Krill Oil Supplements Market Size, Share & Trends Report

Krill Oil Supplements Market Size, Share & Trends Analysis Report By Product (Liquids, Softgels, Capsules), By Application, Pharmaceuticals), By Distribution Channel, By Region, And Segment Forecasts, 2022 - 2030

  • Report ID: GVR-1-68038-898-5
  • Number of Pages: 145
  • Format: Electronic (PDF)

Research Methodology

A three-pronged approach was followed for deducing the krill oil supplements market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for krill oil supplements market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of krill oil supplements market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Krill Oil Supplements Market Categorization:

The krill oil supplements market was categorized into five segments, namely product (Liquids, Softgels, Capsules), application (Dietary Supplements, Animal Feed, Functional Food & Beverages, Pharmaceuticals), distribution channel (Supermarkets/Hypermarkets, Drug Stores & Pharmacies, Online Retailers), and region (North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa).

Segment Market Methodology:

The krill oil supplements market was segmented into product, application, distribution channel, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The krill oil supplements market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into eleven countries, namely, the U.S.; Canada; Mexico; the UK; Germany; China; Japan; Thailand; Australia; New Zealand, Brazil.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Krill oil supplements market companies & financials:

The krill oil supplements market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Aker BioMarine is a biotech company, which was founded in 2006 and is headquartered in Oslo, Norway. The company is a subsidiary of Aker Seafoods Holding AS. It is vertically integrated and is involved in the harvesting, production, R&D, sales, and marketing of krill products. It offers three products, namely Superba krill oil, Qrill aqua, and Qrill pet. The company has dedicated sea vessels for harvesting krill oil, thus giving it a strategic advantage over other companies. It has a presence in the U.S., Uruguay, Australia, China, and Norway.

  • Enzymotec Ltd. was founded in 1998 and is headquartered in Migdal HaEmek, Israel. It is engaged in manufacturing and marketing bio-functional lipid ingredients and final products. It has a presence in North America, the European Union, and Asia along with Australia and New Zealand. The company has two reportable segments, namely Nutrition and VAYA Pharma. The company has formed alliances in Europe and Asia to aid its geographical expansion. Notable alliances include AAK from Sweden in order to promote its products in the infant nutrition industry, a cooperation agreement with DKSH International Ltd. regarding the global supply of Enzymotec's APIs and biofunctional products to pharma industry, and the Daiichi Sankyo, Inc. license agreement to sell Vayarol in Brazil.

  • Neptune Wellness Solutions was founded in 1998 and is headquartered in Laval, Quebec. It has two reportable segments, namely Nutraceutical and Cardiovascular. Nutraceutical segment offers nutraceutical products and turnkey solutions for primarily omega-3 soft gel capsules and liquids. The company offers premium krill oil, which is manufactured in its state-of-the-art facility. The product is offered under the brand name “OCEANO3” and is sold in Canada and the U.S. through an online platform. It majorly generates its revenue from the U.S. and Canada, followed by Belgium, China, France, Brazil, and the UK. The company’s krill oil segment has been acquired by Aker BioMarine.

  • Schiff Nutrition was founded as Weider Nutrition in 1936 and is headquartered in Salt Lake City, U.S. The company was acquired by Reckitt Benckiser for USD 1.4 billion in 2012. The company is engaged in manufacturing dietary supplements. Its brands include Airborne, MegaRed, Move Free, and Digestive Advantage. The parent company, Reckitt Benckiser, is a British multinational consumer goods company, which is headquartered in Slough, England.

  • Lipa Pharmaceuticals Ltd. is a contract manufacturer of over-the-counter pharmaceuticals and dietary supplements in Australia. It was founded in 1995 and is headquartered in Minto, Australia. The company manufactures products in the form of creams, powders, liquids, tablets, and soft & hard gelatin capsules. It serves various brands and overseas customers across the Americas, Europe, and Asia Pacific.

  • Swisse Wellness Pty Ltd. is a foreign-owned private company in Australia, which derives its revenue from the manufacture, research, and distribution of supplements, skin care products, and vitamins. The company was founded in 1969 with its headquarters in Collingwood, Australia. The company’s product portfolio includes skin care products, superfoods, supplements for weight management & detox; bones, joints, & muscle supplements; heart supplements; omega-3s; sleep & mood supplements; and immunity & energy supplements.

  • Rimfrost AS, a privately held subsidiary of the Olympic Group, was founded in 2001 and is headquartered in Ålesund, Norway. The company majorly focuses on natural extracts of Antarctic krill and the major fishing region for the company is the Southern Ocean. It operates its specialized krill-collecting vessel ‘Juvel’ with rapid onboard processing technology that protects the essential properties of krill fish. The company has a presence in Norway, the U.S., Uruguay, and New Zealand. Its distributors are located in Canada, the Netherlands, and China.

  • Qingdao Kangjing Marine Biotechnology Co., Ltd. was established in 2010 and is headquartered in Qingdao, China. The company is engaged in research, development, production, and export & import of krill-based products. It exports krill oil to Asia Pacific (especially Japan and South Korea), Europe, and North America. In cooperation with the China National Fisheries Corp., the company built the first Antarctic krill oil industry park in China with a cold storage capacity of 3,000 tons. It offers its products under five segments, namely Antarctic krill oil, Antarctic krill oil soft capsules, food additives, pet nutrients, and Antarctic krill.

  • Blackmores Limited manufactures, sells, and distributes natural health products in China, Australia, and New Zealand. The company was founded in 1930 and has headquarters in Australia. It offers herbal, vitamin, and mineral supplements along with a range of products for various conditions related to eye health, joints, bones, colds, immunity, flu, digestive health, arthritis, muscles, brain health, and others. It offers its products through mass merchandisers, pharmacies, groceries, practitioners, vets, wholesalers, and health food stores, as well as through online channels.

  • Azpa Pharmaceuticals Pty Ltd was founded in 2012 and is headquartered in Australia. The company's line of business includes wholesale distribution of prescription drugs, toiletries, and proprietary drugs. It provides ingredients for application in biological preparations for veterinary purposes, biological preparations for pharmaceutical purposes, medicated nutritional additives for animal foodstuffs, and nutritional supplements. The company distributes EKO and Neptune krill oil products in the Australian market.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Krill Oil Supplements Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2021, historic information from 2017 to 2020, and forecast from 2022 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Krill Oil Supplements Market Report Assumptions:

  • The report provides market value for the base year 2021 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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