The global krill oil market size is expected to reach USD 474.0 million by 2028, according to a new study by Polaris Market Research. The report “Krill Oil Market Share, Size, Trends, Industry Analysis Report, By Application (Dietary Supplements, Animal Feed, Functional Food & Beverages, Pharmaceuticals, Others); By Product; By Region; Segment Forecast, 2021 - 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The growth of the global industry is driven by factors such as increasing demand for healthy food supplements along with the increase in chronic diseases such as diabetes, cardiovascular diseases and cancer owing to the rise in the geriatric population across the globe. The increasing use of krill oil in infant formula will further boost the growth of the industry during the forecast period.
Globally, there are more than 700 million senior people in 2020, and the number is expected to reach 1.5 billion by 2050. The geriatric population is more prone to develop chronic diseases. Globally, 1.9 billion overweight people live in 2018 and obese people are at risk of developing heart diseases and diabetes. Nearly 463 million adults live with diabetes across the globe and the number is expected to increase to 700 million by 2045.
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Krill oil is available in forms including liquid, softgels, and a capsule. The liquid form is predominantly used due to its applications in infant nutrition and emerging application as pet food. Capsules are also useful in pharmaceutical formulation for treating gastrointestinal irritation and nutrient delivery.
The companies operating in the industry are increasingly launching new products to strengthen their portfolio. In November 2020, Aker BioMarine launched LYSOVETA which is the new delivery platform based on LPC-bound DHA and EPA from krill. Aker BioMarine collaborated with the University of Illinois to further explore the potential of LYSOVETA.
The emergence of COVID-19 will hinder the growth of the global industry as there is a disruption in the supply chain of raw materials that have significantly impacted the production of krill oil across the globe. The situation is expected to normalize in a short period after which the market is expected to witness upward growth.
Market participants such as Aker BioMarine, Ergomax, Neptune Wellness Solutions Inc, Norwegian Fish Oil AS, Nutracode, NutriGold Inc., NWC Naturals Inc., Qingdao Kangjing Marine Biotechnology Co., LTD., Rimfrost AS, and Schiff Nutrition International, Inc. are some of the key players operating in the global market.
Polaris Market Research has segmented the krill oil market report on the basis of product, application, and region:
Krill Oil, Product Outlook (Revenue - USD Million, 2016 – 2028)
Krill Oil, Application Outlook (Revenue - USD Million, 2016 – 2028)
Krill Oil, Regional Outlook (Revenue - USD Million, 2016 – 2028)