“Global Krill Oil Market to reach a market value of USD 2 Billion by 2031 growing at a CAGR of 10.9%”
The Global Krill Oil Market size is expected to reach $2 billion by 2031, rising at a market growth of 10.9% CAGR during the forecast period.
Pharmaceutical companies are investing in research and development to explore the therapeutic potential of oil for various health conditions. Therefore, the pharmaceuticals segment generated 11.44% revenue share in 2031. Clinical studies are being conducted to evaluate the efficacy of krill in areas such as cardiovascular health, cognitive function, joint health, and inflammatory conditions. Pharmaceutical companies are developing prescription-based formulations of oil for specific medical conditions.
Lifestyle diseases such as obesity, high cholesterol, and hypertension contribute to the risk of cardiovascular diseases. Omega-3 fatty acids in krill may help improve mood and reduce symptoms of anxiety. Therefore, the market is expanding significantly due to the rising incidence of lifestyle diseases. Additionally, Krill is rich in antioxidants, including astaxanthin, which helps protect the skin from oxidative damage caused by free radicals. Krill supplements help soothe sunburned skin and promote faster healing. Thus, because of the growing adoption of krill in cosmeceuticals, the market is anticipated to increase significantly.
However, the higher cost of oil supplements can make them less accessible to price-sensitive consumers, limiting market penetration and adoption. The high cost of krill supplements may limit market growth and expansion, particularly in price-sensitive markets where fish oil supplements are more established and widely available. Market saturation can further intensify price competition and pressure manufacturers to lower prices to remain competitive. Thus, high cost compared to fish oil can slow down the growth of the market.
Based on product type, the market is classified into softgels, capsules, and liquid. The softgels segment acquired 33.96% substantial revenue share in the market in 2023. Softgel capsules offer a convenient and easy-to-use dosage form for krill supplements. They help mask the taste and odor of krill making it more palatable for consumers, especially those who may be sensitive to the taste of fish oil. The encapsulation process helps extend the shelf life of supplements, ensuring that they remain fresh and effective for longer periods.
By application, the market is categorized into dietary supplements, functional food & beverages, animal food & pet food, pharmaceuticals, and others. The animal food & pet food segment covered 23.27% considerable revenue share in the market in 2023. Krill is incorporated into pet food formulations as a functional ingredient to enhance the product's nutritional value. Krill helps maintain healthy skin, reducing issues like dryness and dandruff. Omega-3 fatty acids in krill have anti-inflammatory effects, which can help reduce allergic reactions and skin irritations in pets.
Free Valuable Insights: Global Krill Oil Market size to reach USD 2 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the North America region led the market by generating 37.91% highest revenue share. The proliferation of e-commerce platforms has made krill supplements more accessible to consumers in North America. With rising healthcare costs, there is a growing emphasis on preventive healthcare, driving the demand for dietary supplements that promote heart, brain, and joint health in North America.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 893.1 Million |
| Market size forecast in 2031 | USD 2 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 10.9% from 2024 to 2031 |
| Number of Pages | 165 |
| Number of Tables | 280 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Product Type, Application, Region |
| Country scope |
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| Companies Included | Fuji Chemical Industries Co., Ltd., Aker BioMarine AS, Nutrigold Inc., NWC Naturals, Inc., Coastside Bio Resources, Nutracode LLC, Schiff Nutrition International, Inc. (Reckitt Benckiser Group plc), Quingdao Kangjing Marine Biotechnology Co. Ltd., Rimfrost AS, Norwegian Fish Oil AS |
By Product Type
By Application
By Geography
This Market size is expected to reach $2 billion by 2031.
Rising incidence of lifestyle diseases are driving the Market in coming years, however, High cost compared to fish oil restraints the growth of the Market.
Fuji Chemical Industries Co., Ltd., Aker BioMarine AS, Nutrigold Inc., NWC Naturals, Inc., Coastside Bio Resources, Nutracode LLC, Schiff Nutrition International, Inc. (Reckitt Benckiser Group plc), Quingdao Kangjing Marine Biotechnology Co. Ltd., Rimfrost AS, Norwegian Fish Oil AS
The expected CAGR of this Market is 10.9% from 2024 to 2031.
The Liquid segment is leading the Market by Product Type in 2023, thereby, achieving a market value of $725.9 million by 2031.
The North America region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $728.4 million by 2031.
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