Krill is a tiny shrimp-like crustacean that lives in oceans across the world. Krill is harvested as a food source for both human beings and animals. Krill oil is extracted using both solvent and solvent-free extraction techniques. Krill oil offers several health benefits and consists of various essential nutrients including antioxidants such as astaxanthin and phospholipid-derived fatty acids (PLFA). Astaxanthin acts as an antioxidant and also imparts the dark red color to krill oil. Krill oil is beneficial to persons suffering from high blood pressure, stroke, cancer, osteoarthritis, depression, and premenstrual syndrome (PMS). Krill oil is consumed in oil form, soft gel, and also can be added to functional foods & beverages, sports food, and infant food. Krill oil & krill meal are used in pet and animal feed products to improve immunity, and to build overall strength. Krill oil pumps, pills, lotions, and other products are available in the market. Increasing consumer inclination towards the maintenance of a healthy lifestyle via dietary supplements consumption and food fortification with omega-3 alternatives is a major trend propelling the growth of the krill oil market. To understand and assess opportunities in this market, the report is categorically split into three sections namely, market analysis by form, application, and region. In the report, we have also analyzed the global krill oil market in terms of market value.
The report starts with an overview of the global krill oil market and usage of these products in specific markets across the globe. Persistence Market Research (PMR) covers the global krill oil market performance in terms of revenue and consumption. It includes PMR’s analysis of key trends, drivers, and restraints, from the supply-side and demand-side perspective. Impact analysis of key growth drivers and restraints, based on the weighted average model, is included to better equip clients with crystal clear decision-making insights.
The report further analyzes the global market on the basis of application and presents market size in terms of value during the forecast period (2016–2022).
The krill oil market is segmented as follows:
The next section of the report analyzes the market on the basis of form, and presents the market size in terms of value during the forecast period.
On the basis of form, the market is segmented into:
Tablet form segment is further sub-segmented into:
The tablets segment has been estimated to account for 61.8% share of the overall krill oil market in 2015, followed by the liquid segment. Growth of the global krill oil market is mainly driven by factors such as increasing health concerns and consumption of omega-3 products globally. The softgel sub-segment of the tablet form segment is expected to be a major contributor in term of revenue over the forecast period.
The following section analyzes the market on the basis of application and presents market size in terms of value during the forecast period.
On the basis of applications, the market is segmented as follows:
Of the aforementioned segments, the dietary supplements segment is expected to expand at the highest CAGR of 13.7% in terms of revenue during the forecast period. However, the functional food & beverages segment is expected to be second-highest contributor in terms of revenue to the global krill oil market, accounting for 12.2% share by 2022. Owing to increasing consumer preference for fortified food and beverages, and confectionery products such as gummies, application of krill oil as an ingredient is increasing substantially.
The section that follows analyzes the market on the basis of region and presents market size in terms of value during the forecast period.
Regions covered in the report include:
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.
In terms of value, the global krill oil market was valued at US$ 267.7 Mn in 2014 and is expected to reach a value of US$ 703.0 Mn by 2022, expanding at a CAGR of 12.9% during the forecast period (2015-2022). 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 is turn is fuelling the demand for krill oil supplements.
On the basis of form, the market is segmented into liquids and tablets. In 2014, the liquid segment was valued at US$ 102.6 Mn and has been estimated to account for US$ 115.0 Mn by the end of 2015. The tablets segment was valued at US$ 165.1 Mn in 2014 and has been estimated to be valued at US$ 185.7 Mn by the end of 2015. Tablets segment is further sub-segmented as soft gels and capsules.
On the basis of application, the market is segmented into dietary supplements, functional food & beverages, pharmaceuticals, pet food & animal feed and others (infant formula). In 2014, the dietary supplements segment was valued at US$ 107.1 Mn and is expected to reach US$ 297.2 Mn by the end of 2022. The segment is expected to register highest CAGR of 13.7% during the forecast period. The functional food & beverages segment is expected to register the CAGR of 13.1% during the forecast period, followed by others segment with 12.9%.
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).
Key players in the global krill oil market include: