The global krill oil supplements market size is expected to be valued at USD 824.17 million in 2021 with a compound annual growth rate (CAGR) of 10.7% over the forecast period. The growth of the market is attributed to the growing health consciousness among consumers in countries such as India, China, and the U.S. as well as an aging population, particularly in developed economies such as France, Japan, Germany, and the U.K. This is expected to boost the demand for nutrient-rich food and beverages which is expected to boost the market growth. During the COVID-19 pandemic, the supply chains for shellfish and fresh fish were severely impacted by the closing of food processing facilities. Fish and fish products that were highly reliant on international trade struggled early during the pandemic from restrictions and closures of global markets.
However, the demand for these supplements was not affected by the pandemic as there was a greater emphasis on consuming nutrient-rich products as consumers become more health conscious. As a result, manufacturers experienced an exceeding demand for these supplements than supply. Due to the easing of trade restrictions, there is a growing market for supplements from a variety of industries, such as pharmaceuticals, animal feed, and dietary supplements, among others which will fuel the market growth during the forecast period.
U.S. is one the most prominent market for the product in North America, growing consumer awareness regarding the benefits of krill oil over fish oil has been doing well for the market growth. In addition, supplementation with krill oil over intake of fish results in health-beneficial effects. The capsules product segment is predicted to grow at the highest rate due to the rising consumption of nutritious health supplements among consumers in the country. This growth can be attributed to the properties of capsules such as being easier to swallow, tasteless & odorless, and works faster than tablets.
The market is being driven by rising consumer awareness about the advantages of eicosapentaenoic (EPA), omega-3 fatty acids, and docosahexaenoic acid (DHA). The greater emphasis on the study and research of different medical advantages associated with krill oil will benefit the market. For instance, krill oil reduces inflammation, improves neurological development in newborns, and promotes cardiovascular health, all of which will boost product demand during the projected forecast period.
The growing geriatric population, as well as chronic conditions such as cancer and cardiovascular diseases, are the prominent driving factors in market growth during the forecast period. The rising number of people who are reluctant to use oily fish-based products such as fish oil, as well as the growing preference for healthy food supplements, are driving the market for these supplements. A key factor that will contribute to the market's growth is the growing global population avoiding the usage of fish. Many people in regions such as Europe avoid eating fish, resulting in a lack of Eicosapentaenoic acid (EPA) and Docosahexaenoic acid (DHA).
Technological advances in the production of Active Pharmaceutical Applications (APIs), highly potent active applications, as well as highly potent active applications, are anticipated to increase demand for omega 3. As a result, the overall market will grow during the forecast period. Suppliers of these supplements face challenges owing to the high manufacturing expenses and low economies of scale. Production cost bottlenecks exist at the extraction, separation, oil filtration, and refining stages. This raises the overall cost of the product, which may hinder market growth.
The supplements in liquid form is expected to witness a CAGR of 9.6% over the forecast period. Liquid krill oil is a supplement that is suitable for infant nutrition and is expected to be in high demand in near future. The demand for liquid form in pet foods and infant formulas is predicted to drive segment growth in the coming years. On the other hand, softgels have become increasingly popular and are expected to grow significantly with a CAGR of 10.5% during the forecast period. Softgels are popular due to their ability to mask the taste and smooth texture. Furthermore, softgels are easier to swallow due to their flexible shapes.
The capsules is expected to witness a CAGR of 11.6% over the forecast period from 2022 - 2030. Capsules are widely used because they allow for unique application combinations, protect against sensitive applications, ensure fat-soluble nutrient delivery, and reduce gastrointestinal irritation. Additionally, sealed hard gelatin capsules provide effective oxygen barriers. All of these characteristics are anticipated to increase demand for krill oil capsules over the forecasted period.
The functional foods segment is expected to expand at a CAGR of 3.0% during the forecast period. The rising consumption of omega-3 polyunsaturated fatty acids in functional foods as well as pharmaceutical products is predicted to increase demand for krill oil over the forecast period. Rising healthcare and chronic disease awareness, regulations favoring the use of the product in infant formulations, and expanding omega 3 application profiling, are expected to drive demand for krill oil in developed countries such as the U.S., Germany, France, the U.K., and Japan.
Dietary supplements held the largest market share in 2021 and is expected to retain their dominance over the forecast period. Krill oil is popular among young people due to its high nutritional content. Moreover, as consumers are becoming more aware of the importance of consuming a nutritious diet, the product's use in dietary supplements is expected to increase. The animal feed application segment is expected to grow significantly over the forecast period, with a CAGR of 6.2%. increasing spending on pet wellness backed by increasing pet adoption, and pet ownership will drive segment growth over the coming years.
The supermarkets/ hypermarkets segment held the largest market share of 36.6% in 2021 and is expected to retain its dominance over the forecast period. Several supermarkets and hypermarkets including Walmart, Tesco, Target Brands Inc, Sainsbury’s, Asda among others stock unique supplements to attract more consumers in buying them. In recent years, increasing investments in the research & development of products, coupled with the rising trend of supplements containing Omega-3s and antioxidants to support overall body health, have encouraged manufacturers to introduce new products through popular supermarkets, which is boding well for the segment’s growth.
