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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.
Krill Oil Market Share
By Product Type Analysis
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 industry. As per krill oil market analysis, 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.
Market Analysis by Application
Krill oil is gaining traction across various applications due to its health benefits. Within dietary supplements, its rich content in Omega-3 supports heart, brain, and joint health and contributes to popularity within the product. As per krill oil industry analysis, for animal feed, nutrients from krill oil prove essential for enhancing livestock health and growth in animals. Functional foods and beverages contain krill oil due to their anti-inflammatory properties and nutritional value. The pharmaceutical industry uses krill oil for its curative properties in treating diseases such as arthritis and heart diseases, while cosmetic and skincare applications investigate more possibilities.
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