Krill Oil Market

Krill Oil Market, By Product Type,
Ingredient - Insights, Size and Industry
Forecast till 2025
Krill is a shrimp-like crustacean. It is a food source for whales, penguins, squids, fish,
seals, and other aquatic animals. Krill inhabits the cold waters of Canada, Japan, and
Antarctic and is a rich source of omega-3 fatty acids (EPA and DHA). They are fished
and harvested for the production of krill oil, which offers numerous health benefits upon
consumption. Krill oil is a superior source of EPA and DHA compared to fish oil, as it
contains polyunsaturated fats, which are packaged as phospholipids and can be utilized
immediately by the body. On the other hand, EPA and DHA in fish oil are typically
packaged as triglycerides and have to undergo additional processing in order to make
them bioavailable. Also, krill oil is stable due to the presence of astaxanthin, a powerful
antioxidant that protects the fragile fats from oxidizing and prevents cell damage.
Significant health benefits obtained from EPA and DHA consumption is expected to
augment the demand for krill oil, which, in turn, drives the market growth. Furthermore,
economically-efficient production of krill oil has led to its widespread application in
supplements, food, and pharmaceutical sectors.
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Intake of an adequate amount of EPA helps in preventing the onset of various mental
health issues such as depression, dyslexia, and dyspraxia, heart problems, and joint
and bone conditions. Moreover, intake of EPA at a young age improves child behavior
and academic performance as well as helps boost focus and reduce aggression. Also,
EPA helps in curing the common childhood health problems such as dry skin, asthma,
and allergies. Lack of DHA in the human body can lead to learning disabilities, ADHD,
aggressive hostility, and several other disorders. In elders, the DHA deficiency is also
associated with impaired brain function and the onset of Alzheimer’s disease.
Aging significantly reduces the body’s resistance to diseases. Krill oil is prescribed in
the treatment of rheumatoid arthritis, higher triglycerides level, asthma, and Alzheimer’s
disease, among others. The high occurrence of these diseases is boosting the market
for krill oil. Also, large geriatric population in North America and Europe accounted for a
rise in use of krill oil. According to Population Reference Bureau, Statistics Canada and
EU, in 2016, the geriatric population reported in North America was 51 million and 94
million in Europe. The aforementioned factor is expected to propel the market growth in
North America over the forecast period. Also, omega-3 rich foods are a prescribed
medicine for depression. According to WHO, in 2012, around 804,000 suicide cases
were reported around the world. One of the main factors that trigger suicide is
depression.
Asia Pacific is exhibiting significant growth in the global krill oil market. The region
accounted for 27.64% of the total market share in 2016, in terms of revenue. The
dominance is on account of the growing economies of Asia Pacific. China and India are
expected to be the most favorable countries for market growth due to rise in awareness
among consumers coupled with various health benefits associated with the use of
omega-3 rich foods. North America is the largest region, in terms of value, in the global
krill oil market, closely followed by Europe. North America was valued at US$ 76.1 Mn
in 2016.
The global krill oil market was valued at US$ 229.8 Mn in 2016 and is forecasted to
expand at a CAGR of 13.5%, in terms of revenue, during 2017 – 2025.
North America and Europe accounted for major shares in the global krill oil market, both
in terms of revenue, in 2016 and are expected to retain their dominance over the
forecast period. However, lack of awareness among people in rural areas of emerging
economies and premium pricing are major restraints for market growth, especially in
Asia Pacific.
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Major Players in the Global Krill Oil Market
Some of the major players in the global krill oil market are Aker BioMarine SA, Azantis
Inc., Neptune Technologies & Bioressources Inc., Enzymotec Ltd, RB LLC., Qingdao
Kangjing Marine Biotechnology Co., Ltd., NWC Naturals Inc., NutriGold Inc., Daeduck
FRD Inc. and Olympic Seafood AS.
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Krill Oil Market report categorizes global market by Product Type (Liquid, Tablets), Ingredient (EPA, DHA), Application (Infant Formula, Supplements & Functional Foods, Animal Feed, Pharmaceuticals), and Geography - Insights, Size, Share, Opportunity Analysis, and Industry Forecast till 2025

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