Krill Oil Market Report

Krill Oil Market Analysis By Product (Liquids, Tablets (Soft Gels, Capsules)), By Application (Dietary Supplements, Functional Food & Beverages, Pharmaceuticals, Animal Food & Pet Food), By Region, And Segment Forecasts, 2014 - 2025

Published: March 2017  |  80 Pages  |  Format: PDF  |  Report ID: GVR-1-68038-898-5

Industry Insights

The global krill oil market size was valued at USD 204.4 million in 2015 and is expected to witness significant growth owing to increasing health awareness among the population. The rising demand for supplements containing ingredients such as eicosapentaenoic acid (EPA), docosahexaenoic acid (DHA) and omega-3 fatty acids is expected to augment the utilization of these products.

The product is extracted from crustaceans that are found in deep oceans. The fish species that are primarily used in the extraction process are Euphasia Superba, Euphasia Pacifica, and Antartic Krill. The manufacturing facilities are generally situated on the coastline as it reduces the operational costs of handling the fish.

Germany krill oil market, by application, 2014 - 2025 (USD Million)

Germany krill oil market

Germany krill oil market is projected to witness positive growth owing to growing awareness about fatty acid deficiencies in the country. The German population does not obtain enough amounts of DHA and EPA owing to low consumption of fish in the country.

However, product innovation and the introduction of krill oil in different product forms are expected to fuel its growth over the coming years. The changing consumer habits and growing knowledge about omega 3 products are likely to drive the demand for this product in this country.

The market players have been facing challenges in order to sell products at prices lower than that of fish oil. The high manufacturing costs coupled with yield problems associated with extraction of pure krill oil is expected to restrain the market growth. In addition, the presence of substitutes including omega fatty acid supplements is likely to pose a major challenge for the market over the next nine years.

Application Insights

The application segment was dominated by dietary supplements with a market share of over 60% in 2015. The medical benefits provided by krill oil dietary supplements including lower blood pressure, reduced triglycerides, and improved heart health are expected to positively impact the demand over the forecast period.

The other major applications include animal & plant food, pharmaceuticals, and functional food & beverages. The demand for functional food & beverages is expected to grow rapidly on account of increasing consumption of health drinks for proper nutrition intake. In addition, growing application of in infant formulations expected to augment demand for these products in the near future.

Product Insights

The product segment was dominated by tablets with a share of over 50% in 2015. These are consumed in various forms including soft gels and capsules. The tablets product segment would see more demand in the future owing to the familiarity of the product form within the fish oil category and growing acceptance of consumers.

Global krill oil market, by product, 2015 (%)

Global krill oil market

The liquid krill oil segment is expected to witness a significant growth of over 10% from 2016 to 2025.The liquid krill demand is driven by the rapid introduction of new products within the liquid krill oil segment.

Regional Insights

Asia Pacific is expected to be the fastest growing market from 2016 to 2025. The regional growth is driven by countries such as Japan and China on account of changing health and wellness trends in these countries. The close proximity to oceans and growing fishing activity in India and other South East Asian countries is expected to fuel the production of krill oil in this region. 

Europe is the largest regional market with a market share of over 35% in 2015. The Scandinavian countries in the European region are the major consumers of krill oil. The high cost of the product and presence of other omega 3 substitutes is expected to restrain the market growth in this region. The presence of krill oil manufacturers such as Aker BioMarine & Rimfrost AS and high raw material availability due to close proximity to the Arctic Ocean are likely to play a key role in propelling growth over the forecast period.

Competitor Insights

The industry is highly consolidated owing to the presence of few large-scale manufacturers such as Aker BioMarine, RB LLC, Norweigan Fish Oil and Rimfrost AS. The other manufacturers in this market are Qingdao Kangjing Marine Technology, Enzymotec Ltd., NWC Naturals LLC, Nutrigold Inc., Daeduck FRD Inc., Neptune Technologies & Bioresources, Olympic Seafood AS and Azantis Inc.

The highly competitive environment in the market has led to the adoption of strategies such as new product development in order to develop differentiation. Aker BioMarine has recently introduced the powdered form and is expected to launch gummy paste of krill oil in the future.

Report Scope

Attribute

Details

Base year for estimation

2016

Actual estimates/Historic data

2014 - 2016

Forecast period

2017 - 2025

Market representation

Volume in Tons; Revenue in USD Million & CAGR from 2016 to 2025

Regional scope

North America, Europe, Asia Pacific, Central & South America & MEA

Country scope

U.S., UK, Germany, Japan, China, Brazil

Report coverage

Revenue forecast, company share, competitive landscape, growth factors and trends

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Segments covered in the report

This report forecasts revenue growth at global, regional & country levels and provides an analysis of the industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the krill oil market on the basis of product, application, and region:

  • Product Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)

    • Liquids

    • Tablets

      • Soft gels

      • Capsules

  • Application Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)

    • Dietary Supplements

    • Animal Food & Pet Food

    • Functional Food & Beverages

    • Pharmaceuticals

    • Others

  • Regional Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)

    • North America

      • U.S.

    • Europe

      • Germany

      • UK

    • Asia Pacific

      • China

      • Japan

    • Central & South Africa

      • Brazil

    • Middle East & Africa

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