The krill oil market valuation is US$ 997.4 Million in 2023 and is rising to US$ 2.7 Billion by 2033. Sales of krill oil are anticipated to grow at a CAGR of 10.5% during the forecast period.
In the food sector, krill oil is gaining appeal as a way to deliver healthful gourmet ingredients while also enhancing food quality. Consumers are more aware of their food habits and overall health than ever before. As the use of krill oil as an oil replacement grows, the market will expand throughout the forecast period.
Throughout the projected period, increased demand for functional foods, healthy diets, and supplements will drive market expansion. The availability of enriched foods, as well as changing lifestyles, are driving the demand for krill oil.
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How does Krill Oil help to Improve Patient’s Health?
Patients prefer krill oil to treat high blood pressure and cholesterol levels, which will fuel market expansion throughout the forecast period. Krill oil is being utilised more and more to help the growing senior population and chronic illness sufferers maintain their health.
Adoption of krill oil reduces inflammation and boosts healthy fats in patients, leading in higher market growth during the forecast period. Patients are increasingly turning to krill oil to relieve joint and arthritic pain while also improving their overall health.
Top Countries Influencing the Market:
The increased demand for krill oil supplements and the promotion of a healthy lifestyle are expected to drive market growth in the United States over the forecast period. Consumers are increasing their intake of krill oil in order to avoid heart disease and maintain cholesterol levels. These variables are driving the growth of the US market.
In India, expanding eating habits, healthy diet foods, and increased demand for nutrient-rich meals are driving the demand for krill oil. Gym trainers are boosting their use of krill oil capsules to supplement their daily nutrient diets, propelling the Indian market forward. Current manufacturers and R&D activity increase market opportunities.
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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Author
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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