The Global Krill Oil Market was valued at US$ 710.4 million in 2016, according to a new report published by Coherent Market Insights. Krill oil is a source of EPA and DHA and contains polyunsaturated fats, which are packaged as phospholipids and can be used immediately by the body. Krill oil also contains astaxanthin, a powerful antioxidant that protects the fragile fats from oxidizing and prevents cell damage. EPA/DHA consumption is gaining traction due to certain health benefits, which is expected to drive the growth of the krill oil market in the forecast period. Furthermore, the economically-efficient production of krill oil, has led to its widespread application in supplements, food, and pharmaceutical sectors.
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Key Trends and Analysis of the Global Krill Oil Market:
Supplements and functional food application is the largest segment in the global krill oil market due to the rise in demand from fortified food packs and supplements. Owing to this, the increased demand for soft gels and capsules in the supplements market is expected to propel the growth of krill oil market over the following years, as a significant amount of krill oil is mixed with flavoring agents in the tablet.
Increase in number of pet owners globally is a major factor fueling growth of the animal feed application segment. Krill oil is widely used in pet food products. Around 65% of the U.S. households own pets.
High growth in pharmaceutical industries is paving the way for developing various kinds of krill oil enriched drugs to cure various cardiovascular diseases, inflammatory diseases, type 2 diabetes, speech disorders, hyperlipidemia with high triglycerides, and many more.
Omega-3 fatty acids play a vital role in the overall development of infants. It is not only beneficial in treating heart disorders, but are also helpful in developing brain and nervous system of the infant. Companies such as Nestlé and Similac own diversified product lines constituting EPA/DHA ingredients in infant formula and are highly investing in research to expand their existing portfolio.
Key Takeaways of the Market:
Large geriatric population in North America and Europe accounted for a rise in use of krill oil. According to Population Reference Bureau, Statistics Canada and EU, in 2016, the geriatric population reported in North America was 51 million and 94 million in Europe. The aforementioned factor is expected to propel the market growth in North America over the forecast period. The Europe market for krill oil is expected to expand at a CAGR of 13.44% during the forecast period. The market was valued at US$ 64.6 million in 2016. Also, increased awareness among public regarding health benefits of krill oil has resulted in an increasing demand in the region. According to WHO, in 2012, around 804,000 suicide cases were reported around the world. One of the main factors that trigger suicide is depression. Omega-3 rich foods such as krill oil and fish oil are prescribed for the treatment of depression.
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Aker BioMarine SA, Daeduck FRD Inc., Azantis Inc., and Enzymotec Ltd., among others are a few key players operating in the global krill oil market. There are various organic and inorganic growth strategies, which are being followed by the leading players in the market. For instance, to retain their market share globally, Aker BioMarine announced the acquisition of the krill oil roster and intellectual property of Neptune Technologies & Bioresources Inc. The deal was worth US$ 34 million and allowed the company to expand its market share and products in the global krill oil market.