Krill Oil Market Synopsis

Krill Oil Market Size Was Valued at USD 1096.94 Million in 2023 and is Projected to Reach USD 2612.03 Billion by 2032, Growing at a CAGR of 10.12% From 2024-2032.

Krill oil is a dietary supplement derived from the Antarctic krill species, Euphausia superba. It contains omega-3 fatty acids, similar to those found in fish oil, and phospholipid-derived fatty acids (PLFA), primarily phosphatidylcholine, also known as marine lecithin. Krill oil is praised for its potential health benefits, including supporting heart health, reducing inflammation, and promoting cognitive function.

• Krill oil is extracted from small, shrimp-like marine creatures known as Antarctic krill, primarily Euphausia superba. These tiny crustaceans are abundant in the Southern Ocean and play a crucial role in the marine food web. Krill oil is particularly valued for its high content of omega-3 fatty acids, specifically eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA), which are essential for various bodily functions.
• The primary health benefits of krill oil are attributed to its omega-3 fatty acids. Unlike many nutrients, the human body cannot produce sufficient amounts of omega-3 fatty acids on its own, making dietary sources essential. Omega-3s are known for their anti-inflammatory properties, which can help reduce pain and swelling throughout the body. They also play a vital role in cardiovascular health by improving lipid profiles and reducing the risk of heart disease.
• Krill oil is often marketed for several health conditions, with one of its more common uses being for dry eye syndrome. It is also used as a supplement for managing high triglyceride levels, high cholesterol, diabetes, and even depression. However, while many individuals report positive effects from krill oil supplementation, the scientific evidence supporting these claims varies significantly. Research is still ongoing to clarify its efficacy in treating these conditions.
• In addition to omega-3 fatty acids, krill oil contains phospholipids, primarily phosphatidylcholine, which may enhance the bioavailability of omega-3s in the body. This unique structure allows for better absorption compared to traditional fish oil supplements. Krill oil also provides antioxidants, including astaxanthin, which may offer additional health benefits by protecting cells from oxidative damage.
• krill oil is a rich source of omega-3 fatty acids and other beneficial compounds, making it a popular dietary supplement. While it shows promise for various health benefits, more robust scientific evidence is needed to fully support many of its claimed uses. As with any supplement, individuals should approach krill oil with a balanced perspective, prioritizing consultation with healthcare professionals to tailor their nutritional choices to their specific health needs.

Composition of the Krill Oil:

Biochemical Profile of Krill Oil

Other Important Constituents in Krill Oil

Krill Oil Market Trend Analysis

Rising Consumer Demand for Krill Oil Driven by Health Benefits

• The rising consumer demand for krill oil is significantly driven by its well-researched health benefits, making it an appealing supplement for individuals seeking to enhance their overall well-being. As consumers become more health-conscious and informed about dietary supplements, they increasingly look for natural products that offer multiple therapeutic advantages. Krill oil, rich in omega-3 fatty acids, antioxidants like astaxanthin, and other bioactive compounds, presents a comprehensive solution for a variety of health concerns, ranging from cardiovascular health to cognitive function and joint inflammation.
• One of the primary drivers of this demand is the growing awareness of cardiovascular diseases and the importance of maintaining heart health. With an increasing prevalence of obesity and sedentary lifestyles globally, consumers are actively seeking natural alternatives to pharmaceutical interventions. Krill oil has been shown to reduce triglyceride levels, improve endothelial function, and lower blood pressure, making it a sought-after option for those aiming to mitigate their cardiovascular risks.
• The focus on joint health has intensified as populations age and more individuals experience conditions such as arthritis. The anti-inflammatory properties of krill oil provide a natural remedy for managing joint pain and improving mobility, appealing to those looking for holistic solutions. This trend is especially prevalent among older adults and active individuals who prioritize maintaining an active lifestyle and overall joint health.
• The Krill oil's potential benefits for cognitive function and skin health further bolster its market appeal. As the population ages, concerns about cognitive decline and neurodegenerative diseases have prompted consumers to seek supplements that support brain health. Similarly, the increasing interest in skincare and the natural beauty movement has led to a rise in the demand for products that enhance skin health and combat aging. This multifaceted range of health benefits contributes to the growing popularity of krill oil, driving consumer interest and sales in the supplement market.

