The trend of maintaining a healthy lifestyle will remain the most prominent factor driving the growth of the global krill oil market. Apart from omega-3 fatty acids, an increasing number of consumers are aware about the benefits of EPA (eicosapentaenoic acid) and DHA (docosahexaenoic acid). Moreover, ample alternatives for fish oil are emerging in the market and some of them have reached a significant adoption level. Introduction of new, innovative products will continue to channel higher revenues to the market. In addition, promotion in various international and regional trade shows will provide a strong impetus to the sales. Persistence Market Research claimed krill oil is healthier, safer, more absorbable and more potent, compared to other marine oil counterparts. Growing awareness about these advantages is likely to propel the demand for krill oil products on a global level. Increasing demand for functional foods, beverages, and confectionary products will continue to fuel the consumption of krill oil as one of the necessary ingredients.
Higher costs and lack of regulatory standardization may remain the longstanding challenges to rapid market growth. Moreover, a large number of consumers are unaware of the availability of krill oil products and prefer established fish oil products. This is also anticipated to restrict the market penetration.
Based on form, the global krill oil market is segmented into tablets and liquid. Tablets are expected to maintain a larger market share over that of the liquid. Tablets comprise two sub-segments, capsule and soft gel, of which the former will hold over 70% share and the latter will represent nearly 30% of the share. By 2022 end, the soft gel sub-segment is anticipated to expand at a CAGR of 13.4%.
On the basis of application, the market is segments into dietary supplements, functional food and beverages, pharmaceuticals, pet food and animal feed, and others (infant formula). The dietary supplements segment will continue to lead with over 40% of the market share and the highest CAGR of 13.7%. This segment will reach a value of $297.2 million by 2022 end, up from $107.1 million observed in 2014. The functional foods and beverages segment will register a CAGR of 13.1%, whereas the ‘others’ segment that includes infant formula, will also witness a strong CAGR of 12.9%.
By geography, Western Europe will remain the dominant market over the forecast period. The Western European market is expected to witness the highest CAGR of 14.4% through to 2022, accounting for over 25% share of the market revenues. Asia Pacific is foreseen as a strong market for krill oil, attributed to rapid adoption rate of krill oil products. The APAC market will witness an impressive CAGR of 13.6%.
The global krill oil market is operated by some leading companies manufacturing krill oil and krill oil products. Aker BioMarine SA, Neptune Technologies & Bioressources Inc., Azantis Inc., Qingdao Kangjing Marine Biotechnology Co., Ltd., and Enzymotec Ltd. are a few of the key companies competing in the market. Other notable players include RB LLC., NWC Naturals Inc., NutriGold Inc., Daeduck FRD Inc., and Olympic Seafood AS (RIMFROST AS).