The Global Krill Oil Market size is expected to reach $2 billion by 2031, rising at a market growth of 10.9% CAGR during the forecast period.
Pharmaceutical companies are investing in research and development to explore the therapeutic potential of oil for various health conditions. Therefore, the pharmaceuticals segment generated 11.44% revenue share in 2031. Clinical studies are being conducted to evaluate the efficacy of krill in areas such as cardiovascular health, cognitive function, joint health, and inflammatory conditions. Pharmaceutical companies are developing prescription-based formulations of oil for specific medical conditions.
Lifestyle diseases such as obesity, high cholesterol, and hypertension contribute to the risk of cardiovascular diseases. Omega-3 fatty acids in krill may help improve mood and reduce symptoms of anxiety. Therefore, the market is expanding significantly due to the rising incidence of lifestyle diseases. Additionally, Krill is rich in antioxidants, including astaxanthin, which helps protect the skin from oxidative damage caused by free radicals. Krill supplements help soothe sunburned skin and promote faster healing. Thus, because of the growing adoption of krill in cosmeceuticals, the market is anticipated to increase significantly.
However, the higher cost of oil supplements can make them less accessible to price-sensitive consumers, limiting market penetration and adoption. The high cost of krill supplements may limit market growth and expansion, particularly in price-sensitive markets where fish oil supplements are more established and widely available. Market saturation can further intensify price competition and pressure manufacturers to lower prices to remain competitive. Thus, high cost compared to fish oil can slow down the growth of the market.
Product Type Outlook
Based on product type, the market is classified into softgels, capsules, and liquid. The softgels segment acquired 33.96% substantial revenue share in the market in 2023. Softgel capsules offer a convenient and easy-to-use dosage form for krill supplements. They help mask the taste and odor of krill making it more palatable for consumers, especially those who may be sensitive to the taste of fish oil. The encapsulation process helps extend the shelf life of supplements, ensuring that they remain fresh and effective for longer periods.
Application Outlook
By application, the market is categorized into dietary supplements, functional food & beverages, animal food & pet food, pharmaceuticals, and others. The animal food & pet food segment covered 23.27% considerable revenue share in the market in 2023. Krill is incorporated into pet food formulations as a functional ingredient to enhance the product's nutritional value. Krill helps maintain healthy skin, reducing issues like dryness and dandruff. Omega-3 fatty acids in krill have anti-inflammatory effects, which can help reduce allergic reactions and skin irritations in pets.
Regional Outlook
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the North America region led the market by generating 37.91% highest revenue share. The proliferation of e-commerce platforms has made krill supplements more accessible to consumers in North America. With rising healthcare costs, there is a growing emphasis on preventive healthcare, driving the demand for dietary supplements that promote heart, brain, and joint health in North America.
List of Key Companies Profiled
- Fuji Chemical Industries Co., Ltd.
- Aker BioMarine AS
- Nutrigold Inc.
- NWC Naturals, Inc.
- Coastside Bio Resources
- Nutracode LLC
- Schiff Nutrition International, Inc. (Reckitt Benckiser Group plc)
- Quingdao Kangjing Marine Biotechnology Co. Ltd.
