Summary

The krill oil market is expected to expand significantly, demonstrating steady growth driven by increasing awareness and benefits associated with krill oil applications. With the market projected to reach $183.19 million in 2024 and $318.9 million by 2031, and a robust CAGR of 8.20%, this trend is expected to fuel significant expansion. This oil, derived from Antarctic krill (Euphasia Superba), boasts the largest biomass available on earth. Scientific research highlights its superior benefits over other marine oils, particularly in meeting essential omega-3 fatty acids and phospholipids requirements for overall well-being. The rising consumption of omega-3 fatty acids positions krill as a vital alternative source, addressing this nutritional challenge. The market’s growth is further supported by a growing consumer inclination towards maintaining a healthy lifestyle through dietary supplements and nutritious diets.

Key Trends in the Krill Oil Market

Growing Quest for Dietary Supplements

Adequate nutrition is crucial for overall human health, and numerous studies emphasize its importance. However, modern lifestyles and eating habits often result in consumers failing to meet recommended nutrition intake levels. This shortfall poses a significant public health concern, leading to increased vulnerability to infections and diseases. Consequently, there is a rising trend in the consumption of dietary supplements to support overall health. Krill oil, rich in omega-3 fatty acids, is a key component in many health-conscious individuals' diets. It is marketed as a healthy food due to its high protein content and nutritional value, available in various forms such as capsules, tablets, powders, and liquids.

Expanding Applications Across Sectors

The krill oil market is set to experience robust growth, driven by its increasing applications across diverse sectors. Pharmaceuticals and the functional food and beverage markets are projected to see a rise in krill oil consumption. Additionally, the market will benefit from the escalating demand for sports supplements and increased awareness regarding gastrointestinal health. The expanding pet ownership trend and the rising spending power of pet owners, who are increasingly inclined to purchase krill oil-containing pet food, also contribute to market growth. Krill oil finds extensive use in the pharmaceutical, supplement, and food sectors due to its various beneficial properties.

Growing Demand for Omega-3 Products

Omega-3 fatty acids offer numerous health benefits, fueling the demand for omega-3 supplements and driving the growth of the omega-3 products market. The infant nutrition sector, in particular, is expected to drive market growth due to its significant omega-3 applications. Krill oil, a potential source of omega-3, is gaining popularity for its superior qualities, such as increased water solubility and faster absorption compared to fish oil. The rising consumer demand for omega-3-based products, especially among the geriatric population in developed countries, is expected to boost the market for krill oil.

Key Players Adopting Product Expansion Strategies

Key participants in the krill oil industry are focused on developing product expansion strategies to capture a larger market share. Companies are emphasizing the availability of krill oil-based products in smaller doses tailored to specific dietary requirements, in response to changing customer preferences. Advancements in technology and seafood processing are driving the market growth potential for krill oil. Major companies are investing heavily in research and development to introduce new products and enhance their operational capabilities.

Factors Restraining Market Growth

High Cost of Production

Krill oil extraction involves various processes such as solvent, non-solvent, SCFE, and enzyme-assisted extraction, leading to significantly higher production costs compared to other oils on the market. Fresh krill, which contains high levels of proteolytic enzymes, must be processed immediately after capture to prevent autolysis. The high cost of production is a major challenge for krill oil manufacturers, making it difficult to offer products at competitive prices, which could hinder market growth.

Potential Health Risks

While krill oil offers numerous health benefits, excessive consumption can lead to serious health issues. Krill oil has a tendency to slow down blood clotting, increasing the risk of bruising and bleeding when consumed with other medications. It can also lower blood sugar levels, posing risks when taken alongside diabetic medications. Additionally, krill oil is ineffective in reducing triglycerides without a proper diet plan. These potential negative effects could limit the growth of the krill oil market.

Regional Insights

United Kingdom: Leading the European Market

The krill oil market is witnessing significant growth in the United Kingdom, driven by increasing demand. EU regulations mandating the inclusion of DHA in all infant formulas marketed in the European Union are boosting the demand for DHA sources, including krill oil.

East Asia: Dominated by China

China holds a major share in the East Asian krill oil market, attributed to growing consumer awareness of its health and nutritional benefits. The high concentration of the aquaculture industry in East Asia further supports market growth.

