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Global Krill Oil Market Share, Growth, Report, Forecast: By Product Type: Liquid, Soft Gels, Capsules; By Application: Dietary Supplements, Animal Feed, Functional Foods and Beverages, Pharmaceuticals, Others; Regional Analysis; Market Dynamics: SWOT Analysis; Competitive Landscape; Key Trends and Developments in the Market; 2024-2032
Global Krill Oil Market Outlook
The global krill oil market size reached a value of more than USD 705.13 million in 2023. The global market is expected to grow at a CAGR of 11.40% during the forecast period of 2024-2032, likely to attain a value of USD 1,863.12 million by 2032.
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Global Krill Oil Market Trends
Krill oil is an extract that is derived from a tiny, shrimp-like marine species, known as Antarctic Krill, whose scientific name is Euphausia Superba. Krill contains oil that is similar to fish oils and is rich in Omega-3 fatty acids, eicosapentaenoic acid (EPA), and docosahexaenoic acid (DHA). Omega-3 is very good for the body as it provides energy to the body and helps in maintaining the health of the heart, blood vessels, lungs, immune system, and endocrine system.
- The rising awareness about the health benefits of Omega-3 fatty acids is a major driver of the market. The rise in awareness has also enhanced the demand for krill oil in various sectors. Pharmaceutical and functional food and beverage are increasingly utilizing krill oil for various products.
- The rising consumption of fatty foods and the adoption of an inactive lifestyle has increased the prevalence of obesity and various chronic diseases, such as diabetes, cancer, coronary heart disease, and arthritis. With this scenario, the demand for health supplements is expected to surge as people become increasingly health-conscious due to the multiple benefits they provide and their antioxidant properties. It also has the ability to improve bone, skin, and heart health.
- The growing senior population is a major factor in the growth of the krill oil market due to the rising prevalence of chronic diseases as older people are more vulnerable towards chronic diseases, such as cardiovascular diseases, arthritis, and cancer, among others. Krill oil supplements are very beneficial for the heart and provide significant help in maintaining cholesterol.
Global Krill Oil Market Analysis
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Based on product type, the market can be segmented into liquid, soft gels, and capsules. Based on the application, it can be bifurcated into dietary supplements, animal feed, functional foods and beverages, and pharmaceuticals, among others. The regional markets can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global krill oil market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments and expansion plans.
- NWC Naturals LLC
- Rimfrost AS
- Norwegian Fish Oil AS
- Daeduck FRD
- AdvaCare Pharma
- Biocorp Co., Ltd.
- Others
Various Product Types of Krill Oils
Based on product type, the market bifurcations include liquid, soft gels, and capsules. The capsule segment is expected to hold a significant share of the market. The capsule type of krill oil supplement is experiencing high demand due to the ease of storage and the defined dosage available. The hardened gelatine layer also provides protection against oxygen. The segment will also grow significantly owing to its comparably higher shelf life.
The liquid segment is expected to grow significantly owing to its faster absorption rate and easy digestibility. The liquid is also easier to swallow when compared to pills, especially among the elderly and young children, who might have difficulty swallowing pills.
Different Applications of Krill Oil
The market for krill oil, based on application, can be divided into dietary supplements, animal feed, functional foods and beverages, and pharmaceuticals, among others.
The dietary supplements segment is expected to hold a dominating position in the market owing to its wide consumption of nutritional diets. The nutritional contents present in krill oil supplements have made them a popular choice among young people and older people.
In addition, the rising awareness about including the dietary supplement in our regular diet has further propelled the demand. Supplements can support our body by providing us with essential vitamins and minerals and aid in the overall development of our body. The market value of this segment is likely to experience robust growth owing to the increasing implementation of supplements in pet food.
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Competitive Landscape
NWC Naturals LLC is a natural-supplement production company, based in California, United States. The company specializes in the manufacturing and distribution of natural supplements and vitamin products. It also creates health supplement products for pets, such as cats and dogs.
Rimfrost AS is a biotechnology company based in Norway. The company was founded in 2001 and has been operating to develop innovative krill-based Omega-3 products. It has become one of the leading players in the market with its dietary products for human, feed, and animal health. To process krill, the company has developed an enzymatic hydrolysis technique that is implemented soon after harvesting, offshore, to generate a sustainable krill product with high EPA/DHA phospholipids, astaxanthin, and protein content.
Biocorp Co., Ltd. is one of the largest companies active in the manufacturing of health food and supplements through naturally derived ingredients. The company has been manufacturing innovative products since 2009, based on bioethanol production technology. The company has developed various market-leading products, including krill oil with over 60% phospholipids and a next-generation Omega-3 with the highest level of SPM content.
