The global krill oil market size is anticipated to register a considerable CAGR during the forecast period, 2021-2028. The growth of the market is attributed to the rising health awareness along with growing geriatric population across the globe.
Krill oil is derived from a tiny, translucent marine critter that lives at the bottom of the ocean. It is used in dietary supplements as seafood, which is considered to be a rich source of nutrients. It also has considerable amount of medicinal value and, as a result, it is extensively used to cure several serious health disorders.
Furthermore, it has the potential to replace fish oil and is used for various food & beverage products. It contains the important omega-3 fats eicosapentaenoic acid (EHA) and docosahexaenoic acid (DHA), which are required for normal bodily function. Heart disease, excessive levels from certain blood lipids (triglycerides), high blood pressure, osteoarthritis, stroke, high cholesterol, cancer, depression, and premenstrual syndrome are some of the conditions, which can be treated with the use of krill oil.
The COVID-19 pandemic has a considerable impact on the global krill oil market. Due to the ongoing pandemic, stringent lockdown imposed by governments and regulatory agencies around the world, numerous oil related market suffered extensive loss due to hindrances in supply chain worldwide. The market is expected to recover soon with an uptrend operation as due to subsiding COVID cases.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing urban population along with rising income levels especially in developing regions is one of the key factors driving the market growth.
- Rising demand for fortified pet food products is expected to boost the market in the coming years.
- High production costs and low economies of scale from the supplier end present major challenges. This is anticipated to hamper the market growth during the projected period.
- Continuous climatic changes are adversely affecting the krill oil production, which is expected to hinder the market during the projected period.
- Technological advancements in the manufacturing of Active Pharmaceutical Ingredients (APIs) are projected to create significant growth opportunities for the market in the near future.
Scope of Krill Oil Market Report
The report on the global krill oil market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Krill Oil Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Applications (Pet Food & Animal Food, Pharmaceuticals, Dietary Supplements, and Functional Food & Beverages) and Forms (Tablet and Liquid)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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NutriGold Inc.; Coastside Bio Resources; Aker BioMarine; Neptune Wellness Solutions, Inc.; and Enzymotec Ltd.
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Krill Oil Market Segment Insights
Pharmaceuticals segment to grow at a rapid pace
Based on applications, the global krill oil market is divided into pet food & animal food, pharmaceuticals, dietary supplements, and functional food & beverages.
The pharmaceuticals segment is expected to grow at a rapid pace during the forecast period owing to growing consumption of omega 3 polyunsaturated fatty acids in functional foods. Moreover, increasing spending on the pharmaceutical sector by major key players is expected to drive the segment further.
Liquid segment to expand at a considerable CAGR
On the basis of forms, the market is bifurcated into tablet and liquid.
The liquid segment is projected to expand at a considerable CAGR during the forecast period attributed to its properties such as in infant formulations and pet food. On the other hand, the tablets segment is anticipated to account for a major market share during the forecast period as it protects delicate ingredients, enables novel ingredient combinations, ensures the delivery of oil and fat-soluble nutrients, and reduces gastrointestinal irritation.
Europe to constitute a key market share
In terms of regions, the global krill oil market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa.
Europe is expected to constitute a key share of the market during the projected period owing to rising consumer inclination toward fitness across the region. However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period attributed to growing cultivation and demand for krill fish along with products associated with it in the region.
Segments
The global krill oil market has been segmented on the basis of
Applications
- Pet Food & Animal Food
- Pharmaceuticals
- Dietary Supplements
- Functional Food & Beverages
Forms
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global krill oil market are NutriGold Inc.; Coastside Bio Resources; Aker BioMarine; Neptune Wellness Solutions, Inc.; and Enzymotec Ltd.
Manufacturers in the market have used a variety of strategic initiatives such as collaborations, partnerships, and mergers & acquisitions to expand their customer base and gain a competitive advantage over competitors. Furthermore, corporations are focusing their investments in R&D for the development of new products in order to build their strong foothold in the market.
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