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Krill Oil Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Global Krill Oil market is segmented by Form (Liquid and Tablet), By Application (Dietary Supplements, Pharmaceuticals, Pet Food and Animal Food, Functional Food, and Beverages); and by Geography.

Home Industry Reports Food & Beverage Krill Oil Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Snapshot

Study Period: 2016 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: Europe
CAGR: 11.71 %

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Market Overview

The global krill oil market is projected to grow at a CAGR of 11.71% during the forecast period (2020 - 2025).

  • Rising adoption of fish oil alternative is driving the krill oil market growth. Earlier, fish oil was only consumed on doctor recommendation but it has been increasing in the last few years, owing to the growing awareness regarding the health benefits of krill oil, which in turn boosting the market studied. 
  • There is a growing demand for special/premium infant formula products. DHA and EPA are essential for infant brain development and immunity strength. 
  • The rising demand for supplements containing ingredients such as eicosapentaenoic acid (EPA), docosahexaenoic acid (DHA) and omega-3 fatty acids is expected to augment the utilization of these products. 

Scope of the Report

The global krill oil market is segmented by product type and application. Based on form, the market is segmented into liquid and tablet. Based on the application, the market is segmented into dietary supplements, pharmaceuticals, pet food and animal food, functional food, and beverages. Based on geography, the study provides an analysis of the krill oil market in the emerging and established markets across the globe, including North America, Europe, Asia-Pacific, South America, and Middle East & Africa.

By Form
Liquid
Tablet
By Application
Dietary Supplements
Pharmaceuticals
Pet Food and Animal Food
Functional Food and Beverages
Geography
North America
United States
Canada
Mexico
Rest of North America
Europe
United Kingdom
Germany
France
Russia
Italy
Spain
Rest of Europe
Asia Pacific
India
China
Japan
Australia
Rest of Asia-Pacific
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
South Africa
Saudi Arabia
Rest of Middle East & Africa

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Key Market Trends

Rising Demand for Omega-3 Products

Omega-3 products are essential supplements for fatty acids required by the human body for normal functioning and brain development. Though the amount of omega-3 EPA/DHA used to fortify infant formula is quite less, the demand for fortified products is expected to grow at a faster rate. Ongoing R&D in omega-3 fatty acids has become vital to food, pharmaceutical, and feed industries. Currently, omega-3 fatty acid derived from fish is commercially available. However, other sources, such as fungi and algae, are still not as popular, despite being available in the market. The omega-3 products are obtained from various sources, like fish oil, krill oil, and algal oil. Fish oil dominates the market, in both volume and value consumption. DHA and EPA, which are present in omega-3 products, are essential for infant brain development and immunity strength. However, there are quality and sustainability concerns regarding omega-3 oils produced from fish and krill sources, challenging the producers of omega-3 fatty acids and their products.

krill oil market1

Asia-Pacific Witnessed a Significant Market Growth

The Asia-Pacific is expected to be the fastest-growing market during the forecast period. The regional growth is driven by countries such as Japan and China on account of changing health and wellness trends in these countries. Europe holds the largest market share followed by North America. The Scandinavian countries in the European region are the major consumers of krill oil. The presence of krill oil manufacturers such as Aker BioMarine & Rimfrost AS and high raw material availability due to proximity to the Arctic Ocean are likely to play a key role in propelling growth during the forecast period.

krill oil market2

Competitive Landscape

There are many brands present in the market but very few have significant market share. Various strategies are adopted by companies to maintain their dominance in the market. Large multinationals are following similar pricing strategies and distribution channels. Some of the major key players in krill oil market, globally includes Aker BioMarine, Coastside Bio Resources, Neptune Wellness Solutions Inc., Enzymotec Ltd, NutriGold Inc., among others.

krill oil

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porter's Five Force Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Form

      1. 5.1.1 Liquid

      2. 5.1.2 Tablet

    2. 5.2 By Application

      1. 5.2.1 Dietary Supplements

      2. 5.2.2 Pharmaceuticals

      3. 5.2.3 Pet Food and Animal Food

      4. 5.2.4 Functional Food and Beverages

    3. 5.3 Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Mexico

        4. 5.3.1.4 Rest of North America

      2. 5.3.2 Europe

        1. 5.3.2.1 United Kingdom

        2. 5.3.2.2 Germany

        3. 5.3.2.3 France

        4. 5.3.2.4 Russia

        5. 5.3.2.5 Italy

        6. 5.3.2.6 Spain

        7. 5.3.2.7 Rest of Europe

      3. 5.3.3 Asia Pacific

        1. 5.3.3.1 India

        2. 5.3.3.2 China

        3. 5.3.3.3 Japan

        4. 5.3.3.4 Australia

        5. 5.3.3.5 Rest of Asia-Pacific

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle East & Africa

        1. 5.3.5.1 South Africa

        2. 5.3.5.2 Saudi Arabia

        3. 5.3.5.3 Rest of Middle East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Most Active Companies

    2. 6.2 Most Adopted Strategies

    3. 6.3 Market Share Analysis

    4. 6.4 Company Profiles

      1. 6.4.1 Aker BioMarine

      2. 6.4.2 Coastside Bio Resources

      3. 6.4.3 Enzymotec Ltd

      4. 6.4.4 Neptune Wellness Solutions Inc.

      5. 6.4.5 RIMFROST AS

      6. 6.4.6 NutriGold Inc.

      7. 6.4.7 NWC Naturals Inc.

      8. 6.4.8 Qingdao Kangjing Marine Biotechnology Co., Ltd

      9. 6.4.9 RB LLC

      10. 6.4.10 Olympic Seafood AS

      5. *List Not Exhaustive

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

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Frequently Asked Questions

The Krill Oil Market market is studied from 2016 - 2026.

The Krill Oil Market is growing at a CAGR of 11.71% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Europe holds highest share in 2020.

Aker BioMarine, Coastside Bio Resources, Enzymotec Ltd, RIMFROST AS, NutriGold Inc. are the major companies operating in Krill Oil Market.

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