Expansion of Krill Oil in Functional Foods and Beverages

• The expansion of krill oil into functional foods and beverages represents a significant opportunity for the krill oil market. Traditionally marketed as a dietary supplement, krill oil is rich in omega-3 fatty acids, antioxidants like astaxanthin, and phospholipids, making it an attractive ingredient for enhancing the nutritional profile of various food products. As consumers become increasingly health-conscious and seek out functional foods that support overall wellness, the demand for innovative products containing krill oil is poised to rise.
• Food and beverage manufacturers are recognizing the potential of krill oil as a value-added ingredient. By incorporating krill oil into products such as smoothies, protein bars, snack foods, and fortified beverages, companies can cater to the growing consumer preference for nutrient-dense options.
• Furthermore, the versatility of krill oil allows for its application across various food categories. For instance, it can be used in dairy products, salad dressings, and baked goods, expanding its reach beyond conventional supplements. This adaptability makes krill oil an appealing ingredient for product innovation, as companies can explore creative formulations that cater to different dietary preferences and lifestyles, including plant-based or gluten-free options.
• Consumer education is also playing a crucial role in the expansion of krill oil in functional foods and beverages. As awareness of the benefits of omega-3 fatty acids and antioxidants increases, consumers are more likely to seek out products that contain these ingredients. Manufacturers that effectively communicate the health benefits of krill oil through labeling and marketing strategies can capture the attention of health-focused consumers, further driving the growth of this market segment.
• The incorporation of krill oil into functional foods and beverages presents a promising opportunity for growth in the krill oil market. With increasing consumer demand for nutrient-rich products, the adaptability of krill oil as an ingredient, and effective consumer education strategies, the trend is expected to continue, paving the way for innovation and expansion in this sector.

                                                                                                                                                                                                                                                   Source: Company Database

In 2023, the global food market saw substantial revenues across various countries, with China leading at $1,470.82 million. India followed as the second-largest contributor with $805.56 million, while the United States generated $797.77 million in revenue. Japan also made a significant impact, reaching $402.68 million. Germany and Indonesia contributed $237.28 million and $233.31 million, respectively. Russia closely followed with $229.27 million in revenue. In Europe, France reported $203.91 million, while Italy generated $185.42 million. Mexico also played a notable role in the global food market, earning $201.4 million. These figures highlight the food market's diversity and regional growth.

Krill Oil Market Segment Analysis:

Krill Oil Market is Segmented based on Product, Application, Distribution Channel, and Region

By Product, the Soft gel Capsules segment is expected to dominate the market during the forecast period

• Softgel capsules have become the dominant form of delivery in the krill oil market for several compelling reasons. One of the primary advantages of softgels is their ability to provide a more effective absorption of nutrients. The gelatinous shell of the softgel allows for rapid dissolution in the stomach, which enhances the bioavailability of the essential omega-3 fatty acids, including eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA). This rapid absorption is particularly important for consumers seeking immediate benefits for health issues like dry eye, joint pain, and elevated triglyceride levels.
• Another factor contributing to the popularity of softgel capsules is their convenience and ease of use. Softgels are easy to swallow and do not have the strong fishy taste often associated with liquid fish oils, making them more palatable for consumers. This factor is crucial for maintaining adherence to supplementation regimens, especially for those who may be sensitive to taste or have difficulty swallowing larger pills. The user-friendly nature of softgels appeals to a broader demographic, including older adults and children.
• Additionally, soft gel capsules offer excellent stability and protection for sensitive ingredients like krill oil. The hermetically sealed environment within the soft gel helps prevent oxidation, which can degrade the quality of the omega-3 fats. This extended shelf life ensures that consumers receive the maximum potency of the nutrients, enhancing the overall value of the product. As consumers become increasingly aware of the importance of quality in dietary supplements, the protective attributes of soft gels further boost their popularity.
• Furthermore, the krill oil market is experiencing significant growth, driven by rising awareness of the health benefits associated with omega-3 fatty acids. As consumers become more health-conscious, the demand for effective and high-quality supplements increases. Softgel capsules, with their advantages in bioavailability, convenience, and stability, position themselves as the preferred option among various delivery forms, allowing manufacturers to meet consumer expectations effectively.
• Therefore, Soft gel capsules are dominating the krill oil market due to their superior absorption rates, ease of consumption, protection of sensitive ingredients, and alignment with growing health trends. As more consumers turn to krill oil for its potential benefits, the soft gel format continues to be a vital player in this expanding market.

By Application, the Dietary Supplements held the largest share of 32.46 % in 2023

• Krill oil, derived primarily from the Antarctic krill species Euphausia superba, is gaining prominence in the dietary supplements market due to its rich composition of omega-3 fatty acids, antioxidants, and essential nutrients. The oil is often touted for its potential health benefits, particularly for cardiovascular health. Research suggests that krill oil can help manage conditions such as heart disease, high triglycerides, and high cholesterol levels. Its anti-inflammatory properties may also contribute to alleviating symptoms associated with osteoarthritis and menstrual discomfort.
• The dietary supplements sector is currently leading the krill oil market, largely driven by increasing consumer awareness of health and wellness. As people become more health-conscious, there’s a rising demand for natural and plant-based supplements. Krill oil is often marketed as a superior alternative to fish oil, with better absorption rates and a lower likelihood of contamination due to its sourcing from pristine Antarctic waters. This positioning attracts consumers looking for effective supplements to support their heart health and overall well-being.
• End-users of krill oil dietary supplements span a broad demographic, including individuals seeking preventive health solutions and those managing specific health conditions. The appeal of krill oil extends to athletes and fitness enthusiasts aiming to enhance performance and recovery through improved cardiovascular function and reduced inflammation. Moreover, consumers experiencing issues such as depression or premenstrual syndrome may also be drawn to krill oil for its potential mood-stabilizing effects.
• The growth trajectory of the krill oil market within the dietary supplements industry is expected to continue as research further validates its health benefits and as consumers prioritize holistic health solutions. The convergence of dietary supplements and functional foods suggests that krill oil will remain a key player in health-related product formulations, catering to an increasingly health-aware consumer base.

