The krill oil market has been segmented by application into dietary supplements, functional food & beverages, pharmaceuticals, pet food & animal feed and instant formula and others. Among these segments, the dietary supplements segment is estimated to account for major share in terms of revenue in krill oil market and is anticipated to expand at a compound annual growth rate of 14% over the period 2016-2023.Further, functional food & beverages segment is anticipated to project significant CAGR over the forecast period. Additionally, presence of heart diseases continue to drive the growth of krill oil market as 75 percent of total omega-3 fatty acids harvested are used for cure and prevention of heart related diseases. These factors are anticipated to drive the krill oil market with substantial growth in upcoming years.
The global market for krill oil is expected to cross revenue valuation of USD 720 Million by the end of 2023 by expanding at compound annual growth rate of 13.2% over the forecast period. Further, the presence of omega-3 fatty acid in krill oil reduces inflammation, joint and bone health, obesity and aging. Factors such as rise in health abnormalities combined with growing awareness of krill oil are estimated to boom the krill oil market by noteworthy revenue by the end of 2023.In the regional segment, Europe is expected to contribute the highest market share in terms of revenue owing to presence of largest krill oil harvest units in the region. Further, rising demand for krill oil in various industries such as pharmaceutical and dietary supplement companies is expected to drive the growth of Asia Pacific krill oil market by expanding at notable CAGR over the forecast period.
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Rising Health Awareness Reflects Significant Opportunities
Factors such as rising awareness towards health due to various health diseases such as cardiac problems, cholesterol reduction and painful menstrual periods among others are anticipated to supplement the expansion of the krill oil market around the globe in upcoming years.However, lack of proper regulation, high cost and lack of consumer awareness towards nutritional benefits of krill oil might dampen the growth of the krill oil market in the near future.
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The report titled “Krill Oil Market: Global Demand Analysis & Opportunity Outlook 2023” delivers detailed overview of the krill oil market in terms of market segmentation by consumption, by application and by region.Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.This report also provides the existing competitive scenario of some of the key players of the krill oil market which includes company profiling of Enzymotec Ltd., NutriGold Inc., Neptune Technologies, Bio-Resources Inc., RB LLC., NWC Naturals Inc., Daeduck FRD Inc., Qingdao Kangjing Marine Biotechnology Co. Ltd. and Aker Bio-Marine.The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the krill oil market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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