Category-wise Insights

Dietary Supplements: Highest Demand

The dietary supplements segment exhibits the highest demand for krill oil, driven by increasing consumer awareness about omega-3-based supplements. This segment holds a substantial market value share, reflecting the rising popularity of dietary supplements among health-conscious consumers.

Dominating Sales Channels

The hypermarket/supermarket segment accounts for the highest sales of krill oil-based supplements. However, the online retail segment is expected to grow significantly, reflecting changing consumer purchasing behaviors.

Competitive Analysis

Major players in the global krill oil market are focused on expansion, research and development, and technological advancements in processing. Companies are investing heavily to enhance their operational and innovation capabilities, aiming to capture a larger market share.

• Aker BioMarine established a new distribution warehouse in Chennai, India, strengthening its presence in the region and supplying QRILL Aqua products to various countries.

• Jarrow Formulas, Inc announced a strategic partnership with Natrol LLC to provide high-quality supplements at affordable rates, enhancing its production capabilities and product portfolio.

• Biocorp Co. Ltd. began producing krill oil with the highest phospholipid content in the world.

• Rimfrost AS expanded operations in China, offering high-quality krill oil to food supplement manufacturers, and received regulatory approval to expand operations in South America.

Key Companies Profiled

• AdvaCare Pharma

• Aker BioMarine

• Beijing Be-Better Technology Co. Ltd.

• Biocorp Co. Ltd.

• Bio-Mer New Zealand

• IAF NETWORK S.p.A.

• Jarrow Formulas Inc.

• KLAIRE LABS

• Kori

• NORWAY OMEGA LTD.

• NOW® Foods

• NutriGold Inc.

• NutriNZ

• Orzaks İlaç ve Kimya Sanayi

• Qingdao Kangjing Marine Biotechnology Co. Ltd.

• Reckitt Benckiser Group Plc

• Rimfrost AS

• Viva Naturals

• Xi'an Prius Biological Engineering Co. Ltd.

• Xi'an Sost Biotech Co. Ltd.

Market by Category

By End Use:

• Dietary Supplement

• Pharmaceutical

• Animal Feed

• Others

By Sales Channel:

