Consumers today have become aware of the importance of a healthy lifestyle. Add to that the increased standard of living of everyone and economic stability of households, they hold no bar when it comes to spending on consumption and healthcare. This has driven the global krill oil market by creating demand for products which earlier would qualify under only the pharmaceutical sector but are now overlapping with the FMCG sector.
The global krill oil market has seen a huge increase in demand because consumers have become aware of the importance of omega-3 fatty acids, eicosapentaenoic acid (EPA), and docosahexaenoic acid (DHA) in their daily nutritional requirements which krill oil provides and hence the krill oil market has seen a huge upward trend.
Today, apart from pharmaceuticals, krill oil is used in many FMCG products as well like dietary supplements, infant formula, functional food and beverages, and animal food. This has helped open up a lot of new opportunities for krill oil and hence has resulted in driving the global krill oil market to new heights.
The global krill oil market was valued at US$267.7 million in 2014 and has been forecasted to rise at a CAGR of 12.9% to value US$703.0 million by 2022. This is a huge boost to the krill oil industry as a whole.
We can even divide the forecasted krill oil market figures according to the sectors of usage of krill oil in terms of CAGR as follows:
- Dietary Supplements : 13.7%
- Functional Food & Beverages : 13.1%
- Pharmaceuticals : 12.9%
- Animal Food: 12.9%
- Infant Formula: 12.9%
Now that we know the sectors where krill oil is consumed, the form in which it is consumed is also what is determining the growth of the krill oil market. When it comes to the global krill oil market, the consumption is mainly for dietary supplements, i.e. the consumption of krill oil is mainly through tablets, which is valued at US$165.1 million in 2014 and estimated to be US$ 185.7 million in 2015 for the global krill oil market. Comparatively, liquids form accounts for a lower share at US$102.6 million in 2014 and is estimated to rise to US$115.0 million by 2022. Soft gels tablets currently constitute 69.4% share of the krill oil tablet segment, while the remaining 30.6% was taken up by capsules in 2015.
Aker BioMarine SA, Bioressources Inc., Daeduck FRD Inc., Enzymotec Ltd., Neptune Technologies, NutriGold Inc., NWC Naturals Inc., Olympic Seafood AS (RIMFROST AS), Qingdao Kangjing Marine Biotechnology Co., Ltd. and RB LLC. are some of the key players in the krill oil market.
Over the six regional segments that exist for the global krill oil market, in 2015, Western Europe was the dominant region with 25.7% of the global market. Asia Pacific is the second most active market which has recently fueled krill oil demand and has a CAGR of 13.6%, following close to Western Europe’s 14.4% share. The other segments of Eastern Europe, Middle East & Africa, North America and Latin America make up the rest of the krill oil market Share.