According to the latest report published by Credence Research, Inc. “Global Krill Oil Market by Product Type (Liquid, Tablet), by Application (Fortified Food & Beverages, Animal Feed, Dietary Supplements, Pharmaceuticals, Others), by Distribution Channel (Supermarkets/Hypermarkets, Departmental Store, Pharmacy Store, Online Store, Others) – Growth, Future Prospects and Competitive Analysis, 2018-2026,” The worldwide krill oil industry amounted to US$ 282.8 million in 2017, increasing to CAGR by 13.1 per cent from 2018 to 2026.
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The worldwide market for krill oil rose to US$ 282.8 million in 2017 with a CAGR of 13.1 per cent during the forecast period from 2018 to 2026. Krill oil is an oil obtained from the Antarctic Krill species. The two most important elements of krill oil are phospholipid-derived fatty acids and omega-3 fatty acids. It is usually obtained with the assistance of solvent or solvent free extraction. Rising advantages of krill oil for multiple applications, such as fortified food & drinks, animal feed, nutritional supplements, pharmaceuticals and others, are anticipated to increase the development of the krill oil industry during the forecast era.
Distribution is a main success factor for the present krill oil sector. Rising competition and the relatively slow market growth rate of the krill oil market have forced businesses to concentrate on growing product penetration. Supermarkets, drug stores, mass merchants, etc. play an significant role in the distribution of krill oil goods. Rising consumer demand for green products is driving the transition from niche distribution channels to mainstream stores. Mass merchandisers such as Wal-Mart and Target are bringing krill oil goods into their retail chain. In addition, supermarkets such as Loblaws and Safeway are also increasing their variety of products. This led in a sharp rise in sales of these products. At current, even though krill oil products are entering drug stores, pharmacies and mass-market distributors, specialized retail outlets still represent a significant market share. Mass merchandisers such as Wal-Mart, Target etc. and supermarkets such as Safeway, Loblaws etc. have a greater market share through the sale of krill oil goods.
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Rising health awareness, as well as avoiding unsafe food intake, is anticipated to reinforce demand for krill oil and market growth during the forecast period. In addition, increasing demand for omega-3 fatty acids and nutritional diet consumption are expected to boost demand for krill oil worldwide in the coming years. At current, the European region has recorded the peak value of the krill oil market and is expected to dominate over the forecast period. Rising awareness of the advantages of consuming krill oil, along with growing demand from multiple pharmaceutical and dietary supplement businesses, is expected to increase demand for krill oil in the Asia-Pacific region and increase market growth during the forecast period. Increased adoption of fish oil options, which is increasing at CAGR by 5.8% worldwide from 2018 to 2026 and is anticipated to exceed US$ 3.7 billion by 2026, is likely to further boost the development of the worldwide krill oil industry during the forecast era.
At present, the krill oil market is highly consolidated. There are many brands present in the market but very few have significant market share. Various strategies are adopted by companies to maintain their dominance in the market. Large multinationals are following similar pricing strategies and distribution channels. Key market players in the global Krill Oil market include Aker BioMarine AS, Azantis Inc.,Daeduck FRD Inc., Enzymotec Ltd., Neptune Wellness Solutions, Norweigan Fish Oil, NutriGold Inc., NWC Naturals Inc., Olympic Seafood AS, Qingdao Kangjing Marine, Biotechnology Co Ltd., RB LLC. and Rimfrost AS. Among others.
By Form Segment (2016–2026; Kilo Ton, US$ Mn)
By Application Segment (2016–2026; US$ Mn)
- Fortified Food & Beverages
- Animal Feed
- Dietary Supplements
By Distribution Channel Segment (2016–2026; US$ Mn)
- Departmental Store
- Pharmacy Store
- Online Store
By Geography Segment (2016–2026; US$ Mn)
- North America
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Latin America