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Report Overview
The global krill oil market was valued at USD 705.13 Million in 2023. The industry is expected to expand at a CAGR of 11.40% during the forecast period of 2024-2032 to attain a value of USD 1863.10 Million by 2032. Increased awareness and recognition of the health benefits offered by omega-3 fatty acids are fuelling krill oil sales. Its superior bioavailability, anti-inflammatory properties, and applications in dietary supplements, functional foods, and pharmaceutical boost its demand in the global market.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
- According to the International Feed Industry Federation, global animal feed production reached 1,245 million tons in 2022. This growth reflects a growing demand for quality nutritional supplements such as krill oil, which contains valuable omega-3 fatty acids essential for improving livestock health and driving feed industry growth.
- China's animal feed production stood at 261 million tons in 2022 and was driven by its thriving aquaculture sector. Krill oil, containing essential fatty acids, plays a very important role in fish nutrition and supports the growth, immunity, and overall health of the animals, thus supporting China's robust aquafeed market expansion.
- The US and EU produced 240 million and 150 million tons of animal feed, respectively. With their well-developed livestock farming industries, these regions increasingly incorporate krill oil into feed formulations for improved animal performance, sustainability, and higher output in the dairy, poultry, and aquaculture sectors, thus enhancing the krill oil industry revenue.
Competitive Landscape
The krill oil market players are focussing on sustainability and product innovation while trying to expand their market presence. Krill oil companies have streamlined their operations to enhance the bioavailability of krill oil, which in turn increases the absorption rates among consumers. Krill fishing companies have also embraced sustainability, adhering to environmental regulations and catering to growing consumer demand for natural, health-improving supplements, especially heart, brain, and joint health.
Key Market Players
Key industry leaders in this market are:
NWC Naturals LLC
NWC Naturals LLC is a 1994 company based in Vancouver, Canada. The company specialises in krill oil-based supplements, with more focus on heart, joint, and brain health. Their products have been particularly known for sustainability and superior absorption, scientifically-based.
Rimfrost AS
Established in 2005 and based in Tromsø, Norway, Rimfrost AS produces premium krill oil derived from sustainably harvested Antarctic krill. Their products focus on high-quality Omega-3 fatty acids and are widely used in health supplements and functional foods.
Norwegian Fish Oil AS
Founded in the year 2003, Norwegian Fish Oil AS, based in Norway, produces pure and sustainable krill oil supplements. The products offered by them are high in Omega-3 fatty acids and cater to health needs in cardiovascular and joint conditions.
Daeduck FRD
Established in 1999, South Korean company Daeduck FRD operates krill oil-based dietary supplements. As innovators of bioavailable and sustainable krill oil solutions targeting numerous potential health benefits, they remain a front-runner in the industry.
Other market players in the krill oil market report includes AdvaCare Pharma, and Biocorp Co., Ltd., among others.
Krill Oil Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 705.13 Million.
The krill oil market is assessed to grow at a CAGR of 11.40% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach a value of around USD 1863.10 Million by 2032.
The market is driven by the growing demand for krill oil, which is supported by the rising health awareness about the benefits of Omega-3 among people around the world.
The rising demand for healthcare products due to the rising prevalence of health disorders and the growing geriatric population who are more susceptible to health disorders can deliver new growth opportunities to the market.
The market is broken down into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
The market is categorised according to the product type, which includes liquid, soft gels, and capsules.
Based on the application, the market is divided into dietary supplements, animal feed, functional foods and beverages, and pharmaceuticals, among others.
The market key players are NWC Naturals LLC, Rimfrost AS, Norwegian Fish Oil AS, Daeduck FRD, AdvaCare Pharma, and Biocorp Co., Ltd., among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124