• Business to Business

• Business to Consumer

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Table of Contents

1. Executive Summary
1.1. Global Krill Oil Market Snapshot
1.2. Future Projections
1.3. Key Market Trends
1.4. Regional Snapshot, by Value, 2023
1.5. Analyst Recommendations
2. Market Overview
2.1. Market Definitions and Segmentations
2.2. Market Dynamics
2.2.1. Drivers
2.2.2. Restraints
2.2.3. Market Opportunities
2.3. Value Chain Analysis
2.4. Porter’s Five Forces Analysis
2.5. COVID-19 Impact Analysis
2.5.1. Supply
2.5.2. Demand
2.6. Impact of Ukraine-Russia Conflict
2.7. Economic Overview
2.7.1. World Economic Projections
2.8. PESTLE Analysis
3. Global Krill Oil Market Outlook, 2019-2031
3.1. Global Krill Oil Market Outlook, by End Use, Value (US$ Mn), 2019-2031
3.1.1. Key Highlights
3.1.1.1. Dietary Supplement
3.1.1.2. Pharmaceutical
3.1.1.3. Animal Feed
3.1.1.4. Others
3.2. Global Krill Oil Market Outlook, by Sales Channel, Value (US$ Mn), 2019-2031
3.2.1. Key Highlights
3.2.1.1. Business to Business
3.2.1.2. Business to Consumer
3.3. Global Krill Oil Market Outlook, by Region, Value (US$ Mn), 2019-2031
3.3.1. Key Highlights
3.3.1.1. North America
3.3.1.2. Europe
3.3.1.3. Asia Pacific
3.3.1.4. Latin America
3.3.1.5. Middle East & Africa
4. North America Krill Oil Market Outlook, 2019-2031
4.1. North America Krill Oil Market Outlook, by End Use, Value (US$ Mn), 2019-2031
4.1.1. Key Highlights
4.1.1.1. Dietary Supplement
4.1.1.2. Pharmaceutical
4.1.1.3. Animal Feed
4.1.1.4. Others
4.2. North America Krill Oil Market Outlook, by Sales Channel, Value (US$ Mn), 2019-2031
4.2.1. Key Highlights
4.2.1.1. Business to Business
4.2.1.2. Business to Consumer
4.3. North America Krill Oil Market Outlook, by Country, Value (US$ Mn), 2019-2031
4.3.1. Key Highlights
4.3.1.1. U.S. Krill Oil Market by End Use, Value (US$ Mn), 2019-2031
4.3.1.2. U.S. Krill Oil Market by Sales Channel, Value (US$ Mn), 2019-2031
4.3.1.3. Canada Krill Oil Market by End Use, Value (US$ Mn), 2019-2031
4.3.1.4. Canada Krill Oil Market by Sales Channel, Value (US$ Mn), 2019-2031
5. Europe Krill Oil Market Outlook, 2019-2031
5.1. Europe Krill Oil Market Outlook, by End Use, Value (US$ Mn), 2019-2031
5.1.1. Key Highlights
5.1.1.1. Dietary Supplement
5.1.1.2. Pharmaceutical
5.1.1.3. Animal Feed
5.1.1.4. Others
5.2. Europe Krill Oil Market Outlook, by Sales Channel, Value (US$ Mn), 2019-2031
5.2.1. Key Highlights
5.2.1.1. Business to Business
5.2.1.2. Business to Consumer
5.3. Europe Krill Oil Market Outlook, by Country, Value (US$ Mn), 2019-2031
5.3.1. Key Highlights
5.3.1.1. Germany Krill Oil Market by End Use, Value (US$ Mn), 2019-2031
5.3.1.2. Germany Krill Oil Market by Sales Channel, Value (US$ Mn), 2019-2031
5.3.1.3. U.K. Krill Oil Market by End Use, Value (US$ Mn), 2019-2031
5.3.1.4. U.K. Krill Oil Market by Sales Channel, Value (US$ Mn), 2019-2031
5.3.1.5. France Krill Oil Market by End Use, Value (US$ Mn), 2019-2031
5.3.1.6. France Krill Oil Market by Sales Channel, Value (US$ Mn), 2019-2031
5.3.1.7. Italy Krill Oil Market by End Use, Value (US$ Mn), 2019-2031
5.3.1.8. Italy Krill Oil Market by Sales Channel, Value (US$ Mn), 2019-2031
5.3.1.9. Turkey Krill Oil Market by End Use, Value (US$ Mn), 2019-2031
5.3.1.10. Turkey Krill Oil Market by Sales Channel, Value (US$ Mn), 2019-2031
5.3.1.11. Russia Krill Oil Market by End Use, Value (US$ Mn), 2019-2031
5.3.1.12. Russia Krill Oil Market by Sales Channel, Value (US$ Mn), 2019-2031
5.3.1.13. Rest of Europe Krill Oil Market by End Use, Value (US$ Mn), 2019-2031
5.3.1.14. Rest of Europe Krill Oil Market by Sales Channel, Value (US$ Mn), 2019-2031
