Krill Oil Market
Market Study on Krill Oil: Rising Demand for Marine-sourced Supplements Complementing Market Growth
Krill Oil Market Segmented By Liquid, Tablets, Capsules and Softgel Form in Dietary Supplements, Functional Food and Beverages, Pharmaceuticals, Pet Food and Animal Feed
Krill Oil Market Snapshot
Based on the latest research conducted by Persistence Market Research, the global krill oil market was valued at US$ 141 Mn in 2021, and is projected to surge ahead at a CAGR of 8.4% to reach US$ 316 Mn by 2031.
North America currently dominates the market for krill oil with a market share of 27.7%. Furthermore, Europe is projected to hold more than 20% of the global market value share for krill oil through 2031.
As of 2021, by value, global krill oil sales accounted for around 0.05% to 0.1% share of the global marine-based fats & oils market.
Krill Oil Market Size (2021A)
US$ 142 Mn
Projected Sales of Krill Oil (2031F)
US$ 316 Mn
Value CAGR (2021-2031)
Value Share of Top 5 Countries (2021A)
Find Out More about the Report Coverage
- 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
- NORWAY OMEGA LTD.
- NOW® Foods
- NutriGold Inc.
- Orzaks ?laç 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.
Krill Oil Consumption Analysis (2016-2020) Vs Market Outlook (2021-2031)
From 2016-2020, the global market of krill oil has grew at a rate of 6%. Major market driver for krill oil is increasing usage of marine-sourced oils in dietary supplements and pharmaceuticals. Furthermore, adoption of krill oil in the animal feed industry is aiding market growth.
Major demanding region for krill oil is North America, followed by Europe. Demand for marine-based oils such as krill oil is expected to increase owing to the fact that these regions dominate the pharmaceutical and nutraceutical industry.
By 2031, the East Asia market for krill oil is anticipated to reach US$ 67.61 Mn. Overall, global krill oil consumption is expected to expand at a CAGR of 8.4% through 2031.
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Will Growing Quest for Dietary Supplements Drive Krill Oil Demand?
Nutrients play a crucial role in overall human health; several studies published in renowned scientific journals focus on the benefits of adequate nutrition for maintaining overall health. However, with changes in lifestyle and eating habits, consumers worldwide fail to meet the recommended intake levels of nutrition.
The impact of low nutrient intake is a major public health concern, resulting in vulnerability to infection and diseases. This has resulted in increased consumption of dietary supplements for supporting overall health.
Krill oil is one of the major ingredients in the healthy lifestyle regime of many people, as it provides the necessary omega-3 fatty acids. Krill oil-based products are marketed as healthy foods due to their high protein content and nutritional value, and are available as krill oil capsules, krill oil tablets, krill oil powder, and liquid krill oil.
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Increasing Application of Krill Oil across Diverse Sectors
The global krill oil industry is expected to rise by double digits over the coming years. Increasing number of applications of krill oil across various sectors may be linked to the market's rise to a large extent.
Pharmaceuticals and the functional food and beverage market are projected to see a rise in krill oil consumption. The market will benefit from escalating demand for sports supplements as well as increased awareness regarding gastrointestinal health.
Furthermore, the market is likely to benefit from expanding pet ownership and rising spending power of pet owners, who are increasingly inclined to spend on marine oils such as krill oil containing pet food. Krill oil is utilized in the pharmaceutical, supplement, and food sectors for a variety of purposes.
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How is Rising Demand for Omega-3 Products Fuel Krill Oil Shipments?
Omega-3 fatty acids provide a variety of health benefits, which is fuelling demand for omega-3 supplements and aiding the growth of the omega-3 products market. The infant nutrition sector, which is projected to drive the market over the forecast period, has high demand for Docosahexaenoic Acid (DHA) sources such as krill oil.
Krill oil is a possible source of omega-3 and is becoming more popular due to its better qualities, such as increased water solubility and faster absorption in the human body after consumption as compared to fish oil. Sales of krill oil are likely to be driven by rising consumer demand for omega-3-based products.
Consumption of krill-oil-based supplements supports age-related ailments such as heart problems, arthritis, eye conditions, and others. Krill oil composition contains substances beneficial to health, which justifies its use as a novel food ingredient for pharmacological and nutraceutical applications.
Rising demand for omega-3-based supplements such as krill oil supplements due to the rising geriatric population in developed countries will prove favourable for krill oil manufacturers.
What Factors are Restraining Market Growth of Krill Oil?
Fresh krill and dried krill biomasses can both be used to obtain krill oil. Fresh krill, on the other hand, has high quantities of proteolytic enzymes, which cause the crustacean to autolyze quickly. As a result, krill must be processed as soon as possible after capture.
Extractors of krill oil employ a variety of extraction processes, including solvent, non-solvent, SCFE, and enzyme-assisted extraction procedures. As a result, the cost of krill oil manufacturing is substantially more than regular oils on the market. Since the extraction cost for krill oil is much greater, one of the key issues encountered by krill oil suppliers is to supply their products at a competitive pricing range.