Other market players include Norwegian Fish Oil AS, Daeduck FRD, and AdvaCare Pharma, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Product Type |
|
| Breakup by Application |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Region
7 Opportunities and Challenges in the Market
8 Global Krill Oil Market Analysis
8.1 Key Industry Highlights
8.2 Global Krill Oil Historical Market (2018-2023)
8.3 Global Krill Oil Market Forecast (2024-2032)
8.4 Global Krill Oil Market by Product Type
8.4.1 Liquid
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2023)
8.4.1.3 Forecast Trend (2024-2032)
8.4.2 Soft Gels
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2023)
8.4.2.3 Forecast Trend (2024-2032)
8.4.3 Capsules
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2023)
8.4.3.3 Forecast Trend (2024-2032)
8.5 Global Krill Oil Market by Application
8.5.1 Dietary Supplements
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2023)
8.5.1.3 Forecast Trend (2024-2032)
8.5.2 Animal Feed
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2023)
8.5.2.3 Forecast Trend (2024-2032)
8.5.3 Functional Foods and Beverages
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2018-2023)
8.5.3.3 Forecast Trend (2024-2032)
8.5.4 Pharmaceuticals
8.5.4.1 Market Share
8.5.4.2 Historical Trend (2018-2023)
8.5.4.3 Forecast Trend (2024-2032)
8.5.5 Others
8.6 Global Krill Oil Market by Region
8.6.1 North America
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2023)
8.6.1.3 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2023)
8.6.2.3 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2023)
8.6.3.3 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Market Share
8.6.4.2 Historical Trend (2018-2023)
8.6.4.3 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Market Share
8.6.5.2 Historical Trend (2018-2023)
8.6.5.3 Forecast Trend (2024-2032)
9 North America Krill Oil Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2023)
9.1.3 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2023)
9.2.3 Forecast Trend (2024-2032)
10 Europe Krill Oil Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2023)
10.1.3 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2023)
10.2.3 Forecast Trend (2024-2032)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2023)
10.3.3 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2023)
10.4.3 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Krill Oil Market Analysis
11.1 China
11.1.1 Market Share
11.1.2 Historical Trend (2018-2023)
11.1.3 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Market Share
11.2.2 Historical Trend (2018-2023)
11.2.3 Forecast Trend (2024-2032)
11.3 India
11.3.1 Market Share
11.3.2 Historical Trend (2018-2023)
11.3.3 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Market Share
11.4.2 Historical Trend (2018-2023)
11.4.3 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Market Share
11.5.2 Historical Trend (2018-2023)
11.5.3 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Krill Oil Market Analysis
12.1 Brazil
12.1.1 Market Share
12.1.2 Historical Trend (2018-2023)
12.1.3 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Market Share
12.2.2 Historical Trend (2018-2023)
12.2.3 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Market Share
12.3.2 Historical Trend (2018-2023)
12.3.3 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Krill Oil Market Analysis
13.1 Saudi Arabia
13.1.1 Market Share
13.1.2 Historical Trend (2018-2023)
13.1.3 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Market Share
13.2.2 Historical Trend (2018-2023)
13.2.3 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Market Share
13.3.2 Historical Trend (2018-2023)
13.3.3 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Market Share
13.4.2 Historical Trend (2018-2023)
13.4.3 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 NWC Naturals LLC
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Rimfrost AS
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Norwegian Fish Oil AS
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Daeduck FRD
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 AdvaCare Pharma
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Biocorp Co., Ltd.
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Krill Oil Market: Key Industry Highlights, 2018 and 2032
2. Global Krill Oil Historical Market: Breakup by Product Type (USD Million), 2018-2023
3. Global Krill Oil Market Forecast: Breakup by Product Type (USD Million), 2024-2032
4. Global Krill Oil Historical Market: Breakup by Application (USD Million), 2018-2023
5. Global Krill Oil Market Forecast: Breakup by Application (USD Million), 2024-2032
6. Global Krill Oil Historical Market: Breakup by Region (USD Million), 2018-2023
7. Global Krill Oil Market Forecast: Breakup by Region (USD Million), 2024-2032
8. North America Krill Oil Historical Market: Breakup by Country (USD Million), 2018-2023
9. North America Krill Oil Market Forecast: Breakup by Country (USD Million), 2024-2032
10. Europe Krill Oil Historical Market: Breakup by Country (USD Million), 2018-2023
11. Europe Krill Oil Market Forecast: Breakup by Country (USD Million), 2024-2032
12. Asia Pacific Krill Oil Historical Market: Breakup by Country (USD Million), 2018-2023
13. Asia Pacific Krill Oil Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Latin America Krill Oil Historical Market: Breakup by Country (USD Million), 2018-2023
15. Latin America Krill Oil Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Middle East and Africa Krill Oil Historical Market: Breakup by Country (USD Million), 2018-2023
17. Middle East and Africa Krill Oil Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Global Krill Oil Market Structure
Key Questions Answered in the Report
The global market for krill oil reached a size of USD 705.13 million in 2023.
The market is expected to grow at a CAGR of 11.40% during the forecast period of 2024-2032.
The market is expected to reach a value of USD 1,863.12 million by 2032.
The market is driven by the growing demand for krill oil, which is supported by the rising health awareness about the benefits of Omega-3 among people around the world.
The rising demand for healthcare products due to the rising prevalence of health disorders and the growing geriatric population who are more susceptible to health disorders can deliver new growth opportunities to the market.
The regional markets for the global krill oil market include North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.
The product types available in the market include liquid, soft gels, and capsules.
The applications for krill oil include dietary supplements, animal feed, functional foods and beverages, and pharmaceuticals, among others.
The key players in the market include NWC Naturals LLC, Rimfrost AS, Norwegian Fish Oil AS, Daeduck FRD, AdvaCare Pharma, and Biocorp Co., Ltd., among others.
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