6. Asia Pacific Krill Oil Market Outlook, 2019-2031
6.1. Asia Pacific Krill Oil Market Outlook, by End Use, Value (US$ Mn), 2019-2031
6.1.1. Key Highlights
6.1.1.1. Dietary Supplement
6.1.1.2. Pharmaceutical
6.1.1.3. Animal Feed
6.1.1.4. Others
6.2. Asia Pacific Krill Oil Market Outlook, by Sales Channel, Value (US$ Mn), 2019-2031
6.2.1. Key Highlights
6.2.1.1. Business to Business
6.2.1.2. Business to Consumer
6.3. Asia Pacific Krill Oil Market Outlook, by Country, Value (US$ Mn), 2019-2031
6.3.1. Key Highlights
6.3.1.1. China Krill Oil Market by End Use, Value (US$ Mn), 2019-2031
6.3.1.2. China Krill Oil Market by Sales Channel, Value (US$ Mn), 2019-2031
6.3.1.3. Japan Krill Oil Market by End Use, Value (US$ Mn), 2019-2031
6.3.1.4. Japan Krill Oil Market by Sales Channel, Value (US$ Mn), 2019-2031
6.3.1.5. South Korea Krill Oil Market by End Use, Value (US$ Mn), 2019-2031
6.3.1.6. South Korea Krill Oil Market by Sales Channel, Value (US$ Mn), 2019-2031
6.3.1.7. India Krill Oil Market by End Use, Value (US$ Mn), 2019-2031
6.3.1.8. India Krill Oil Market by Sales Channel, Value (US$ Mn), 2019-2031
6.3.1.9. Southeast Asia Krill Oil Market by End Use, Value (US$ Mn), 2019-2031
6.3.1.10. Southeast Asia Krill Oil Market by Sales Channel, Value (US$ Mn), 2019-2031
6.3.1.11. Rest of Asia Pacific Krill Oil Market by End Use, Value (US$ Mn), 2019-2031
6.3.1.12. Rest of Asia Pacific Krill Oil Market by Sales Channel, Value (US$ Mn), 2019-2031
7. Latin America Krill Oil Market Outlook, 2019-2031
7.1. Latin America Krill Oil Market Outlook, by End Use, Value (US$ Mn), 2019-2031
7.1.1. Key Highlights
7.1.1.1. Dietary Supplement
7.1.1.2. Pharmaceutical
7.1.1.3. Animal Feed
7.1.1.4. Others
7.2. Latin America Krill Oil Market Outlook, by Sales Channel, Value (US$ Mn), 2019-2031
7.2.1. Key Highlights
7.2.1.1. Business to Business
7.2.1.2. Business to Consumer
7.3. Latin America Krill Oil Market Outlook, by Country, Value (US$ Mn), 2019-2031
7.3.1. Key Highlights
7.3.1.1. Brazil Krill Oil Market by End Use, Value (US$ Mn), 2019-2031
7.3.1.2. Brazil Krill Oil Market by Sales Channel, Value (US$ Mn), 2019-2031
7.3.1.3. Mexico Krill Oil Market by End Use, Value (US$ Mn), 2019-2031
7.3.1.4. Mexico Krill Oil Market by Sales Channel, Value (US$ Mn), 2019-2031
7.3.1.5. Argentina Krill Oil Market by End Use, Value (US$ Mn), 2019-2031
7.3.1.6. Argentina Krill Oil Market by Sales Channel, Value (US$ Mn), 2019-2031
7.3.1.7. Rest of Latin America Krill Oil Market by End Use, Value (US$ Mn), 2019-2031
7.3.1.8. Rest of Latin America Krill Oil Market by Sales Channel, Value (US$ Mn), 2019-2031
8. Middle East & Africa Krill Oil Market Outlook, 2019-2031
8.1. Middle East & Africa Krill Oil Market Outlook, by End Use, Value (US$ Mn), 2019-2031
8.1.1. Key Highlights
8.1.1.1. Dietary Supplement
8.1.1.2. Pharmaceutical
8.1.1.3. Animal Feed
8.1.1.4. Others
8.2. Middle East & Africa Krill Oil Market Outlook, by Sales Channel, Value (US$ Mn), 2019-2031
8.2.1. Key Highlights
8.2.1.1. Business to Business
8.2.1.2. Business to Consumer
8.3. Middle East & Africa Krill Oil Market Outlook, by Country, Value (US$ Mn), 2019-2031
8.3.1. Key Highlights
8.3.1.1. GCC Krill Oil Market by End Use, Value (US$ Mn), 2019-2031
8.3.1.2. GCC Krill Oil Market by Sales Channel, Value (US$ Mn), 2019-2031
8.3.1.3. South Africa Krill Oil Market by End Use, Value (US$ Mn), 2019-2031
8.3.1.4. South Africa Krill Oil Market by Sales Channel, Value (US$ Mn), 2019-2031
8.3.1.5. Egypt Krill Oil Market by End Use, Value (US$ Mn), 2019-2031
8.3.1.6. Egypt Krill Oil Market by Sales Channel, Value (US$ Mn), 2019-2031
8.3.1.7. Nigeria Krill Oil Market by End Use, Value (US$ Mn), 2019-2031
