Global Krill Oil Market to Grow at Moderate Rate and Reach USD 527 million by 2026
According to BlueWeave Consulting, Global Krill Oil Market is expected to reach USD 527.55 million by 2026 from USD 260.6 million in 2019 at a CAGR of 10.6 %, over the projection period.
Krill oil is essentially an extract from tiny crustaceans found in the ocean water across the world. The vital factors contributing to the growth of the krill oil market are its growing demand in the pharmaceutical industry and its usage as dietary supplements in increasing applications. Krill Oil contains Omega 3 fatty acids which are considered essential for healthy development. It is widely used in infant food products and other pharmaceutical products due to its health benefits. Besides, increasing health concerns and awareness are also expected to induce the krill oil market.
It has been observed that the oil is as beneficial as other marine oils in terms of power, nutrients and absorption. The oil consists of omega-3 fatty acids, which help in conditions of menopause, inflammation, joint and bone health, ageing, and obesity. Krill oil comprises fats that help reduce swelling, maintain low cholesterol, and avoid blood clotting by making blood platelets less sticky. The health-related benefits offered by krill oil and adoption of a healthy lifestyle are likely to drive the demand during the projection period.
Besides, the growing acceptance of krill oil as a substitute for fish oil is enhancing the demand for krill oil. However, rising pollution in the sea threatens the species and population of krill, which may hinder the growth of the market.
“The Key drivers of the Krill Oil Market are Demand for Omega 3 products and an increasing number of cancer patients."
Omega-3 products are essential as dietary additions for the requirement of fatty acids of the human body. Baby formula contains less amount of omega-3 EPA/DHA, so the fortified product’s market is predicted to grow at a faster rate. Besides, the use of Omega 3 is vital in food, pharmaceutical, and animal feed industries. The omega-3 products are obtained from numerous sources like fish oil, krill oil, and algal oil. Presently, omega-3 fatty acid resulting from fish oil is commercially available while other sources of Omega-3 have not received acceptance among consumers. This situation offers tremendous market growth opportunity.
Krill oil is full of omega-three acids which help kill the cancer-causing cells and induce apoptosis. The rising awareness about this benefit among cancer patients is expanding the krill oil market size by many folds. In 2018, 17 million people suffered from cancer and 9.6 million died of it as per Cancer Research, UK. The alarming figures of deaths due to cancer and health-consciousness among people are expected to induce the Krill oil market.
"Europe dominates the Krill Oil Market."
Europe holds the leading market share trailed by North America. The Scandinavian countries in the European region are the significant consumers of krill oil. The proximity to the Arctic Ocean and consumer awareness are expected to play a critical role in boosting this market growth during the forecast period. The Asia-Pacific is anticipated to register strong growth led by changing health and wellness trends in countries such as Japan and China.
“The leading players” operating in the Global Krill Oil Market are Aker BioMarine, Rimfrost AS, and Neptune Wellness Solutions Inc., Qingdao Kangjing Marine Biotechnology Co., Ltd., NWC Naturals Inc., Daeduck FRD Inc., Neptune Technologies & Bioressources Inc., Enzymotec Ltd., NutriGold Inc., Olympic Seafood AS (RIMFROST AS), RB LLC., and Aker BioMarine SA.