The increasing demand for dietary supplements is expected to boost the growth of the krill oil market, states Fortune Business Insights, in a report, titled “Krill Oil Market Size, Share & Industry Analysis, By Form (Liquids, Capsules, Others), By Application (Dietary Supplements, Fortified Food, and Beverages, Pharmaceuticals, Animal Feed, Others) and Regional Forecast, 2021-2028.” The growing awareness regarding the benefits of omega 3-fatty acids is expected to enable speedy expansion of the market.
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The report on krill oil market includes:
- Complete analysis of all the segments
- Key market trends
- Latest industry development
- Future projections
- Leading regions in the market
Acquisition of Enzymotec’s Krill Oil Business by Aker BioMarine to Augment Growth
Aker BioMarine, a Norwegian fishing and biotech company providing krill products through a fully documented and secured catch and process chain. Based in Oslo announced the acquisition of Enzymotec’s krill oil business. The growing emphasis on research and development activities associated with krill oil will have an outstanding effect on the krill oil market growth in the forthcoming years. For instance, krill oil promotes cardiovascular health, reduces inflammation, and enhances neurological developments in new-borns. Moreover, the rising incidence of allergy from seafood consumption is expected to spur demand for krill oil during the forecast period. Besides, the growing awareness regarding the benefits of omega 3-fatty acids, eicosapentaenoic acid (EPA), and docosahexaenoic acid (DHA) can have an outstanding effect on the global market. The high prevalence of obesity and chronic diseases such as cancer, arthritis, diabetes, coronary, heart disease, and others can spur demand for krill oil in the forthcoming years. However, the dramatic decrease in the Antarctic krill population is expected to hinder global krill oil market growth. The high research and development cost of new krill oil products is expected to dampen the growth of the market.
The Dietary Supplement Segment to Hold the Largest Share
The capsule segment is expected to hold the largest share in the global krill oil market due to ease of storage. The capsule segment is expected to hold a significant share in the global market because of the higher shelf life of capsules as compared to other forms. The use of liquid krill oil is predicted to expand in the upcoming years due to their increased demand from kids and elderly population as capsule seems difficult to swallow.
Major Segments includes:
- Dietary Supplements
- Fortified Food and Beverages
- Animal Feed
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The dietary supplement segment is expected to rise exponentially during the forecast period due to the increasing consumer inclination towards a healthy lifestyle and adoption of health-enhancing products in their daily life. The introduction of sports drinks enriched with omega-3 can drive the global krill oil market. For instance, in March 2018, according to a survey conducted by the Aker BioMarine Pure Science Triathlon team, the athlete experienced a severe drop in DHA levels after competing in Triathlon. The supplementation with krill oil will restore the DHA drop and significantly increased the athlete’s omega-3 index.
Rising Awareness about Preventive Healthcare Measures to Bolster Growth in Asia Pacific
The market in Asia Pacific is expected to dominate the global krill oil market during the forecast period. The adoption of dietary products such as krill oil by Asian consumers is expected to aid the growth of the market in the region. The growing awareness about preventive healthcare among consumers coupled with rising per capita income is expected to aid the expansion of the market in Asia Pacific. North America is expected to dominate the global market during the forecast period due to the growing application areas of krill oil. For instance, in May 2019, Nuwellix released all-natural krill oil with omega-3, EPA, DHA, and astaxanthin on the e-commerce platform. Europe is expected to expand radically during the forecast period during the forecast period. The growth is attributed to the high consumption of krill oil products which provides omega-3, EPA, and DHA to fulfill the nutrition requirement of the human body. The easy availability of krill oil due to the presence of prominent manufacturers is expected to foster the global market in the region.
September 2016: A study was conducted by the U.S. Army to evaluate krill oil (omega-3) supplementation significance in improving cognitive and psychiatric processes in high performing warfighters.
January 2019: Aker BioMarine and VARD launched one of the energy-efficient and environmental friendly krill harvesting vessels incorporated with innovative technologies.
The Reports Lists in the Key Players Operating in The Global Krill Oil Market:
- Aker BioMarine
- Olympic Seafood AS.
- Deaduck FRC Inc.
- Neptune Technologies and Bioresources
- Azantis Inc.
- Nutrigold Inc.
- Norwegian Fish Oil
- Rimfrost AS.
- NWC Naturals LLC.
- RB LLC.
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