Krill Oil Supplements Market to Grow with a CAGR of 10.98% through 2028
Increasing scientific research highlighting the health
benefits of krill oil, and sustainable fishing practices are expected to drive
the Global Krill Oil Supplements Market growth in the forecast period,
2024-2028
According to TechSci Research report, “Krill Oil
Supplements Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Krill Oil Supplements
Market stood at USD 827.12 million in 2022 and is anticipated to grow with a
CAGR of 7.07% in the forecast period, 2024-2028. This can be attributed to expanding
distribution channels. The availability of krill oil supplements has increased significantly
through diverse distribution channels. While these products were traditionally
found in health food stores, they are now readily available online through
e-commerce platforms. This expanded accessibility has allowed consumers
worldwide to explore and purchase krill oil supplements conveniently, further
boosting market growth.
Moreover, transparency in sourcing, processing, and
labeling will be paramount. Manufacturers will invest in initiatives to provide
consumers with clear and detailed information about the origin of their krill
oil supplements and the sustainable practices employed. Furthermore, consumer
education efforts will intensify, helping individuals make informed decisions
about their dietary supplement choices.
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The market's expansion can be attributed to the
increasing health consciousness among consumers in countries such as India,
China, and the United States, as well as the aging population, particularly in
developed economies like France, Japan, Germany, and the United Kingdom. This
heightened awareness is expected to drive demand for nutrient-rich food and
beverages, thus contributing to market growth. During the COVID-19 pandemic,
supply chains for shellfish and fresh fish were severely disrupted due to the closure
of food processing facilities. Fish and fish products that heavily relied on
international trade faced challenges due to restrictions and market closures
early in the pandemic. However, the demand for these supplements remained
unaffected as there was a stronger emphasis on consuming health-conscious
products. Consequently, manufacturers experienced higher demand for these
supplements than they could supply. With the easing of trade restrictions, a
growing market for supplements is emerging across various industries such as
pharmaceuticals, animal feed, and dietary supplements, among others, which is
expected to fuel market growth during the forecast period.
In the United States, which is one of the leading
markets for this product in North America, increasing consumer awareness
regarding the benefits of krill oil compared to fish oil has positively
influenced market growth. Additionally, the preference for krill oil
supplementation over fish intake is associated with health benefits. Among
product segments, capsules are projected to experience the highest growth rate
due to the rising consumption of nutritious health supplements among consumers
in the country. This growth is attributed to the properties of capsules, such
as ease of swallowing, lack of taste and odor, and faster efficacy compared to
tablets.
The market is being driven by the growing consumer
awareness of the advantages of eicosapentaenoic (EPA), omega-3 fatty acids, and
docosahexaenoic acid (DHA). The increased emphasis on studying and researching
the various medical benefits associated with krill oil will further benefit the
market. For example, krill oil has been found to reduce inflammation, enhance
neurological development in newborns, and promote cardiovascular health, all of
which are expected to boost the demand for the product during the forecasted
period.
The Global Krill Oil Supplements Market is segmented
into product, application, distribution channel, regional distribution, and
company.
Based on its distribution channel, the supermarkets
and hypermarkets category secured the largest market share in 2022 and is
poised to maintain its dominant position in the foreseeable future. Various
supermarkets and hypermarkets, including but not limited to Walmart, Tesco,
Target Brands Inc, Sainsbury’s, and Asda, offer unique supplements to attract a
broader consumer base. In recent years, increased investments in research and
development of products, along with the growing trend of supplements incorporating
Omega-3s and antioxidants to support overall health, have prompted
manufacturers to introduce new products through well-known supermarkets. This
has been instrumental in driving growth in this segment.
Based on region, North America held the largest market
share. Within this region, key sectors such as pharmaceuticals, infant formula,
and supplemental and functional foods played a significant role. The demand for
krill oil in functional food and beverage applications is expected to increase
due to the growing emphasis on fitness preferences among consumers in the
United States, Canada, Mexico, and Canada. Furthermore, the North American
market for krill oil supplements is poised for growth in the coming years,
driven by expanding awareness of its health benefits and the introduction of
various dietary supplement product forms.
Meanwhile, the Asia Pacific region is anticipated to
experience a remarkable CAGR. In China, krill oil as a dietary supplement has
gained popularity among middle-aged consumers for its benefits related to eye
and immune health. The rising demand for supplements in countries such as
India, China, Singapore, South Korea, Japan, and Australia has contributed to
the growth of omega-3 in the Asia Pacific region. The increasing inclusion of
krill oil in daily diets and the heightened awareness of health issues among
consumers are driving this demand. Additionally, the cultivation of krill fish
is expected to continue expanding in the Indian Ocean and the South China Sea
in the coming years. Moreover, the rising utilization of krill oil in the
pharmaceutical industry, coupled with expanding research and development
activities in the region, is expected to fuel market growth.
Major companies operating in
Global Krill Oil Supplements Market are:
- Aker BioMarine ASA
- Neptune Wellness Solutions Inc.
- Rimfrost As
- Schiff Nutrition International Inc
- Norwegian Fish Oil AS.
- Qingdao New Life Biotechnology Co Ltd
- NWC Naturals Inc.
- Nutracode LLC
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“The global krill oil supplements market is poised for
exciting developments in the coming years. Sustainability, innovative
formulations, enhanced bioavailability, personalized nutrition, and expanded
distribution channels will drive growth. Transparency and consumer education
will remain crucial, and ongoing research will continue to unveil the
impressive health benefits of krill oil. As these trends converge, the krill
oil supplements market promises to offer a broader range of options to
health-conscious consumers seeking holistic well-being,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Krill Oil Supplements Market By
Product (Liquids, Soft gels, Capsules), By
Application (Dietary Supplements, Animal Feed, Functional Food & Beverages,
Pharmaceuticals, Others), By Distribution Channel (Supermarkets/Hypermarkets,
Drug Stores & Pharmacies, Online Retailers, Others), By Region, By Competition Forecast &
Opportunities, 2018-2028F”, has evaluated the future growth potential of Global
Krill Oil Supplements Market and provides statistics & information on
market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Global Krill Oil
Supplements Market.
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