Market Trends of Krill Oil Industry
This section covers the major market trends shaping the Krill Oil Market according to our research experts:
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.
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.
