Krill Oil Market Share

North America Market Insights

The krill oil market in North America is anticipated to garner 36.5% of the share by 2034, registering a CAGR of 10.2% in the coming decade. The growth of the market can be attributed to the high consumer awareness in the region of the benefits of Omega-3. Additionally, the rising preference for dietary supplements among older adults and millennials is propelling the consumption of krill oil. In the U.S., the market is expanding owing to high consumer demand for the supplements of omega-3 supplements and rising healthcare expenditure. Also, the aging demographics are continuing to fuel the demand across pharmaceutical verticals in the country.

The krill oil market in Canada is fueled by mushrooming federal and provincial investments and expanding applications for functional food. In 2023, Health Canada declared an 8.1% allocation of the national healthcare budget for krill oil-associated programs. The Ministry of Health in Ontario also increased spending on the treatment of the krill oil by 18.2% in the last 5 years, serving more than 200,100 patients annually. Furthermore, the Canadian Institute for Health Information corroborates a surge in demand for krill oil, owing to its increasing use in addressing metabolic disorders. The Canadian market is benefiting from an increasing preference for sustainability among consumers.

Asia Pacific Market Insights

The krill oil market in Asia Pacific is undergoing significant expansion, bolstered by a surge in consumer health awareness and increasing consumption of marine-based nutraceuticals. In China, the market is driven by increasing government spending, as 1.52 million patients need supplementation for krill oil in 2023 for curing lipid and cardiovascular disorders. Additionally, the National Medical Products Administration fastened the approvals for the nutraceutical supplements. Consumers are attracted to omega-3-rich nutraceuticals helpful in giving anti-aging support. Various manufacturers in the country are introducing a variety of forms customized for absorption.

The krill oil market in India is fueled by rising trends for preventive healthcare methods. Also, the rising incidence of cardiovascular disease and metabolic disorders is propelling the demand for krill oil-based supplements. Also, there has been an expansion of online pharmacies and health stores, which has improved accessibility. Prominent players such as Aker BioMarine are aiming to target a vast consumer base in India, offering eco-friendly products. The growth is also bolstered by a plethora of government health campaigns promoting nutrition-rich diets.  

Investment and Latest Development in Krill Oil Market

Europe Market Insights

The Europe krill oil market is undergoing steady growth, registering 21.4% of market share by 2034. The market is propelled by increasing consumer awareness and advancements in sustainable sourcing. Consumers are acknowledging anti-inflammatory benefits of omega-3, which has a high composition of phospholipids. Furthermore, the European Food Safety Authority has corroborated various health claims associated with krill oil benefits and emphasizes using it as a supplement. The European Commission is supporting research and development through the EU Health Program, boosting production locally.

The market in the UK has also seen rapid growth owing to an increase in focus on heart and brain health. According to the National Health Service survey, the demand for preventive supplements surged by 18.2% between 2020 and 2023. Additionally, by 2035, the country will have more than 12.1 million people aged above 65 years, further boosting the market growth. Major retailers in the UK have also raised the shelf space of the krill oil supplements, boosting their availability. The nutritionists are recommending krill oil-based anti-inflammatory supplements to a vast population in the country.