IMARC Group, a leading market research company, has recently releases report titled “Krill Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global krill oil market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the krill oil market?
The global krill oil market size reached US$ 631.9 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,207.7 Million by 2028, exhibiting a growth rate (CAGR) of 11.5% during 2023-2028.
What is krill oil?
Krill, also called euphausia superb, refers to shrimp-like crustaceans that are usually found in the ocean. The oil extracted from krill is commonly available in the form of liquid, capsules, soft gels, etc. It aids in minimizing blood pressure and cholesterol levels, strengthening bones, maintaining heart health, enhancing metabolism, etc. In addition to this, krill oil contains a high amount of astaxanthin that improves immunity and reduces muscle inflammation. Consequently, it is extensively utilized in functional food and beverages, dietary supplements, pharmaceuticals, animal feed, etc.
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What are the growth prospects and trends in the krill oil industry?
The rising prevalence of gastrointestinal disorders and the expanding geriatric population are primarily driving the krill oil market. Additionally, the growing consumer health concerns and the widespread adoption of gelatin capsules for ensuring oil-soluble nutrient delivery with minimal gastrointestinal irritation are further catalyzing the market growth. Besides this, the escalating demand for krill oil in infant formula, owing to the presence of eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA) that assist in improving infant brain development, is acting as another significant growth-inducing factor. Moreover, numerous advancements in oil extraction technology and the increasing cultivation of krill fish across various geographic locations are also positively influencing the global market. Apart from this, the emerging trend of pet humanization is propelling the product utilization in pet food and supplements, which is anticipated to fuel the krill oil market over the forecasted period.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Product Type:
- Liquid
- Softgels
- Capsules
Breakup by Application:
- Dietary Supplements
- Animal Feed
- Functional Foods and Beverages
- Pharmaceuticals
- Others
Breakup by Region:
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East & Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- 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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