This updated industry survey on krill oil predicts the global market to surge at an impressive CAGR of 10.2% over the next ten years. Analysts at Persistence Market Research have conducted a thorough study on various aspects of the market landscape. The report has currently valued the krill oil market at US$ 674 Mn, which is anticipated to increase 2.6X in 2031.
Find Out More about the Report Coverage
- Qingdao Kangjing Marine Biotechnology Co., Ltd.
- Enzymotec Ltd., RB LLC.
- NWC Naturals Inc.
- NutriGold Inc.
- Daeduck FRD Inc.
- Aker BioMarine SA.
- Neptune Technologies & Bioressources Inc.
- Olympic Seafood AS (RIMFROST AS).
Key Points Covered in Krill Oil Industry Survey:
- Market estimates and forecast 2016-2031
- Key drivers and restraints impacting market growth
- Segment-wise, country-wise, and region-wise analysis
- Competition mapping and benchmarking
- Brand share and market share analysis
- Key product innovations and regulatory climate
- COVID-19 impact on krill oil sales and how to navigate
- Recommendation on key winning strategies
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Research on Benefits of Krill Oil
Healthy living has gained impetus in the last few years, and the onset of early aging and sedentary lifestyle have been major factors responsible for generating awareness among people to adopt a healthy lifestyle. Supplements have been majorly helpful in giving the body its required nutrition.
Krill oil is one of the major ingredients of the healthy lifestyle regime of many people, as it provides the necessary omega-3 fatty acids.
Aker BioMarine, a Norwegian krill harvester and processer, recently announced new directors for its research & development department. Katina Handeland and Yunpeng Ding have been appointed directors in the human health and nutrition department.
Focus will be on krill oil and its potential for sports performance, metabolic syndrome, as well as cardiovascular and cognitive health.
Another study by scientists at the Victoria University, Deakin University, Monash University, and Baker Heart & Diabetes Institute has indicated that krill oil supplementation led to 35.6% higher EPA levels in lipidome compared to fish oil.
Growing research has been proving the effectiveness of krill oil and is expected to give further impetus to industry growth.
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The global krill oil market is experiencing rapid growth owing to increasing health awareness among consumers. Awareness regarding the benefits of omega-3 fatty acids, eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA) is increasing globally.
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Entailing the Valuation
In terms of value, the global krill oil market is valued at US$ 674 Mn and is expected to close in on a value of US$ 1.8 Bn by 2031, expanding at a CAGR of 10.2% during the forecast period (2021-2031). Rising adoption of fish oil alternatives is driving overall market growth.
Initially, fish oil was only consumed on doctor recommendation but has been increasing in recent years owing to growing awareness regarding the health benefits. This in turn is fueling the demand for krill oil supplements.
How about Key Players?
Key players in the global krill oil market include Qingdao Kangjing Marine Biotechnology Co., Ltd., Enzymotec Ltd., RB LLC., NWC Naturals Inc., NutriGold Inc., Daeduck FRD Inc., Aker BioMarine SA, Neptune Technologies & Bioressources Inc., and Olympic Seafood AS (RIMFROST AS).
FAQs Answered in Market Study
- Which nations are major consumers of krill oil in Europe?
The U.K., France, and Germany are prime consumers of krill oil in the European region.
- What trends factor in to guide the krill oil industry?
Growing consumer preference for functional food products and increasing health consciousness are two major trends influencing the krill oil marketplace.
- What will be the North American krill oil market value in 2031?
The krill oil industry in North America is expected to be worth nearly US$ 376 Mn by 2031.
- What are the global forecasts for krill oil?
The krill oil market is anticipated to progress at a stellar CAGR of 10.2% to amass a market valuation of US$ 1.8 Bn by 2031.
- Which nations are leading the krill oil market in terms of demand?
The U.K., Russia, Italy, India, and China are nations guiding major demand for krill oil.
- In terms of CAGR, how did the market perform from 2016 to 2020?
The industry depicted stable progress while expanding at an impressive CAGR of 9.3% over the past 5 years.
- How much of the global market share do the top 5 players capture?
Top 5 manufacturers of krill oil collectively account for nearly 20% of the global market share.
- What percentage of the global market share is held by Europe?
The European region holds around 25% of the global market share.
- What valuation does the krill oil market currently enjoy?
At present, the market is worth approximately US$ 674 Mn.
- What is the expected incremental opportunity for 2021?
The krill oil industry depicts an absolute opportunity of US$ 66 Mn for 2021.