The krill oil market valuation is US$ 997.4 Mn in 2023 and is rising to US$ 2.7 Bn by 2033. Sales of krill oil are anticipated to grow at a CAGR of 10.5% during the forecast period.
Krill oil is increasingly in demand in the food industry as a way to supply wholesome gourmet ingredients and enhance food quality. More than ever, consumers are conscious of their dietary habits and overall health. The market will have additional potential during the projected period as krill oil’s use as an oil substitute grows.
The rising demand for functional food, healthy diets, and supplements will surge the market expansion during the forecast period. The availability of enriched products and changing lifestyles are accelerating the demand for krill oil.
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How does Krill Oil help to Improve Patient’s Health?
The patients prefer krill oil to maintain their body cholesterol and high blood pressure, which is expected to bolster the market opportunities during the forecast period. The growing geriatric population and chronic disease patients are increasingly adopting krill oil to maintain their health.
Adopting krill oil reduces inflammation and gains healthy fats among patients increasing market growth during the forecast period. The demand for krill oil is increasing among patients to reduce joint and arthritis pain and improve their health.
Top Countries Influencing the Market:
The rising demand for krill oil supplements and promoting a healthy lifestyle is set to increase the US market expansion during the forecast period. Consumers are increasing the consumption of krill oil to avoid heart-related diseases and maintain cholesterol levels. These factors are influencing the US market growth.
The growing eating habits, healthy diet foods, and rising demand for nutrient-rich foods are accelerating the demand for krill oil in India. Gym trainers are increasing the consumption of krill oil capsules to maintain their daily nutrient diets and are thus advancing the Indian market. The present manufacturers and R&D activities uplift market opportunities.
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Key Takeaways
- The krill oil market in the United States is anticipated to grow at a CAGR of 10% through 2033.
- With a CAGR of 11.1%, the United Kingdom’s krill oil marketsignificantly uplifts during the forecast period.
- The krill oil market in China is expected to grow at a CAGR of 14.4% over the forecast period.
- With a CAGR of 14.0% throughout the research period, the Indian krill oil market increases speedily.
- The German market is anticipated to grow at a CAGR of 9.4% during the forecast period.
Who is Winning?
Prominent companies are uplifting their market share by innovating new products. These companies provide a healthy substitute oil that prevents chronic disease, high heart rates, and inflammation.
A few of key players in the market are:
- Neptune Biotech
- Aker BioMarine AS
- Alpha B&H Co.
- Fuji Chemicals
- Krill Canada
- Rimfrost AS
- Norwegian Fish Oil AS
- Quingdao Kangjing Marine Biotechnology Co. Ltd.
- Xi’an Prius biological engineering Co. Ltd.
- Nutrifynn Caps Inc.
- Others
Recent Developments in the Market:
- In Nov 2020, Aker BioMarine announced its newly launched product Lysoveta- a delivery-based platform. The platform is LPC-bound DHA & EPA sourced from krill.
- In Jan 2018, Aker BioMarine- the krill oil leader, acquired Enzymotec to enhance its business goals.
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