Global Krill Oil Market - 2024-2031

Global Krill Oil Market - 2024-2031

Global Krill Oil Market reached US$ 271.43 million in 2023 and is expected to reach US$ 1,114.05 million by 2031, growing with a CAGR of 19.7% during the forecast period 2024-2031.

The krill oil market has seen significant growth in recent years, driven by rising consumer awareness of its health benefits, particularly its high concentration of omega-3 fatty acids (EPA and DHA), phospholipids, and antioxidants like astaxanthin. These components contribute to various health advantages, including improved cardiovascular health, enhanced cognitive function, and anti-inflammatory effects, making krill oil a sought-after supplement among health-conscious consumers.

The increasing prevalence of lifestyle-related health issues, such as heart disease, obesity, and cognitive decline, has spurred demand for preventive health solutions, further propelling market growth. The omega-3 fatty acids in krill oil, particularly EPA and DHA, have been extensively studied for their cardioprotective effects, such as lowering triglycerides, reducing blood pressure, improving endothelial function, and decreasing the risk of thrombosis.

The health benefits play a significant role in promoting overall cardiovascular health and reducing the risk of heart attacks and strokes, making krill oil an essential part of many consumers' wellness routines. Additionally, product innovations, including new formulations targeting specific health concerns like heart, joint, or cognitive health, have allowed companies to expand their reach and cater to a wider range of health-conscious individuals, further driving the market's growth.

Dynamics

Rising Prevalence of Chronic Diseases

Chronic diseases like heart disease, diabetes, cancer, and respiratory disorders are major global health concerns, causing 74% of deaths worldwide according to WHO, with a disproportionate impact on low- and middle-income countries. Key risk factors include poor diets, physical inactivity, tobacco use, and air pollution. Krill oil, rich in omega-3 fatty acids (EPA and DHA) and the antioxidant astaxanthin, has emerged as a beneficial supplement.

It helps reduce inflammation, improve heart health, support joint function, and manage metabolic conditions like diabetes, offering a natural way to combat chronic diseases. In underserved US communities, where chronic diseases are more prevalent due to limited access to healthcare, krill oil can serve as a cost-effective solution. Its anti-inflammatory properties help reduce heart disease risk, improve insulin sensitivity, and protect against oxidative stress, benefiting individuals with conditions like arthritis and respiratory diseases.

Strategies Adopted by the Companies

The krill oil market is growing rapidly, driven by product innovation and strategic partnerships. Companies are developing specialized formulations combining omega-3s, antioxidants, and vitamins to target areas like joint health and cognitive function. For instance, NYO3 launched multipurpose krill oil products in China in 2024, focusing on joint health for women and sports users, while Aker BioMarine's Superba Boost Krill Oil gained ARTG approval in Australia for health claims related to knee pain and osteoarthritis.

Strategic collaborations are further expanding market reach. Aker BioMarine partnered with Kilyos Nutrition in 2024 to distribute krill oil in Brazil, ensuring sustainable sourcing, while Brenntag Specialties expanded distribution in Southeast Asia. These partnerships help companies tap into new markets, strengthen their competitive position, and meet the growing demand for sustainable health supplements.

Side Effects of Krill Oil

Krill oil faces several challenges that hinder its market growth, primarily due to side effects. One common issue is gastrointestinal discomfort, such as upset stomach, diarrhea, bloating, and heartburn, which can make the supplement difficult to tolerate. In some cases, high doses may worsen these symptoms, leading users to discontinue use. Additionally, krill oil can relax the lower esophageal sphincter, contributing to heartburn and a burning sensation in the chest.

Allergic reactions can range from mild symptoms like hives to severe issues like difficulty breathing. The fishy aftertaste or fish burps that some users experience, especially with higher doses. Furthermore, krill oil’s omega-3 content may have a blood-thinning effect, increasing the risk of bleeding for individuals taking blood-thinning medications. There is also limited evidence suggesting that high doses of krill oil could raise fasting blood glucose levels, which may be a concern for people with diabetes.

Segment Analysis

The global krill oil market is segmented based on form, application, sales channel, and region.

Convenience, Efficacy, and Consumer Preference of Capsules

The global krill oil market is segmented based on form into capsules, oil, powder, and gummies. The capsule formulations dominate the market and are driven by the convenience, efficacy, and consumer preference for controlled dosages. Soft gel capsules dominate the market due to their superior bioavailability, ease of swallowing, and aesthetic appeal. It is popular among brands like WOW Life Science, Carbamide Forte, and Superba Krill.

The soft gels offer a palatable solution with minimal fishy aftertaste, making them a preferred choice for health-conscious consumers. Hard gel capsules are gaining traction among consumers who prioritize clean-label, allergen-free products. These capsules, valued for their simplicity and structural integrity, offer customization opportunities for targeted formulations like cognitive enhancement or joint support.

