The global krill oil market is expected to reach USD 709.4 million by 2025, according to a new report by Grand View Research, Inc. The increasing awareness regarding omega 3 deficiency and growing demand for dietary supplements are expected to drive demand for krill oil over the forecast period. The market is largely influenced by associations such as Marine Stewardship Council (MSC) and Association of Responsible Krill Harvesting Companies (ARK).
Globally, Europe is the dominant regional market. The presence of major fisheries and favorable trade environment is likely to drive the growth in this region. The rise in fishing activity and presence of krill fish in oceans surrounding South Asian countries such as India and Vietnam is expected to drive the industry in this region over the forecast period.
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Further key findings from the report suggest
Tablets was the dominant segment with a market share of over 70% in 2015 owing to growing popularity of this form of omega 3 supplements
Capsules are the fastest growing product segment within the tablet category growing at a CAGR of over 13% from 2016 to 2024 owing to rising number of manufacturers preferring to manufacture krill oil capsules rather than soft gels.
The demand in Europe was over USD 60.0 million in 2015, accounting for over 35% of the overall market. Growing awareness in the region about omega 3 substitutes and rising consumer knowledge about omega 3 products is driving the industry in this region.
The industry participants have been engaged in rapid new product development and consumer awareness campaigns to increase the penetration of the products.
They have been focusing on the emerging economies in order to expand their global foothold and increase the customer base.
Grand View Research has segmented the global krill oil market on the basis of product, application, and region:
Krill Oil Market Product Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)
Krill Oil Market Application Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)
Animal Food & Pet Food
Functional Food & Beverages
Krill Oil Market Regional Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)
Central & South Africa
Middle East & Africa
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