The online retailers segment is expected to expand at a CAGR of 11.7% during the forecast period. Market players are also launching these supplements through their own company portals, which is driving the growth of the online segment. Further, The online sales of these supplements are estimated to witness foreseeable growth during the forecast period. Prominent e-commerce giants such as Amazon, Walmart, Walgreens, Ubuy, Instacart, Alibaba, and company websites are the leading online retailers of these supplements.
North America accounted for a market share of 37.4% in 2021. Some of the key application sectors in the region include pharmaceuticals, infant formula, and supplemental & functional foods. Product demand for functional food and beverage applications is anticipated to be driven by rising consumer fitness preferences in the U.S., Canada, Mexico, and Canada. The demand for krill oil supplements in North America is also anticipated to increase over the coming years as a result of expanding health benefits and the launch of various dietary supplement product forms.
The market in Asia Pacific is expected to witness a CAGR of 11.5%. Krill oil as dietary supplements is increasingly popular among middle-aged consumers in China for eye and immune benefits. Rising demand for supplements in countries like India, China, Singapore, South Korea, Japan, and Australia has fueled the growth of omega-3 in the Asia Pacific region. The demand for omega-3 in the region is rising as krill oil becomes more prevalent in daily diets and as consumer awareness regarding health issues rises. In addition, it is anticipated that over the coming few years, the cultivation of krill fish will continue to grow in the Indian Ocean and the South China Sea. Furthermore, rising use of krill oil in the pharmaceutical industry along with expanding R&D activities in the region is expected to propel the market growth.
The major players in the krill oil supplements market have a strong presence in the nutritional supplements market. In order to serve a large population, these companies operate towards the introduction of various product forms for evolving consumers preferences. The main challenge that manufacturers face has to do with krill fishing. The Convention for the Conservation of Antarctic Marine Living Resources (CCAMLR) strictly controls the amount of krill fish that can be caught annually by fishermen. Key players in the market include Rimfrost AS, Neptune Wellness Solutions, and Aker BioMarine.
Key manufacturers in the market are spending money on research and development to learn more about the health advantages of krill oil, which will broaden its range of applications. To increase their market presence, companies engage in partnerships, capacity expansions, and the launch of new products. For instance, Aker BioMarine expanded its business in Chennai, India, by opening a new distribution facility in October 2020. Since India is one of the biggest markets for shrimp, it is an important market for Aker BioMarine. Some of the key players in the krill oil supplements market include:
Neptune Wellness Solutions
Schiff Nutrition International, Inc.
Norwegian Fish Oil AS
Qingdao Kangjing Marine Biotechnology Co., LTD.
NWC Naturals Inc.
Market size value in 2022
USD 905.76 million
Revenue forecast in 2030
USD 2.1 billion
CAGR of 10.7% from 2022 to 2030
Base year for estimation
2017 - 2020
2022 - 2030
Volume in tons, revenue in USD million and CAGR from 2022 to 2030
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Product, application, distribution channel, region
North America; Europe; Asia Pacific; Central & South America; Middle East & Africa
U.S.; Canada; Mexico; U.K.; Germany; China; Japan; Thailand; Australia; New Zealand, Brazil
Key companies profiled
Aker BioMarine; Neptune Wellness Solutions; Rimfrost AS; Schiff Nutrition International, Inc.; Norwegian Fish Oil AS; NutriGold Inc.; Ergomax; Qingdao Kangjing Marine Biotechnology Co., LTD.; NWC Naturals Inc.; Nutracode
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This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the global krill oil supplements market report on the basis product, application, distribution channel, and region:
Product Outlook (Volume, Tons; Revenue, USD Million, 2017 - 2030)
Application Outlook (Volume, Tons; Revenue, USD Million, 2017 - 2030)
Functional Food & Beverages
Distribution Channel Outlook (Volume, Tons; Revenue, USD Million, 2017 - 2030)
Drug Stores & Pharmacies
Regional Outlook (Volume, Tons; Revenue, USD Million, 2017 - 2030)
Central & South America
Middle East & Africa
b. The global krill oil supplement size was estimated at USD 824.17 million in 2021 and is expected to reach USD 905.76 million in 2022.
b. The krill oil supplement market is expected to grow at a compound annual growth rate of 10.7% from 2022 to 2030 to reach USD 2.1 billion by 2030.
b. Asia Pacific region dominated the krill oil supplement market with a revenue share of 34.3% in the year 2021 owing to the high demand for dietary supplements in countries like China and India.
b. Some of the key players in the krill oil supplement market are Aker BioMarine; Neptune Wellness Solutions; Rimfrost AS; Schiff Nutrition International, Inc.; Norwegian Fish Oil AS; NutriGold Inc among others.
b. Key factors that are driving the market growth include the young age population significantly gaining awareness and adopting healthy foods in their dietary regimes which will surge the demand for krill oil supplements.
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