Geographical Penetration

High Demand for Products with Health Benefits in North America

The North American krill oil market has seen significant growth, driven by increasing awareness of its health benefits, especially its superior bioavailability compared to fish oil. The 2023 CRN Dietary Supplement Survey revealed that 77% of Americans use dietary supplements, with Omega-3 products among the most popular. Cardiovascular health is a key driver, as heart disease remains the leading cause of death in US, claiming over 659,000 lives annually (CDC, 2023).

Krill oil, rich in EPA and DHA, improves lipid profiles and reduces inflammation, lowering risks of heart attacks and strokes. A 2022 study in The American Journal of Clinical Nutrition confirmed that krill oil's phospholipid-bound Omega-3s are more bioavailable than triglyceride-bound Omega-3s in fish oil. Krill oil is also popular for general wellness, particularly in addressing women’s health issues like PMS and prenatal care. A 2022 NCBI study showed Omega-3s help reduce PMS symptoms.

Joint health is another key market segment, with over 54 million US adults suffering from arthritis (2023 Arthritis Foundation Report). Krill oil's anti-inflammatory properties support those with arthritis and osteoporosis, improving mobility. The market continues to grow due to the trend toward preventive healthcare and consumer preference for sustainable, eco-friendly products. The 2023 GOED report highlights steady growth in Omega-3 consumption, and innovations are boosting consumer acceptance.

Competitive Landscape

The major global players in the market include AKER BIOMARINE, Biocorp Co., Ltd., Rimfrost AS, NYO3 INTERNATIONAL AS, Onnit Labs, Inc., Transparent Labs, Nurtigold, Shandong Kangjing Marine Biotechnology Co., Ltd, Coastside Bio Resources, Reckitt Benckiser Group plc., Artic Light Products AS, and NWC Naturals Inc.

Sustainability Analysis

Krill oil is gaining popularity as an eco-friendly alternative to traditional marine oils, with sustainability being a key selling point. Krill are abundant and reproduce quickly, making them a renewable resource for oil extraction. Leading suppliers, such as Aker BioMarine, follow Marine Stewardship Council (MSC)-certified sustainable fishing practices, ensuring healthy krill populations and protected marine ecosystems.

Sustainability is a key marketing strategy, especially for eco-conscious consumers, as seen with Schiff Vitamins, which sources its krill oil from certified sustainable fisheries. However, the risk of overharvesting grows with rising demand. Since krill are vital to marine ecosystems, sustainable management is crucial to maintain balance. Suppliers must uphold strict sustainability standards, ensure transparency, and innovate eco-friendly production methods as the market expands.

By Form
• Capsules
Softgels
Hardgels
• Oil
• Powder
• Gummies

By Application
• Human Applications
Cardiovascular Health

 Circulation Improvement

 Heart Attacks and Strokes

 Others
General Nutrition and Wellness
Women Health

 Premenstrual Syndrome

 Period Pains

 Prenatal Health

 Others
Joint and Bone Health

 Osteoarthritis

 Osteoporosis

 Join Pains and Inflammation

 Others
Neurology Health

 Cognition

 Mental Health

 Others
Skin Health

 Anti-Aging

 Hydration and Elasticity

 Others
Eye Health

 Dry Eye

 Inflammation

 Others
Others
• Animal Applications
Nutrition
Skin and Coat Health
Heart Health
Bone and Joint Health
Others

By Sales Channel
• B2B
• B2C

By Region
• North America
US
Canada
Mexico
• Europe
Germany
UK
France
Italy
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
• Middle East and Africa

Key Developments
• In February 2024, Aker BioMarine partnered with Kilyos Nutrition to introduce Superba Krill oil in Brazil, focusing on heart, liver, pregnancy, and cognitive health. This collaboration aims to meet the demand for sustainable, science-backed alternatives to fish oil, expanding Aker BioMarine's presence in the Brazilian market.
• In July 2024, NYO3 is expanding in China with a new series of multipurpose krill oil products for women and sports enthusiasts. The innovative supplement, infused with collagen and hyaluronic acid, aims to enhance eye and vision health, capitalizing on the growing consumer awareness of omega-3 benefits beyond traditional fish oil.
• In July 2022, Aker BioMarine secured FDA approval for its krill products with astaxanthin as color additives in fish feeds, enhancing salmon flesh color. This approval benefits North American salmon farming, improving feed uptake, growth, health, and fillet quality with QRILL Aqua and QRILL High Protein.

Why Purchase the Report?
• To visualize the global krill oil market segmentation based on form, application, sales channel and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous krill oil market-level data points with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global krill oil market report would provide approximately 68 tables, 53 figures and 211 pages.

Target Audience 2024
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies