The global krill oil market is estimated to be valued at US$ 740.3 Mn in 2021. According to newly released report by Future Market Insights (FMI), the overall market value is expected to reach US$ 2.25 Bn by 2031, rising at a CAGR of 10.7% during 2021-2028.
The krill oil market will represent 35.4% of the global fish oil market. Focus on innovations and expanding regional footprint is considerably high among the market players. This will create impressive prospects for sales of krill oil products in the coming years.
This also is supported by mobile phones evolution and surge in social media platforms, which has helped to bring these generations become more conscious about their overall health.
Modern consumers are more inclined towards maintaining a healthy lifestyle, which is expected to shape the growth of the overall dietary supplement market. This will in turn result in increased consumption of krill oil based dietary supplement products.
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Key Takeaways from the Krill Oil Market Study:
- The U.S. is estimated to account for more than 91.2% of the North America market in 2021, supported by increased consumption of krill oil-derived dietary supplements.
- According to FMI analysis, Australia is estimated to account for nearly 83.3% of the Oceania market in 2021.
- China is dominating the East Asia krill oil market. It accounts for 50.1% of East Asia market share.
- Krill oil application for dietary supplement is estimated to account for nearly 53.9% sales in the market in 2021.
- Krill oil soft gels segment is expected to hold 44.9% of market share in 2021.
Krill Oil Sales will Continue Rising Amidst Surging Focus on Healthy Lifestyle
It has never been more important to prioritise your health than it is currently. Our unhealthy lifestyles have come into question as the incidence of chronic diseases has risen alarmingly. As a result, consumers are more willing to spend money on products with more nutritional value than they have ever been. Their preferences are assisted by increased affluence, particularly among metropolitan populations. The global krill oil market is predicted to grow at a rapid pace over the next few years, owing to current trends.
Who is Winning?
Key players existing in the global krill oil market are focusing on reaching a large consumer base by implementing various strategies such as marketing and promotional activity, adopting sustainable production and strengthening research & development.
Some of the leading companies offering krill oil are Alpha B&H Co., Fuji Chemicals, Xi’an Prius biological engineering Co. Ltd, Krill Canada, Rimfrost AS, Neptune Biotech, Norwegian Fish Oil AS, Quingdao Kangjing Marine Biotechnology Co. Ltd.,. Nutrifynn Caps Inc., Aker BioMarine AS
Market Segments Covered in Krill Oil Industry Analysis
By Form:
- Liquid
- Capsules
- Soft Gels
By End-Use:
- Dietary Supplements
- Functional Foods & Beverages
- Pharmaceuticals
- Pet Food & Animal Feed
- Others (Infant Formula)
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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Key Questions Answered in the Report
How much is the krill oil market current worth?
Currently krill oil market is worth more than US$ 676.7 Mn.
At what CAGR is the krill oil market expected to grow?
Krill oil consumption is expected to grow at a CAGR of around 10.7% during the period 2021-2031.
How was the krill oil market performance in the last five years?
In terms of revenue, krill oil market grew at a CAGR of around 9.4% during 2016-2020
What are the key trends boosting krill oil sales?
The latest trends in krill oil market, boosting sales include increasing consumer inclination toward healthy living, digitization, and increasing focus on mental health and personal well-being
Which are the major countries driving demand for krill oil?
The U.S, Australia, China, and Brazil are the leading countries driving demand for krill oil.
At what rate will U.S. Krill Oil market grow?
The US krill oil market is projected to grow at a CAGR of around 9.7% over the next ten years
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