According to Future Market Insights (FMI), the global Antarctic Krill market is expected to valued at US$ 1,632.2 million in 2023 and it is anticipated to reach US$ 4,817.7 million by 2033. Over the next decade, global Antarctic Krill demand is likely to increase at a CAGR of 11.4%. the market is set to expand significantly, offering lucrative opportunities for investors seeking sustainable growth in the B2B sector.
Animal feed industry plays a significant role in consumption of krill. Krill is one of the important source of proteins, lipids, and important nutrients which are vital for animal nutrition. Along with this, increasing demand for high quality animal feed is also expected to skew the use of krill induced feed in the aquaculture and livestock sectors.
Aquaculture industry is positively impacting the demand for krill-based feed products, due to presence of protein and omega-3 fatty acids which are necessary for the nourishment of shrimp and fish. Thus, use of krill-based feed improves overall well-being and health of livestock and other animals which enhances overall productivity and the quality of the produces products. Thus, demand for krill-based products in the animal feed industry is expected to drive growth to the Antarctic Krill market in the near future.
The demand for Antarctic krill is fueled by several key factors:
- Health Conscious Consumer Trends: Growing awareness of the health benefits of omega-3 supplements derived from krill oil drives consumer demand, particularly in regions like the United States and Germany.
- Sustainable and Eco-Friendly Products: Increasing consumer preference for sustainable and eco-friendly products boosts demand for krill-based alternatives in the food, beverage, and aquafeed industries.
- Technological Advancements: Advancements in technology and production methods enable higher quality and more efficient production of krill-based products, driving market expansion.
- Expansion of Harvesting Industry: Expansion of the krill harvesting industry, supported by advancements in harvesting equipment and techniques, increases the supply of krill-based products globally.
- Rising Investment in Research and Development: Increasing investment in research and development of new krill-based products and applications further stimulates market growth and innovation.
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Growing Factors:
- Health Benefits and Omega-3 Supplements: The increasing popularity of omega-3 supplements derived from krill oil, along with growing awareness of the health benefits of krill-based products, drives market demand.
- Sustainable Harvesting Practices: Adoption of environmentally responsible harvesting methods, such as employing nets with lower mesh sizes and focused fishing techniques, appeals to environmentally conscious consumers, driving market growth.
- Technological Innovations: Advancements in extraction techniques and production methods, such as membrane filtering and supercritical CO2 extraction, enhance the quality and efficiency of krill-based product manufacturing, fostering market expansion.
- Market Expansion Strategies: Strategic partnerships, mergers, acquisitions, and investments in research and development enable companies to gain a competitive edge and capitalize on emerging market opportunities.
- Regulatory Compliance and Quality Assurance: Compliance with safety and regulatory norms, coupled with quality assurance measures, ensures consumer trust and confidence in krill-based products, supporting market growth.
Key Takeaways from the Market Report:
- The global market is expected to be valued at US$ 1,632.2 million in 2023 and it is expected to reach a market valuation of US$ 4,817.7 million by 2033.
- The global demand for Antarctic Krill is likely to soar at a CAGR of 0% over the forecast period.
- Based on product type, Krill Oil is anticipated to hold a market share of 4% in 2023 and it is expected to grow with a CAGR of 7.6% over the forecast period
- By End Use Application, Food and Beverage is expected to dominate the market holding a 4% share in 2023 and it is expected to grow with a CAGR of 8.3% over the forecast period.
- Among regions, North America is expected to dominate the global market holding a 6% share in 2023 and it is expected to grow with a CAGR of 7.2% over the forecast period.
- The United States market is projected to reach a market valuation of US$ 350.9 million in 2023 and it is expected to grow with a CAGR of 3% over the forecast periods
“Krill has nutrients such as omega-3 fatty acids, proteins, etc., making it a important source for feed ingredients. Thus the demand for krill-based products in various industries, including food and beverages, dietary supplements, animal feed, and aquaculture and gained significant attention in recent years.” – says a lead analyst at Future Market Insights (FMI)
Who is Winning?
Aker BioMarine, Rimfrost, Olympic Seafood, Enzybel International, Qingdao Kangjing Marine Biotechnology Co., Ltd, Omega Protein, Neptune Wellness Solutions, COPEINCA, Qrill Aqua, and Superba Krill by Aker BioMarine are key manufacturers listed in the report
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Major companies are investing heavily in research and development in order to improve the efficacy and quality of krill-based products. This includes developing new extraction technologies and improving existing ones. Competition is trying to expand the market presence across different geographies by implementing strategies such as merger and acquisition with the companies operating in different sectors such as animal feed and pet food. This includes partnerships with supplement manufacturers, food and beverage companies, and research institutions.
- In July 2020, Epion Brands introduced Kori Pure Antarctic Krill Oil which is a superior source of the Omega-3 fatty acids EPA and DHA vital nutrients that promote the health of the heart, eyes, skin, brain, joints, and immune system.
Key Takeaways for Investors in B2B Industry Growth:
- Investment Opportunities: The growing demand for krill-based products presents lucrative investment opportunities for investors seeking sustainable growth in the B2B sector.
- Market Expansion Strategies: Strategic partnerships, mergers, acquisitions, and investments in research and development enable companies to expand their market presence and capitalize on emerging trends.
- Technological Advancements: Leveraging advancements in technology and production methods allows companies to enhance the quality and efficiency of krill-based product manufacturing, driving market competitiveness and growth.
- Sustainable Practices: Emphasizing environmentally responsible harvesting methods and sustainable production practices enhances brand reputation and consumer trust, positioning companies for long-term success in the market.
- Regulatory Compliance: Ensuring compliance with safety and regulatory norms, coupled with quality assurance measures, is essential for building consumer confidence and maintaining market credibility.
Get More Valuable Insights
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global market presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study incorporates compelling insights on the Antarctic Krill market based on product type (krill meal, krill oil, krill protein concentrate, krill hydrolysate), end use application (food & beverages, aquaculture feed, pet food, fertilizers, industrial applications, pharmaceuticals), across various regions.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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