Although krill oil provides a number of health benefits, excessive usage might lead to major health problems. Krill oil has a tendency to slow down blood clotting, and prolonged consumption of krill oil-based products while taking other drugs may raise the risk of bruising and bleeding.
Krill oil decreases blood sugar levels, and using krill oil supplements alongside diabetic medications can lower blood sugar even further. Krill oil is ineffective in lowering triglycerides, if not consumed with a proper diet plan.
Why is the U.K. a Leading Market for Krill Oil in Europe?
Consumption of krill oil is witnessing significant growth in the United Kingdom at a value CAGR of 5.6%. Demand for krill oil in the European region is growing at a significant rate, which provides a favourable market growth opportunity.
The regulatory framework in the U.K. encourages the utilization of omega fatty acids, including DHA, ARA, etc., in variety of infant formulae, which can facilitate demand for krill oil in the U.K.
Which Country Holds the Largest Share in the East Asia Market for Krill Oil?
China holds a major share in the East Asia market for krill oil. This is due to growing health and nutritional benefits of krill oil among consumers.
High concentration of the aquaculture industry in East Asia is proving favourable for krill oil providers. Market share of China in East Asia is 79.5%.
Which End Use Drive Highest Demand for krill Oil?
Based on end-use segments, dietary supplements account for the highest demand for krill oil. Demand for omega-3 based supplements is increasing among consumers due to rising health consciousness. The dietary supplements segment holds a market value share of 78.9%.
Which is the Dominating Sales Channel for Krill Oil-based Supplements?
The hypermarkets/supermarkets segment accounts for the highest sales of krill oil-based supplements. However, the online retail segment is expected to reach US$ 36.53 Mn at a value CAGR of 9.5% by 2031.
Impact of COVID-19 Crisis
Fresh fish and shellfish supply chains were severely disrupted by the closure of food processing units when COVID-19 hit, whilst fish and fish products that are largely dependent on international commerce suffered early in the pandemic from limitations and closures of worldwide markets (e.g. hotels, restaurants, and catering facilities, including school and work canteens). The processing industry also experienced a downfall due to decreased consumer demand.
Capture fisheries’ output in certain nations came to a standstill or was severely decreased as a result of the decline in demand and accompanying price reduction, which may have a beneficial impact on wild fish stocks in the near term.
With the ease of trade restrictions, demand for krill oil products is on the rise with increasing need from various end-use sectors, including dietary supplements, pharmaceuticals, animal feed, and others.
Key manufacturers of krill oil are inclined toward expansion, research & development, and advancement of processing technology. They are striving and investing heavily to enhance their operation and innovation capabilities.
- In October 2020, Aker BioMarine established a new distribution warehouse in Chennai, India, which helped in strengthening its presence in the country. India is one of the major markets for shrimp, which makes it a significant market for Aker BioMarine.
- In January 2021, Jarrow Formulas, Inc. announced a strategic partnership with Natrol LLC. This strategic partnership will help accelerate the company's mission in providing its customers with high-quality supplements at an affordable rate. This will also increase its production capabilities and product portfolio.
- In December 2020, Biocorp Co. Ltd. started producing krill oil containing 61% phospholipid content, which is the highest amount of phospholipid manufactured in the world.
- In April 2017, Rimfrost AS expanded its operations in China and is offering high-quality krill oil to food supplement manufacturers.
Krill Oil Industry Report Scope
Historical data available for
USD million for value
Key regions covered
Key countries covered
Key market segments covered
Key companies profiled
Customization & pricing
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Krill Oil Industry Research by Category
Krill Oil Market by End Use:
- Krill Oil Used in Dietary Supplements
- Krill Oil Used in Pharmaceuticals
- Krill Oil Used in Animal Feed
Krill Oil Market by Sales Channel:
- Business to Business Sales of Krill Oil
- Business to Consumer Sales of Krill Oil
- Convenience Stores
- Specialty Stores
- Online Retail
Krill Oil Market by Region:
- North America Krill Oil Market
- Latin America Krill Oil Market
- Europe Krill Oil Market
- East Asia Krill Oil Market
- South Asia Krill Oil Market
- Oceania Krill Oil Market
- Middle East & Africa Krill Oil Market
- FAQs -
The global market for krill oil is currently valued at US$ 142 Mn.
Increasing application across diverse sectors, rising geriatric population in developed countries, and growing demand for omega-3 products and animal feed applications are driving market expansion.
From 2016 to 2020, krill oil sales increased at a CAGR of 6%.
Sales of krill oil are projected to increase at 8.4% CAGR and be valued at over US$ 316 Mn by 2031.
Aker Biomarine, Rimfrost As, Reckitt Benckiser Group Plc, Now Foods, and Norway Omega are the top 5 krill oil manufacturers accounting for around 35% to 45% market share.
The market for krill oil in China is progressing at more 10% CAGR.
The U.S. krill oil market anticipated to reach US$ 63.5 Mn, and that in India is expected to reach US$ 33.4 Mn, by 2031.