Krill Oil Market Valued at USD 812 Million in 2023 & Assessed to Grow at 10.21% CAGR in Coming Years

Krill Oil Market Valued at USD 812 Million in 2023 & Assessed to Grow at 10.21% CAGR in Coming Years

In the recent research report published by MarkNtel Advisors, the Global Krill Oil Market size was valued at USD 812 million in 2023 and is estimated to grow at a CAGR of around 10.21% during the forecast period, i.e., 2024-30. Krill oil, somewhat parallel to fish oil, is obtained from a little shrimp-like creature and has a rich content of Omega-3 fatty acids. It is known for numerous health benefits, such as reduction in body fat deposits and cholesterol levels, inflammation, the formation of blood platelets, enhancement of immunity, better gut functioning, and improvement in metabolism.

Furthermore, the rise in the demand for krill oil is directly proportional to the growing awareness of individuals towards fitness & good health. The demand for the given commodity has emerged across several sectors, including the food & beverages industry, the healthcare industry, and the fitness sector, further enhancing the overall market growth.

Notably, the research market study by on the “Global Krill Oil Market” further states that the industry is stepping towards an upward trajectory due to the reluctance of some individuals to use products based on fish along with the supplemented R&D investments, increasing old age population dealing with chronic diseases and the rising application in the infant formula. 

Companies Emerging as the Key Players in the Market

Companies are the backbone of any market, whatever The leading market players include companies like Aker Bio Marine, Enzymotec USA Inc., Omega Protein, Rimfrost AS, Schiff Nutrition International Inc., Norwegian Fish Oil AS, Nutri Gold Inc., Ergomax, Qingdao Kangjing Marine Biotechnology Co. Ltd, NWC Natural Inc., Nutracode, Krill Canada Corporation, Superbakerill, and Others, who are having a solid hold on the share of this industry.

Auditing the Global Krill Oil Market through Segmentation

·         By Form (Liquid, Capsule, and Soft Gels)

·         By Application (Dietary Supplements, Fortified Food & Beverages, Pharmaceuticals, Animal Feed, and Other)

·         By Distribution Channel (Offline, Supermarkets/Hypermarkets, Drug Stores & Pharmacies, and Online)

·         By Region (North America, South America, Europe, the Middle East & Africa, and Asia-Pacific)

Dietary Supplements are set to stand ahead in the market with the leading share. The segment of dietary supplements has constantly been on the lead in the Krill Oil Market in recent years and is estimated to continue to dominate in the coming years. The substantial demand for krill oil-based dietary supplements is arising due to the consciousness and awareness of individuals toward health & fitness trends since the commodity aids in muscle development & joint wellness.

North America to dominate the Global Krill Oil Market and is initially expected to acquire the largest share during the forecast period of 2024-30. The rising awareness of the people towards the health benefits related to krill oil has driven the increasing demand for the given commodity across the region. The pervasiveness of chronic diseases such as cardiovascular diseases and arthritis has further amplified the demand for krill oil supplements in North America.

Booming Popularity of Krill Oil Across Various Sectors to Stimulate Industry Expansion

The rising range of applications for krill oil across diverse industries is a key factor driving its market development. Krill oil is anticipated to witness heightened usage in the pharmaceutical, functional food, beverage, and various other sectors. Additionally, there is a booming demand for krill oil in sports supplements and a growing awareness of its advantages for gastrointestinal health. Thus, this trend highlights the expanding utilization of krill oil across various industries for a variety of purposes, further upscaling the market’s demand graph.

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