Krill Oil Market Regional Insights:

Asia Pacific is Expected to Dominate the Market Over the Forecast period

• The Asia-Pacific (APAC) region is emerging as a dominant force in the krill oil market, largely driven by increasing consumer awareness and a growing demand for health supplements. Countries such as Japan, South Korea, and China have established themselves as leaders in krill oil consumption, with consumers increasingly recognizing its benefits for joint and heart health. This trend is now anticipated to extend to Southeast Asian nations like Vietnam, Thailand, Indonesia, and Malaysia, where economic growth and health consciousness are creating fertile ground for krill oil products.
• One of the key factors contributing to APAC's dominance in the krill oil market is the enhanced understanding of its health benefits, particularly among consumers in North Asia and Oceania. The successful education efforts surrounding krill oil's nutritional value have led to significant market growth in these regions, setting a precedent for neighboring Southeast Asian countries. As companies like Aker BioMarine implement targeted strategies to penetrate these emerging markets, the potential for increased krill oil consumption is high.

• Moreover, the regulatory landscape in APAC countries is also evolving to support the growth of the krill oil market. For instance, Australia's regulatory system has established clear pathways for assessing krill oil products, encouraging innovation and market entry. The ability for companies to protect their clinical trial data for several years fosters a more competitive environment, ultimately benefiting consumers with a wider array of high-quality products.
• The versatility of krill oil as a delivery system for other bioactive ingredients positions it favorably within the dietary supplement market. This characteristic allows manufacturers to formulate products that combine krill oil with ingredients like glucosamine and curcumin, appealing to health-conscious consumers seeking comprehensive wellness solutions. As the APAC region continues to embrace these trends, it is well on its way to solidifying its position as the global leader in the krill oil market.

Active Key Players in the Krill Oil Market

• Aker Biomarine (Norway)
• Coastside Bio Resources (USA)
• Rimfrost Krill (Norway)
• Nutrigold (USA)
• Biocorp Co., Ltd (South Korea)
• Kaira Organic World (India)
• Kabir Lifesciences (India)
• Qingdao Antarctic Weikang Biotechnology Co., Ltd. (China)
• Nutracode LLC (USA)
• Bioextraction Technology (Malaysia)
• BioThrive Sciences (USA) and Other Active Players

Key Industry Developments in the Krill Oil Market:

• In October 2024, Aker BioMarine signed a strategic partnership agreement with Barentz International B.V. to expand its reach across Europe. The Norway-based company announced this new distribution agreement, focusing on delivering high-quality, sustainable krill oil products to customers in Italy, San Marino, Belgium, the Netherlands, and Luxembourg. Mercè Piñol, SVP of Sales Human Health Ingredients EMEA & LATAM at Aker BioMarine, expressed excitement about the partnership, highlighting Barentz's expertise in life sciences and extensive network. Alexandre Blanc, Market & Principals Director at Barentz, noted that the collaboration would allow customers access to sustainably sourced krill oil and enhance Barentz’s position in the nutraceutical market.
• In July 2024, Amway focused on longevity and gut health, emphasizing the importance of these aspects in their product offerings. They promoted various supplements aimed at improving digestive health and overall wellness. Meanwhile, NYO3 implemented a strategic initiative centered on krill oil, highlighting its benefits for heart health and joint support. The company worked on expanding its market presence by showcasing the unique advantages of krill oil over traditional fish oil. Together, these efforts reflected a growing trend in the health and wellness industry, where companies increasingly prioritized natural ingredients and holistic approaches to health.

