Global Krill Oil Supplements Market Size study & Forecast, by Product (Liquids, Softgels, Capsules), by Application (Dietary Supplements, Animal feed, Functional Food & Beverages, Pharmaceuticals, Others), by Distribution Channel (Supermarkets/ Hypermarke

Global Krill Oil Supplements Market Size study & Forecast, by Product (Liquids, Softgels, Capsules), by Application (Dietary Supplements, Animal feed, Functional Food & Beverages, Pharmaceuticals, Others), by Distribution Channel (Supermarkets/ Hypermarkets, Drug Stores & Pharmacies, Online Retailers, Others) and Regional Analysis, 2023-2030

Global Krill Oil Supplements Market is valued at approximately USD 912.36 million in 2022 and is anticipated to grow with a healthy growth rate of more than 10.7% over the forecast period 2023-2030. Krill oil supplements are dietary supplements derived from tiny shrimp-like crustaceans known as krill. Krill oil is rich in eicosatetraenoic acid (EPA), omega-3 fatty acids, and docosahexaenoic acid (DHA), as well as other beneficial compounds such as astaxanthin, a powerful antioxidant. These supplements are taken to support heart health, brain function, joint health, and overall well-being. Krill oil supplements are available in liquids, capsule or softgel form and are popular alternatives to traditional fish oil supplements. The market for krill oil supplements is driven by factors such as the increasing consumption of nutritious health supplements among consumers, the rising prevalence of chronic diseases such as cancer and cardiovascular diseases, and consumer preference for healthy food supplements over fish oil.

The market's growth is attributed owing to the increasing aging population as older people often prioritize their health and seek dietary supplements to support their well-being. Given the potential benefits for heart health, cognitive function, and joint health, krill oil supplements are appealing to this demographic. According to ESCAP's 2022 report, the proportion of older persons in the total population was 14% in 2022. Additionally, the projections indicate that by 2050, the percentage of individuals aged 60 years or over is expected to rise to 26% of the total population. Additionally, the market for krill oil is experiencing various growth prospectsdue to its expanding applications across various sectors including healthcare and functional food and beverages. Additionally, the rising ownership of pets and increased spending power of pet owners contribute to the market's growth, as there is a growing demand for pet food containing krill oil. However, the krill oil supplements market faces certain restraints that impact its growth. The limited availability of krill in certain regions and concerns over sustainability and environmental impact associated with krill harvesting pose challenges to the market. Also, the higher cost of krill oil supplements compared to alternative omega-3 sources limit market expansion.

The key regions considered for the Global Krill Oil Supplements Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022. The North American market for krill oil supplements is expected to witness growth in key application sectors such as pharmaceuticals, infant formula, and supplemental and functional foods. This anticipated growth is driven by the expanding awareness of the health benefits associated with krill oil and the introduction of diverse dietary supplement product formats. Asia Pacific is expected to be a fastest growing region during the forecast period, owing to the surge in demand for omega-3 supplements, driven by countries such as India, China, Singapore, South Korea, Japan, and Australia. This growth is attributed to the increasing incorporation of krill oil into daily diets and the rising consumer awareness about health concerns.

Major market player included in this report are:
Aker BioMarine
Neptune Wellness Solutions
Rimfrost AS
Schiff Nutrition International, Inc.
Norwegian Fish Oil AS
NutriGold Inc.
Ergomax
Qingdao Kangjing Marine Biotechnology Co., LTD.
NWC Naturals Inc.
Nutracode LLC

Recent Developments in the Market:
In October 2020, Aker BioMarine, a prominent player in the industry, expanded its business in Chennai, India, by inaugurating a new distribution facility. This move is strategically significant as India, being one of the largest shrimp markets, holds great importance for Aker BioMarine's operations.

Global Krill Oil Supplements Market Report Scope:
Historical Data – 2020 - 2021
Base Year for Estimation – 2022
Forecast period - 2023-2030
Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered - Product, Application, Distribution Channel, Region
Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:

By Product:
Liquids
Softgels
Capsules

By Application:
Dietary Supplements
Animal Feed
Functional Food & Beverages
Pharmaceuticals
Others

By Distribution Channel:
Supermarkets/Hypermarkets
Drug Stores & Pharmacies
Online Retailers
Others

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Companies Mentioned
Aker BioMarine
Neptune Wellness Solutions
Rimfrost AS
Schiff Nutrition International, Inc.
Norwegian Fish Oil AS
NutriGold Inc.
Ergomax
Qingdao Kangjing Marine Biotechnology Co., LTD.
NWC Naturals Inc.
Nutracode LLC

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