Global Krill Oil Market - Trends, Growth, Industry Analysis, Segmented by Product, Application and Geography (2018 - 2023) In 2016, the company patented Flexitech technology, which enables continuous innovation and expansion of the krill oil product line. In 2014, AkerBioMarine obtained product approval from Food Safety Standards Authorities of India (FSSAI). With this approval, the company entered India successfully with Superba krill oil.Reasons to Purchase this Report
The global krill oil market is anticipated to grow at a CAGR of 11.1% from 2018 to 2023, and estimated to reach a value of USD 801.65 million by 2023. The growing preference for krill oil over fish oil is expected to drive the market growth. Health conscious consumers in developed regions are the preferred consumers for krill oil.
The growing awareness among consumers of the health benefits of Omega-3 Fatty Acids is a factor for the growth of krill oil market. Krill oil is a superior source of EPA and DHA because the polyunsaturated fats are packaged as phospholipids, which can be used immediately consumed by the body, when compared to fish oil which is the EPA and DHA is, typically packaged as triglycerides and have to undergo additional processing in order to make them bioavailable. Thus, the rising adoption of krill oil as substitutes for fish oil is driving the global krill oil market.
Tablet Segment is Likely to Hold the Dominant Market Share of the Global Krill Oil Market
The global krill oil market, on the basis of product type, has been segmented into – tablet and liquid. Market value of tablet segment dominates the global krill oil market, due to growing number of krill oil capsule manufacturers as consumers prefer the tablet form due to ease of usage and easy storage. By application, the krill oil market is segmented into dietary supplements, pharmaceuticals, pet food and animal food, and functional food and beverages. Medical benefits, such as, lower blood pressure, improved heart health, and reduced triglycerides, from krill oil dietary supplements, are allowing the dietary supplement segment to dominate the market.
There has been a recent increase in consumption of krill oil among the consumers in developed regions such as North America and Europe due to the increasing aware of the importance of omega-3 fatty acids, eicosapentaenoic acid (EPA), and docosahexaenoic acid (DHA) in their daily nutritional requirements which krill oil provides. Europe accounts for the largest market share of global krill oil market. Asia-Pacific region is expected to witness high growth during the forecast period due increasing influence of health trends in the developing countries. Major PLAYERS: AKER BIOMARINE, AZANTIS INC., BIO-RESOURCES INC., DAEDUCK FRD INC., ENZYMOTEC LTD, NEPTUNE TECHNOLOGIES & IORESOURCES, NORWEGIAN FISH OIL AND RIMFROST AS, NUTRIGOLD INC., NWC NATURALS LLC, OLYMPIC SEAFOOD AS, QINGDAO KANGJING MARINE TECHNOLOGY and RB LLC., amongst others.
- Analyzing outlook of the market with the recent trends and Porter’s five forces analysis.
- Market dynamics, which essentially consider the factors that are impelling the present market scenario, along with growth prospects of the market over the forecast period.
- Market segmentation analysis, including qualitative and quantitative research, incorporating the impact of economic and non-economic aspects.
- Country-level analysis, integrating the demand and supply forces that are influencing the growth of the market.
- Competitive landscape involving the market share of major players, along with the key strategies adopted for development over the past five years.
- Comprehensive company profiles, covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players.
- 3 months analyst support along with the Market Estimate sheet (in excel).
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- 1. Introduction
- 1.1 Research Methodology
- 1.2 Market Definition
- 1.3 Report Description
- 2. Market Overview
- 2.1 Market Trend
- 3. Market Overview
- 3.1 Market Dynamics
- 3.1.1 Drivers
- 220.127.116.11 Rising Demand for Omega-3 Fatty Acids
- 18.104.22.168 Consumer Demand for Healthy Oils to Reduce Bad Cholesterol
- 3.1.2 Restraints
- 22.214.171.124 Consumer Shift to Fish Oil
- 126.96.36.199 Stringent Government Regulations
- 3.1.3 Opportunities
- 188.8.131.52 Increased Medical Applications of Krill Oil
- 184.108.40.206 Widespread Application in Food and Supplements
- 3.1.4 Porter's Five Forces Analysis
- 220.127.116.11 Bargaining Power of Suppliers
- 18.104.22.168 Bargaining Power of Buyers
- 22.214.171.124 Threat of New Entrants
- 126.96.36.199 Threat of Substitute Products and Services
- 188.8.131.52 Degree of Competition
- 4. Market Segmentation
- 4.1 By Product Type
- 4.1.1 Liquid Type
- 4.1.2 Tablet Type
- 4.2 By Application
- 4.2.1 Dietary Supplements
- 4.2.2 Pharmaceuticals
- 4.2.3 Pet Food and Animal Food
- 4.2.4 Functional Food and Beverages
- 4.3 By Geography
- 4.3.1 North America
- 184.108.40.206 United States
- 220.127.116.11 Canada
- 18.104.22.168 Mexico
- 22.214.171.124 Others
- 4.3.2 Europe
- 126.96.36.199 Spain
- 188.8.131.52 United Kingdom
- 184.108.40.206 France
- 220.127.116.11 Germany
- 18.104.22.168 Russia
- 22.214.171.124 Italy
- 126.96.36.199 Others
- 4.3.3 Asia-Pacific
- 188.8.131.52 China
- 184.108.40.206 India
- 220.127.116.11 Japan
- 18.104.22.168 Australia
- 22.214.171.124 Others
- 4.3.4 South America
- 126.96.36.199 Brazil
- 188.8.131.52 Argentina
- 184.108.40.206 Others
- 4.3.5 Africa
- 220.127.116.11 South Africa
- 18.104.22.168 Others
- 5. Competitive Landscape
- 5.1 Strategies Adopted by Key Players
- 5.2 Most Active Companies in the Past Five Years
- 5.3 Market Share Analysis
- 6. Company Profiles
- 6.1 Aker BioMarine
- 6.2 Azantis Inc.
- 6.3 Bio-resources Inc.
- 6.4 Daeduck FRD Inc.
- 6.5 Enzymotec Ltd
- 6.6 Neptune Technologies & Bioresources
- 6.7 Norwegian Fish Oil and Rimfrost AS
- 6.8 Nutrigold Inc.
- 6.9 NWC Naturals LLC
- 6.10 Olympic Seafood AS
- 6.11 Qingdao Kangjing Marine Technology
- 6.12 RB LLC
- 7. Appendix
- 7.1 Disclaimer
- 7.2 Sources