According to Future Market Insights (FMI), the global Antarctic Krill market is expected to valued at US$ 1,632.2 million in 2023 and it is anticipated to reach US$ 4,817.7 million by 2033. Over the next decade, global Antarctic Krill demand is likely to increase at a CAGR of 11.4%
Animal feed industry plays a significant role in consumption of krill. Krill is one of the important source of proteins, lipids, and important nutrients which are vital for animal nutrition. Along with this, increasing demand for high quality animal feed is also expected to skew the use of krill induced feed in the aquaculture and livestock sectors.
Aquaculture industry is positively impacting the demand for krill-based feed products, due to presence of protein and omega-3 fatty acids which are necessary for the nourishment of shrimp and fish. Thus, use of krill-based feed improves overall well-being and health of livestock and other animals which enhances overall productivity and the quality of the produces products. Thus, demand for krill-based products in the animal feed industry is expected to drive growth to the Antarctic Krill market in the near future.
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Key Takeaways from the Market Report:
- The global market is expected to be valued at US$ 1,632.2 million in 2023 and it is expected to reach a market valuation of US$ 4,817.7 million by 2033.
- The global demand for Antarctic Krill is likely to soar at a CAGR of 0% over the forecast period.
- Based on product type, Krill Oil is anticipated to hold a market share of 4% in 2023 and it is expected to grow with a CAGR of 7.6% over the forecast period
- By End Use Application, Food and Beverage is expected to dominate the market holding a 4% share in 2023 and it is expected to grow with a CAGR of 8.3% over the forecast period.
- Among regions, North America is expected to dominate the global market holding a 6% share in 2023 and it is expected to grow with a CAGR of 7.2% over the forecast period.
- The United States market is projected to reach a market valuation of US$ 350.9 million in 2023 and it is expected to grow with a CAGR of 3% over the forecast periods
“Krill has nutrients such as omega-3 fatty acids, proteins, etc., making it a important source for feed ingredients. Thus the demand for krill-based products in various industries, including food and beverages, dietary supplements, animal feed, and aquaculture and gained significant attention in recent years.” – says a lead analyst at Future Market Insights (FMI)
Who is Winning?
Aker BioMarine, Rimfrost, Olympic Seafood, Enzybel International, Qingdao Kangjing Marine Biotechnology Co., Ltd, Omega Protein, Neptune Wellness Solutions, COPEINCA, Qrill Aqua, and Superba Krill by Aker BioMarine are key manufacturers listed in the report
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Major companies are investing heavily in research and development in order to improve the efficacy and quality of krill-based products. This includes developing new extraction technologies and improving existing ones. Competition is trying to expand the market presence across different geographies by implementing strategies such as merger and acquisition with the companies operating in different sectors such as animal feed and pet food. This includes partnerships with supplement manufacturers, food and beverage companies, and research institutions.
- In July 2020, Epion Brands introduced Kori Pure Antarctic Krill Oil which is a superior source of the Omega-3 fatty acids EPA and DHA vital nutrients that promote the health of the heart, eyes, skin, brain, joints, and immune system.
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Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global market presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study incorporates compelling insights on the Antarctic Krill market based on product type (krill meal, krill oil, krill protein concentrate, krill hydrolysate), end use application (food & beverages, aquaculture feed, pet food, fertilizers, industrial applications, pharmaceuticals), across various regions.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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