8.3.1.8. Nigeria Krill Oil Market by Sales Channel, Value (US$ Mn), 2019-2031
8.3.1.9. Rest of Middle East & Africa Krill Oil Market by End Use, Value (US$ Mn), 2019-2031
8.3.1.10. Rest of Middle East & Africa Krill Oil Market by Sales Channel, Value (US$ Mn), 2019-2031
9. Competitive Landscape
9.1. Manufacturer vs by Sales Channel Heatmap
9.2. Company Market Share Analysis, 2023
9.3. Competitive Dashboard
9.4. Company Profiles
9.4.1. AdvaCare Pharma
9.4.1.1. Company Overview
9.4.1.2. Product Portfolio
9.4.1.3. Financial Overview
9.4.1.4. Business Strategies and Development
9.4.2. Aker Biomarine
9.4.2.1. Company Overview
9.4.2.2. Product Portfolio
9.4.2.3. Financial Overview
9.4.2.4. Business Strategies and Development
9.4.3. Beijing Be-Better Technology Co. Ltd.
9.4.3.1. Company Overview
9.4.3.2. Product Portfolio
9.4.3.3. Financial Overview
9.4.3.4. Business Strategies and Development
9.4.4. Biocorp Co. Ltd.
9.4.4.1. Company Overview
9.4.4.2. Product Portfolio
9.4.4.3. Financial Overview
9.4.4.4. Business Strategies and Development
9.4.5. Bio-Mer New Zealand
9.4.5.1. Company Overview
9.4.5.2. Product Portfolio
9.4.5.3. Financial Overview
9.4.5.4. Business Strategies and Development
9.4.6. IAF NETWORK S.p.A.
9.4.6.1. Company Overview
9.4.6.2. Product Portfolio
9.4.6.3. Financial Overview
9.4.6.4. Business Strategies and Development
9.4.7. Jarrow Formulas Inc.
9.4.7.1. Company Overview
9.4.7.2. Product Portfolio
9.4.7.3. Financial Overview
9.4.7.4. Business Strategies and Development
9.4.8. KLAIRE LABS
9.4.8.1. Company Overview
9.4.8.2. Product Portfolio
9.4.8.3. Financial Overview
9.4.8.4. Business Strategies and Development
9.4.9. Kori
9.4.9.1. Company Overview
9.4.9.2. Product Portfolio
9.4.9.3. Financial Overview
9.4.9.4. Business Strategies and Development
9.4.10. NORWAY OMEGA LTD.
9.4.10.1. Company Overview
9.4.10.2. Product Portfolio
9.4.10.3. Financial Overview
9.4.10.4. Business Strategies and Development
9.4.11. NOW® Foods
9.4.11.1. Company Overview
9.4.11.2. Product Portfolio
9.4.11.3. Financial Overview
9.4.11.4. Business Strategies and Development
9.4.12. NutriGold Inc.
9.4.12.1. Company Overview
9.4.12.2. Product Portfolio
9.4.12.3. Financial Overview
9.4.12.4. Business Strategies and Development
9.4.13. NutriNZ
9.4.13.1. Company Overview
9.4.13.2. Product Portfolio
9.4.13.3. Financial Overview
9.4.13.4. Business Strategies and Development
9.4.14. Orzaks ?laç ve Kimya Sanayi
9.4.14.1. Company Overview
9.4.14.2. Product Portfolio
9.4.14.3. Financial Overview
9.4.14.4. Business Strategies and Development
9.4.15. Qingdao Kangjing Marine Biotechnology Co. Ltd.
9.4.15.1. Company Overview
9.4.15.2. Product Portfolio
9.4.15.3. Financial Overview
9.4.15.4. Business Strategies and Development
9.4.16. Reckitt Benckiser Group Plc
9.4.16.1. Company Overview
9.4.16.2. Product Portfolio
9.4.16.3. Financial Overview
9.4.16.4. Business Strategies and Development
9.4.17. Rimfrost AS
9.4.17.1. Company Overview
9.4.17.2. Product Portfolio
9.4.17.3. Financial Overview
9.4.17.4. Business Strategies and Development
9.4.18. Viva Naturals
9.4.18.1. Company Overview
9.4.18.2. Product Portfolio
9.4.18.3. Financial Overview
9.4.18.4. Business Strategies and Development
9.4.19. Xi'an Prius Biological Engineering Co. Ltd.
9.4.19.1. Company Overview
9.4.19.2. Product Portfolio
9.4.19.3. Financial Overview
9.4.19.4. Business Strategies and Development
9.4.20. Xi'an Sost Biotech Co. Ltd.
9.4.20.1. Company Overview
9.4.20.2. Product Portfolio
9.4.20.3. Financial Overview
9.4.20.4. Business Strategies and Development
10. Appendix
10.1. Research Methodology
10.2. Report Assumptions
10.3. Acronyms and Abbreviations