1. INTRODUCTION
   1. RESEARCH OBJECTIVES
   2. RESEARCH METHODOLOGY
   3. RESEARCH PROCESS
   4. SCOPE AND COVERAGE
      1. Market Definition
      2. Key Questions Answered
   5. MARKET SEGMENTATION
2. EXECUTIVE SUMMARY
3. MARKET OVERVIEW
4. GROWTH OPPORTUNITIES BY SEGMENT
5. MARKET LANDSCAPE
   1. PORTER’S FIVE FORCES ANALYSIS
      1. Bargaining Power Of Supplier
      2. Threat Of New Entrants
      3. Threat Of Substitutes
      4. Competitive Rivalry
      5. Bargaining Power Among Buyers
   2. INDUSTRY VALUE CHAIN ANALYSIS
   3. MARKET DYNAMICS
      1. Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   4. MARKET TREND ANALYSIS
   5. REGULATORY LANDSCAPE
   6. PESTLE ANALYSIS
   7. PRICE TREND ANALYSIS
   8. PATENT ANALYSIS
   9. TECHNOLOGY EVALUATION
   10. MARKET IMPACT OF THE RUSSIA-UKRAINE WAR
       1. Geopolitical Market Disruptions
       2. Supply Chain Disruptions
       3. Instability in Emerging Markets
   11. ECOSYSTEM
6. KRILL OIL MARKET BY PRODUCT (2017-2032)
   1. KRILL OIL MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. LIQUIDS
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017-2032F)
      3. Historic And Forecasted Market Size in Volume (2017-2032F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. SOFT GELS CAPSULES
   5. GUMMIES
   6. POWDER
7. KRILL OIL MARKET BY APPLICATION (2017-2032)
   1. KRILL OIL MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. DIETARY SUPPLEMENTS
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017-2032F)
      3. Historic And Forecasted Market Size in Volume (2017-2032F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. ANIMAL FEED
   5. FUNCTIONAL FOOD & BEVERAGES
   6. PHARMACEUTICALS
   7. OTHERS
8. KRILL OIL MARKET BY DISTRIBUTION CHANNEL (2017-2032)
   1. KRILL OIL MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. SUPERMARKETS/ HYPERMARKETS
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017-2032F)
      3. Historic And Forecasted Market Size in Volume (2017-2032F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. DRUG STORES & PHARMACIES
   5. ONLINE RETAILERS
   6. OTHERS
9. COMPANY PROFILES AND COMPETITIVE ANALYSIS
   1. COMPETITIVE LANDSCAPE
      1. Competitive Benchmarking
      2. KRILL OIL Market Share By Manufacturer (2023)
      3. Industry BCG Matrix
      4. Heat Map Analysis
      5. Mergers & Acquisitions
   2. AKER BIOMARINE (NORWAY)
      1. Company Overview
      2. Key Executives
      3. Company Snapshot
      4. Role of the Company in the Market
      5. Sustainability and Social Responsibility
      6. Operating Business Segments
      7. Product Portfolio
      8. Business Performance (Production Volume, Sales Volume, Sales Margin, Production Capacity, Capacity Utilization Rate)
      9. Key Strategic Moves And Recent Developments
      10. SWOT Analysis
   3. COASTSIDE BIO RESOURCES (USA)
   4. RIMFROST KRILL (NORWAY)
   5. NUTRIGOLD (USA)
   6. BIOCORP CO., LTD (SOUTH KOREA)
   7. KAIRA ORGANIC WORLD (INDIA)
   8. KABIR LIFESCIENCES (INDIA)
   9. QINGDAO ANTARCTIC WEIKANG BIOTECHNOLOGY CO., LTD. (CHINA)
   10. NUTRACODE LLC (USA)
   11. BIOEXTRACTION TECHNOLOGY (MALAYSIA)
   12. BIOTHRIVE SCIENCES (USA) AND OTHER ACTIVE PLAYERS
10. GLOBAL KRILL OIL MARKET BY REGION
    1. OVERVIEW
    2. NORTH AMERICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Product
       4. Historic And Forecasted Market Size By Application
       5. Historic And Forecasted Market Size By Distribution Channel
       6. Historic And Forecasted Market Size By Country
          1. USA
          2. Canada
          3. Mexico
    3. EASTERN EUROPE
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Russia
          2. Bulgaria
          3. The Czech Republic
          4. Hungary
          5. Poland
          6. Romania
          7. Rest Of Eastern Europe
    4. WESTERN EUROPE
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Germany
          2. United Kingdom
          3. France
          4. The Netherlands
          5. Italy
          6. Spain
          7. Rest Of Western Europe
    5. ASIA PACIFIC
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. China
          2. India
          3. Japan
          4. South Korea
          5. Malaysia
          6. Thailand
          7. Vietnam
          8. The Philippines
          9. Australia
          10. New-Zealand
          11. Rest Of APAC
    6. MIDDLE EAST & AFRICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Turkey
          2. Bahrain
          3. Kuwait
          4. Saudi Arabia
          5. Qatar
          6. UAE
          7. Israel
          8. South Africa
    7. SOUTH AMERICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Brazil
          2. Argentina
          3. Rest of South America
11. INVESTMENT ANALYSIS
12. ANALYST VIEWPOINT AND CONCLUSION
    1. Recommendations and Concluding Analysis
    2. Potential Market Strategies