Global Krill Oil Market Size Analysis by Global Business Prospects 2021: Technology and Production Analysis till 2030

In a recent published report, Kenneth Research has updated the market report for Global Krill Oil Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Krill Oil Market products.

Krill oil is basically an extract derived from tiny crustaceans, which are found in the ocean water all across the world. It has been noticed that the oil is more effective as compared to other marine oils in terms of healthiness, potency and absorption. Euphasia Superba and Euphasia Pacifica are the two main species used for the extraction process of krill oil.

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The oil consists of omega-3 fatty acid which is considered as a nutritional component in it. Other health benefits associated with omega-3 consumption includes inflammation, joint and bone health, menopause, aging and obesity. Krill oil contains fats that reduces swelling, helps to maintain low cholesterol, makes blood platelets less sticky which prevents blood clotting. Various benefits associated with the consumption of krill oil coupled with the rising ease of consumers to adopt healthy life style will further increase the demand of krill oil across the globe.

“Final Report will add the analysis of the impact of COVID-19 on this industry.”

Market Size & Forecast

Expanding at a CAGR of 13.2%, the global krill oil market is expected to cross revenue of USD 720 Million by 2023. The dietary supplements segment is estimated to account for highest share in the global krill oil market by 2016 end. The revenue of the segment is anticipated to expand at a CAGR of 14% over the forecast period i.e. 2016-2023.

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Functional food and beverages segment is expected to project a CAGR of 13.1% over the period of forecast. The reason behind the expansion of market in both segments is attributed to the increasing use of krill oil for the prevention and cure of heart disease, high cholesterol, high blood pressure and painful menstrual periods. By consumption, tablet segment is expected to contribute highest market share as compared to the other forms of consumption. Among the tablets sub-segments, soft gel form is estimated to project highest market share witnessing a compound annual growth rate of 13.5% over the forecast period.

Geographically, the global krill oil market is mainly concentrated in Europe followed by Asia Pacific. Europe is expected to contribute highest share in revenue of global krill oil market due to highest krill oil harvest units in the region. Krill oil market in Asia Pacific is anticipated to expand at a CAGR of 13.1% over the forecast period. Rising demand for krill oil by various pharmaceutical and dietary supplement companies is expected to be the major growth driver of global krill oil market across the globe. Heart disease continues to dominate the krill oil market, 75 percent of the total omega-3 fatty acids harvested is targeted towards the cure and prevention of heart related diseases across the globe.

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Key Players

Enzymotec Ltd.
NutriGold Inc.
Neptune Technologies
Bio-resources Inc.
RB LLC.
NWC Naturals Inc.
Daeduck FRD Inc.
Qingdao Kangjing Marine Biotechnology Co Ltd.
Aker Bio-Marine

Growth Drivers and Challenges

Increasing health concerns among the consumers, rising adoption of fish oil alternatives, growing awareness of health benefits through the consumption of krill oil, promotion of the product through various trade show and introduction of innovative products of krill oil (Flexitech, superba boost) are some of the key factors fuelling the growth of global krill oil market across the globe.

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Pregnant and breastfeeding women’s are recommended consuming at least 200mg/day of omega-3 DHA or 2 oily fish meals per week. Intake of krill oil component (omega-3s) can lead to a lower risk of infant allergy; increasing awareness about the health benefits of krill oil nutrients in content of infant formula is expected to drive the usage of krill oil in infant formula which is likely to propel the growth of global krill oil market over the forecast period i.e. 2016-2023.

High cost of the products, lack of proper regulation, preference towards the use of established fish oils, and lack of consumer awareness towards the nutritional benefits of krill oil products are some of the major factors that can restrain the market growth over the period of forecast i.e. 2016-2023.

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About Kenneth Research
Kenneth Research is a reselling agency providing market research solutions in different verticals such as Automotive and Transportation, Chemicals and Materials, Healthcare, Food & Beverage and Consumer Packaged Goods, Semiconductors, Electronics & ICT, Packaging, and Others. Our portfolio includes set of market research insights such as market sizing and market forecasting, market share analysis and key positioning of the players (manufacturers, deals and distributors, etc), understanding the competitive landscape and their business at a ground level and many more. Our research experts deliver the offerings efficiently and effectively within a stipulated time. The market study provided by Kenneth Research helps the Industry veterans/investors to think and to act wisely in their overall strategy formulation

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