North America Krill Oil Market Size, Share & Trends Analysis Report By Product Type (Liquid, Softgels and Capsules), By Application, By Country and Growth Forecast, 2024 - 2031

North America Krill Oil Market Size, Share & Trends Analysis Report By Product Type (Liquid, Softgels and Capsules), By Application, By Country and Growth Forecast, 2024 - 2031

The North America Krill Oil Market would witness market growth of 10.2% CAGR during the forecast period (2024-2031).

The US market dominated the North America Krill Oil Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $521.9 million by 2031. The Canada market is experiencing a CAGR of 12.7% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 11.7% during (2024 - 2031).

The oil is primarily used as a dietary supplement due to its high omega-3 fatty acid content, specifically EPA (eicosapentaenoic acid) and DHA (docosahexaenoic acid). These fatty acids are essential for overall health, particularly heart, brain, and joint health. Krill supplements are often taken daily to ensure an adequate intake of omega-3 fatty acids, which may be lacking in the typical Western diet.

Krill helps maintain healthy cholesterol levels by increasing HDL (good) cholesterol and decreasing LDL (bad) cholesterol and triglycerides. Omega-3 fatty acids in oil support overall cardiovascular health by reducing the risk of heart disease, stroke, and other cardiovascular conditions. Krill supplements may help improve memory, concentration, and overall brain function. The supplements may help improve memory, concentration, and overall brain function.

Mexico has experienced significant growth in internet penetration and smartphone usage, driving the adoption of e-commerce platforms. Increased access to the internet and mobile devices has made it easier for consumers in Mexico to shop online for dietary supplements, including krill. E-commerce platforms offer consumers in Mexico convenient access to a wide range of oil products from the comfort of their homes. The Mexican Online Sales Association estimates that the domestic e-commerce sector was worth USD 19.7 billion in 2021, an increase of 27% over 2020. In 2021, there were 57.5 million users of Mexican eCommerce, up 11% from the previous year. In 2020, women made up 51% of Mexican eCommerce users. Hence, the factors mentioned above will drive the regional market growth.

Based on Product Type, the market is segmented into Liquid, Softgels and Capsules. Based on Application, the market is segmented into Dietary Supplements, Animal Food & Pet Food, Functional Food & Beverages, Pharmaceuticals and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.

List of Key Companies Profiled

• Fuji Chemical Industries Co., Ltd.
• Aker BioMarine AS
• Nutrigold Inc.
• NWC Naturals, Inc.
• Coastside Bio Resources
• Nutracode LLC
• Schiff Nutrition International, Inc. (Reckitt Benckiser Group plc)
• Quingdao Kangjing Marine Biotechnology Co. Ltd.
• Rimfrost AS
• Norwegian Fish Oil AS

North America Krill Oil Market Report Segmentation

By Product Type

• Liquid
• Softgels
• Capsules

By Application

• Dietary Supplements
• Animal Food & Pet Food
• Functional Food & Beverages
• Pharmaceuticals
• Others

By Country

• US
• Canada
• Mexico
• Rest of North America