Global Krill Oil Market Report and Forecast 2024-2032

Global Krill Oil Market Size

The global krill oil market value reached more than USD 705.13 million in 2023. The global market is expected to grow at a CAGR of 11.40% during the forecast period of 2024-2032, likely to attain a value of USD 1,863.12 million by 2032.

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Global Krill Oil Market Growth

Krill oil is an extract that is derived from a tiny, shrimp-like marine species, known as Antarctic Krill, whose scientific name is Euphausia Superba. Krill contains oil that is like fish oils and is rich in Omega-3 fatty acids, eicosapentaenoic acid (EPA), and docosahexaenoic acid (DHA). Omega-3 is very good for the body as it provides energy to the body and helps maintain the health of the heart, blood vessels, lungs, immune system, and endocrine system boosting the krill oil market demand.

The rising awareness about the health benefits of Omega-3 fatty acids is a major driver of the growth of the krill oil market. The increase in awareness has also enhanced the demand for krill oil in various sectors.  Pharmaceutical and functional food and beverages are increasingly utilising krill oil for various products.

Global Krill Oil Market Analysis

The krill oil market dynamics and trends are driven by the rising consumption of fatty foods and the adoption of an inactive lifestyle that have increased the prevalence of obesity and various chronic diseases, such as diabetes, cancer, coronary heart disease, and arthritis. With this scenario, the demand for health supplements is expected to surge as people become increasingly health-conscious due to the multiple benefits they provide and their antioxidant properties. It also can improve bone, skin, and heart health.

The growing senior population is a major factor in the growth of the krill oil market due to the rising prevalence of chronic diseases as older people are more vulnerable towards chronic diseases, such as cardiovascular diseases, arthritis, and cancer, among others. Krill oil supplements are very beneficial for the heart and provide significant help in maintaining cholesterol boosting the growth of the krill oil market.

Global Krill Oil Industry Outlook

As per The International Feed Industry Federation (IFIF), In 2022, global animal feed production reached 1,245 million tons, with notable contributions from key regions. China led the production with 261 million tons, followed by the USA at 240 million tons, representing significant portions of the global output. The EU contributed 150 million tons, while other European countries added 58 million tons. Brazil and India produced 82 million and 43 million tons, respectively, highlighting their substantial roles in the market. Russia and Mexico produced 34 million and 40 million tons, respectively enhancing the krill oil industry revenue.

Furthermore, as per industry reports, in 2022, the United States dominated the market of new medicines, accounting for 64.4% of global sales, reflecting its substantial investment in pharmaceutical innovation and market capacity.  Europe’s top five markets collectively represent 16.8%, underscoring the region’s significant role in new drug adoption. Japan, contributing 6.0%, illustrates its robust healthcare infrastructure and rapid integration of new treatments. The Rest of the World, encompassing diverse emerging markets, accounts for 9.6%, indicating growing global demand for new pharmaceuticals. Notably, pharm emerging countries, although contributing 3.2%, show potential for expansion driven by increasing healthcare expenditures and improved access to medical innovations, thus boosting the krill oil market opportunities.

Krill oil is abundant in omega-3 fatty acids, phospholipids, and antioxidants like astaxanthin. The krill oil market demand is driven by its ability to promote cardiovascular health, reduce inflammation, and enhance brain function, making it a sought-after supplement.

• Krill populations in the Antarctic Ocean are well-managed with sustainable harvesting practices, attracting environmentally conscious consumers and ensuring long-term viability.

• Krill oil’s phospholipid structure allows for better absorption of omega-3 fatty acids compared to traditional fish oil, delivering essential nutrients more effectively to the body.

Krill oil supplements are typically more expensive than fish oil products, limiting their accessibility to a wider consumer base and potentially slowing krill oil market growth.

• Consumers are generally more familiar with fish oil and other omega-3 supplements, leading to slower adoption rates for krill oil and necessitating extensive educational marketing.

• Some consumers find krill oil’s strong fishy taste and odour off-putting, which can deter repeat purchases and affect overall market appeal.

The increasing global emphasis on health and wellness, especially the demand for natural and preventive health solutions presents significant krill oil market opportunities.

• Introducing new krill oil-based products, such as functional foods, beverages, and cosmetics, can attract a broader consumer base and extend market reach.

• Tapping into emerging markets with rising disposable incomes and growing health awareness offers substantial growth potential for the krill oil market revenue.

Differing regulatory standards for dietary supplements across countries can create compliance challenges and increase costs for krill oil manufacturers.

• Despite sustainable practices, ongoing concerns about the environmental impact of krill harvesting could lead to stricter regulations and affect supply.

• The presence of well-established alternatives like fish oil and plant-based omega-3 supplements pose a competitive threat, especially in markets where these products are deeply entrenched.

Key Players in the Global Krill Oil Market and their Key Initiatives

NWC Naturals LLC

• The company launched sustainable krill oil harvesting technology for efficiency.

• Rimfrost AS invested in advanced processing facilities to enhance product purity.

Norwegian Fish Oil AS

• Introduced eco-friendly krill harvesting technology to reduce environmental impact.

• Expanded distribution network to Asia-Pacific for wider market reach.

AdvaCare Pharma

• Expanded sustainable krill oil production capacity in the Norway facility.

• Launched innovative krill oil-based dietary supplements to meet the krill oil market demand.

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Global Krill Oil Industry Segmentation

“Global Krill Oil Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Product Type

• Liquid

• Soft Gels

• Capsules

Market Breakup by Application

• Dietary Supplements

• Animal Feed

• Functional Foods and Beverages

• Pharmaceuticals

• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

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Krill Oil Market Share

Based on product type, the market bifurcations include liquid, soft gels, and capsules. The capsule segment is expected to hold a significant share of the krill oil market. The capsule type of krill oil supplement is experiencing high demand due to the ease of storage and the defined dosage available. The hardened gelatine layer also protects against oxygen. The segment will also grow significantly owing to its comparably higher shelf life.

The liquid segment is expected to grow significantly owing to its faster absorption rate and easy digestibility. The liquid is also easier to swallow when compared to pills, especially among the elderly and young children, who might have difficulty swallowing pills.

Leading Companies in the Krill Oil Market

The company focuses on natural health products, striving to improve overall wellness with high-quality supplements. Dedicated to advancing natural health solutions, the company offers a wide range of products, such as digestive enzymes, probiotics, and immune support supplements.

• NWC Naturals LLC

• Rimfrost AS 

• Norwegian Fish Oil AS 

• Daeduck FRD 

• AdvaCare Pharma 

• Biocorp Co., Ltd.

Key Highlights of the Report

Krill Oil Market Report Snapshots

Krill Oil Market Size

Krill Oil Market Growth

Krill Oil Market Analysis

Krill Oil Market Share

Krill Oil Companies