Market Size of Krill Oil Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 11.71 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Krill Oil Market Analysis
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.
Krill Oil Industry Segmentation
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 | |||||||||
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Krill Oil Market Size Summary
The krill oil market is experiencing significant growth, driven by the increasing adoption of krill oil as a preferred alternative to fish oil. This shift is largely due to the heightened awareness of the health benefits associated with krill oil, which has led to its rising popularity. The demand for krill oil is further bolstered by the growing interest in premium infant formula products, which require essential nutrients like DHA and EPA for optimal brain development and immunity. The market is also seeing a surge in the consumption of supplements containing omega-3 fatty acids, which are crucial for normal bodily functions and brain development. Despite the dominance of fish oil in the market, there is a notable interest in exploring other sources of omega-3 fatty acids, such as fungi and algae, although they have not yet gained significant traction.
Regionally, the Asia-Pacific is anticipated to be the fastest-growing market, with countries like Japan and China leading the charge due to evolving health and wellness trends. Europe holds the largest market share, with Scandinavian countries being major consumers, supported by the presence of key manufacturers like Aker BioMarine and Rimfrost AS. These companies benefit from the proximity to the Arctic Ocean, ensuring a steady supply of raw materials. The market is characterized by the presence of numerous brands, though only a few hold a substantial market share. Major players such as Aker BioMarine, Coastside Bio Resources, and Neptune Wellness Solutions Inc. employ various strategies to maintain their market dominance, navigating challenges related to quality and sustainability concerns in omega-3 oil production.
Krill Oil Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Force Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Form
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2.1.1 Liquid
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2.1.2 Tablet
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2.2 By Application
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2.2.1 Dietary Supplements
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2.2.2 Pharmaceuticals
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2.2.3 Pet Food and Animal Food
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2.2.4 Functional Food and Beverages
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.1.4 Rest of North America
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2.3.2 Europe
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2.3.2.1 United Kingdom
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2.3.2.2 Germany
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2.3.2.3 France
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2.3.2.4 Russia
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2.3.2.5 Italy
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2.3.2.6 Spain
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2.3.2.7 Rest of Europe
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2.3.3 Asia Pacific
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2.3.3.1 India
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2.3.3.2 China
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2.3.3.3 Japan
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2.3.3.4 Australia
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2.3.3.5 Rest of Asia-Pacific
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle East & Africa
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2.3.5.1 South Africa
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2.3.5.2 Saudi Arabia
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2.3.5.3 Rest of Middle East & Africa
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Krill Oil Market Size FAQs
What is the current Krill Oil Market size?
The Krill Oil Market is projected to register a CAGR of 11.71% during the forecast period (2024-2029)
Who are the key players in Krill Oil Market?
Aker BioMarine, Coastside Bio Resources, Enzymotec Ltd, RIMFROST AS and NutriGold Inc. are the major companies operating in the Krill Oil Market.
