2.3 France

                                                4.3.2.4 Germany

                                                4.3.2.5 Russia

                                                4.3.2.6 Italy

                                                4.3.2.7 Rest of Europe

                                4.3.3 Asia-Pacific

                                                4.3.3.1 China

                                                4.3.3.2 India

                                                4.3.3.3 Japan

                                                4.3.3.4 Australia

                                                4.3.3.5 Rest of Asia-Pacific

                                4.3.4 South America

                                                4.3.4.1 Brazil

                                                4.3.4.2 Argentina

                                                4.3.4.3 Rest of South America

                                4.3.5 Africa

                                                4.3.5.1 South Africa

                                                4.3.5.2 Rest of Africa

5. Competitive Landscape

                5.1 Strategies Adopted by Key Players

                5.2 Most Active Companies in the Past Five Years

                5.3 Market Share Analysis

6. Company Profiles

                6.1 Aker BioMarine

                6.2 Azantis Inc.

                6.3 Bio-resources Inc.

               6.4 Daeduck FRD Inc.

                6.5 Enzymotec Ltd

                6.6 Neptune Technologies & Bioresources

                6.7 Norwegian Fish Oil and Rimfrost AS

                6.8 Nutrigold Inc.

                6.9 NWC Naturals LLC

                6.10 Olympic Seafood AS

                6.11 Qingdao Kangjing Marine Technology

                6.12 RB LLC

7. Appendix

                7.1 Disclaimer

                7.2 Sources

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