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Krill Oil Market Size & Share, by Form {Liquid, Tablets (Soft-gel, Capsules)}; Application (Dietary Supplements, Pharmaceuticals, Infant Formula) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 171
  • Published Date: Sep 05, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Krill Oil Market size was valued at USD 1.01 billion in 2023 and is expected to exceed USD 3.66 billion by 2036, expanding at over 10.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of krill oil is assessed at USD 1.09 billion.

The growth of the market is primarily attributed to the growing occurrences of cardiovascular diseases (CVDs) and high cholesterol across the globe. As per the data released by the World Health Organization (WHO), globally, each year around 17.9 million people lose their lives from CVDs, which denotes 85% deaths as a result of strokes and heart attacks.

Krill oil is derived from the oil of the tiny, translucent marine species Euphausia Superba. Over the time, krill oil has been gaining popularity in the market as an alternative to fish oil. It is high in eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA), which are omega fats found primarily in marine creatures. Omega-3 fatty acid, which is a dietary component is essential for proper body functioning. Therefore, increasing awareness about the numerous health benefits of omega-3 fatty acids associated with bone health, obesity, aging, and menopause are estimated to lead the growth of the krill oil market market. For instance, by 2030, approximately 1 billion people worldwide, including 2 in 6 women and 1 in 8 men, are estimated to live with obesity.

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Krill Oil Sector: Growth Drivers and Challenges

Growth Drivers

  • Growing Prevalence of Stress and Anxiety – Stress and anxiety are very common but put long lasting effects on an individual’s mental health. Therefore, now people are more aware to tackle stress to stay mentally healthy. For instance, globally, the overall cases of anxiety and major depressive disorders were reached around 78 million in 2020.
  • Rising Number of Dysmenorrhea - Regardless of age or race, dysmenorrhea is one of the most prevalent gynecological issues among women. It is one of the causes of pelvic pain in women during their menstrual cycle. As per the report provided by the National Center for Biotechnology Information, teenagers have an 80% prevalence of dysmenorrhea. Nearly 40% of those had severe dysmenorrhea.
  • Increasing Geriatric Population - The geriatric population is classified as those aged 60 years and up. The phenomenon of aging brings major health issues and such issues are gaining hype with increasing geriatric population. As per the data provided by the World Health Organization (WHO), in 2019, there were 1 billion people aged 60 years and older. This figure is expected to rise to 1.4 billion by 2030 and 2.1 billion by the year 2050.
  • Escalating Prevalence of Arthritis - Growing prevalence of Arthritis is another factor which is leading the demand of krill oil. According to the data provided by the National Center for Chronic Disease Prevention and Health Promotion (NCCDPHP), in the US, 58.5 million individuals, or 24% of all adults, suffer from arthritis.
  • Increase in Digestive Diseases - Digestive diseases such as GERD, irritable bowel syndrome, constipation, and others are pretty common. So, awareness to treat such gastrointestinal issues is influencing the increased use of krill oil based tablets or capsules. 5 out of every 10 adults worldwide suffer from functional gastrointestinal disorders of variable severity.

Challenges

  • High Costs of Krill Oil Products
  • Side-Effects Coupled with The Consumption of Krill Oil
  • Deficit of Proper Regulation

Krill Oil Market: Key Insights

Base Year

2023

Forecast Year

2024–2036

CAGR

10.4%

Base Year Market Size (2023)

USD 1.01 billion

Forecast Year Market Size (2036)

USD 3.66 billion

Regional Scope
  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Krill Oil Segmentation

The krill oil market is segmented and analyzed for demand and supply by application into dietary supplements, pharmaceuticals, infant formula, and others, out of which, dietary supplements segment is estimated to have the largest market share over the forecast period on the back of the increased awareness in people to fulfill the need of essential nutrients for harnessing the optimum health benefits. For instance, in developed countries, approximately 35 to 55% of adults use dietary supplements.

Our in-depth analysis of the global market includes the following segments:

            By Form
  • Liquids
  • Tablets
    • Soft-gel
    • Capsules

               By Application
  • Dietary Supplements
  • Pharmaceuticals
  • Infant Formula
  • Others

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Krill Oil Industry - Regional Synopsis

Regionally, the krill oil market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is anticipated to hold largest revenue share by 2036, backed by growing consumer inclination for good health and wellness in the region. For instance, according to 64% of Americans, their health is now more important to them than it was before the pandemic.

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Krill-Oil-Market-Share
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Companies Dominating the Krill Oil Landscape

    • Aker BioMarine ASA
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Rimfrost AS
    • NutriGold, Inc.
    • Neptune Wellness Solutions Inc.
    • NWC Naturals Inc.
    • Qingdao Kangjing Marine Biotechnology Co., Ltd
    • Jarrow Formulas, Inc.
    • NORWAY OMEGA LTD
    • Viva Naturals Inc.
    • Biocorp Co., Ltd.

     

In the News

  • June 15th, 2022: Aker BioMarine ASA, has obtained an approval from the FDA for the usage of its QRILL Aqua and QRILL High Protein (QHP) products in freshwater and marine salmonids.

  • December 10th, 2020: Biocorp Co., Ltd, introduced krill oil which is containing 61% phospholipids, the highest level in the world. Whereas, previously, krill had a 56% phospholipid content.

Author Credits:  Radhika Pawar


  • Report ID: 171
  • Published Date: Sep 05, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

In the year 2024, the industry size of krill oil is assessed at USD 1.09 billion.

Krill Oil Market size was valued at USD 1.01 billion in 2023 and is expected to exceed USD 3.66 billion by 2036, expanding at over 10.4% CAGR during the forecast period i.e., between 2024-2036. Growing prevalence of stress and anxiety, rising number of dysmenorrhea, increasing geriatric population, and escalating prevalence of arthritis will propel the market growth.

North America is anticipated to hold largest revenue share by 2036, backed by growing consumer inclination for good health and wellness in the region.

The major players in the market are Aker BioMarine ASA, Rimfrost AS, NutriGold, Inc., Neptune Wellness Solutions Inc., NWC Naturals Inc., Qingdao Kangjing Marine Biotechnology Co., Ltd, Jarrow Formulas, Inc., NORWAY OMEGA LTD, and others.
Krill Oil Market Report Scope

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