- Rimfrost AS
- Norwegian Fish Oil AS
Global Krill Oil Market Report Segmentation
By Product Type
By Application
- Dietary Supplements
- Animal Food & Pet Food
- Functional Food & Beverages
- Pharmaceuticals
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1.Market Scope & Methodology
- 1.1Market Definition
- 1.2Objectives
- 1.3Market Scope
- 1.4Segmentation
- 1.4.1Global Krill Oil Market, by Product Type
- 1.4.2Global Krill Oil Market, by Application
- 1.4.3Global Krill Oil Market, by Geography
- 1.5Methodology for the research
Chapter 2.Market at a Glance
Chapter 3.Market Overview
- 3.1Introduction
- 3.1.1Overview
- 3.1.1.1Market Composition and Scenario
- 3.2Key Factors Impacting the Market
- 3.2.1Market Drivers
- 3.2.2Market Restraints
- 3.2.3Market Opportunities
- 3.2.4Market Challenges
- 3.3Porter's Five Forces Analysis
Chapter 4.Global Krill Oil Market by Product Type
- 4.1Global Liquid Market by Region
- 4.2Global Softgels Market by Region
- 4.3Global Capsules Market by Region
Chapter 5.Global Krill Oil Market by Application
- 5.1Global Dietary Supplements Market by Region
- 5.2Global Animal Food & Pet Food Market by Region
- 5.3Global Functional Food & Beverages Market by Region
- 5.4Global Pharmaceuticals Market by Region
- 5.5Global Others Market by Region
Chapter 6.Global Krill Oil Market by Region
- 6.1North America Krill Oil Market
- 6.1.1North America Krill Oil Market by Product Type
- 6.1.1.1North America Liquid Market by Country
- 6.1.1.2North America Softgels Market by Country
- 6.1.1.3North America Capsules Market by Country
- 6.1.2North America Krill Oil Market by Application
- 6.1.2.1North America Dietary Supplements Market by Country
- 6.1.2.2North America Animal Food & Pet Food Market by Country
- 6.1.2.3North America Functional Food & Beverages Market by Country
- 6.1.2.4North America Pharmaceuticals Market by Country
- 6.1.2.5North America Others Market by Country
- 6.1.3North America Krill Oil Market by Country
- 6.1.3.1US Krill Oil Market
- 6.1.3.1.1US Krill Oil Market by Product Type
- 6.1.3.1.2US Krill Oil Market by Application
- 6.1.3.2Canada Krill Oil Market
- 6.1.3.2.1Canada Krill Oil Market by Product Type
- 6.1.3.2.2Canada Krill Oil Market by Application
- 6.1.3.3Mexico Krill Oil Market
- 6.1.3.3.1Mexico Krill Oil Market by Product Type
- 6.1.3.3.2Mexico Krill Oil Market by Application
- 6.1.3.4Rest of North America Krill Oil Market
- 6.1.3.4.1Rest of North America Krill Oil Market by Product Type
- 6.1.3.4.2Rest of North America Krill Oil Market by Application
- 6.2Europe Krill Oil Market
- 6.2.1Europe Krill Oil Market by Product Type
- 6.2.1.1Europe Liquid Market by Country
- 6.2.1.2Europe Softgels Market by Country
- 6.2.1.3Europe Capsules Market by Country
- 6.2.2Europe Krill Oil Market by Application
- 6.2.2.1Europe Dietary Supplements Market by Country
- 6.2.2.2Europe Animal Food & Pet Food Market by Country
- 6.2.2.3Europe Functional Food & Beverages Market by Country
- 6.2.2.4Europe Pharmaceuticals Market by Country
- 6.2.2.5Europe Others Market by Country
- 6.2.3Europe Krill Oil Market by Country
- 6.2.3.1Germany Krill Oil Market
- 6.2.3.1.1Germany Krill Oil Market by Product Type
- 6.2.3.1.2Germany Krill Oil Market by Application
- 6.2.3.2UK Krill Oil Market
- 6.2.3.2.1UK Krill Oil Market by Product Type
- 6.2.3.2.2UK Krill Oil Market by Application
- 6.2.3.3France Krill Oil Market
- 6.2.3.3.1France Krill Oil Market by Product Type
- 6.2.3.3.2France Krill Oil Market by Application
- 6.2.3.4Russia Krill Oil Market
- 6.2.3.4.1Russia Krill Oil Market by Product Type
- 6.2.3.4.2Russia Krill Oil Market by Application
- 6.2.3.5Spain Krill Oil Market
- 6.2.3.5.1Spain Krill Oil Market by Product Type
- 6.2.3.5.2Spain Krill Oil Market by Application
- 6.2.3.6Italy Krill Oil Market
- 6.2.3.6.1Italy Krill Oil Market by Product Type
- 6.2.3.6.2Italy Krill Oil Market by Application
- 6.2.3.7Rest of Europe Krill Oil Market
- 6.2.3.7.1Rest of Europe Krill Oil Market by Product Type
- 6.2.3.7.2Rest of Europe Krill Oil Market by Application
- 6.3Asia Pacific Krill Oil Market
- 6.3.1Asia Pacific Krill Oil Market by Product Type
- 6.3.1.1Asia Pacific Liquid Market by Country
- 6.3.1.2Asia Pacific Softgels Market by Country
- 6.3.1.3Asia Pacific Capsules Market by Country
- 6.3.2Asia Pacific Krill Oil Market by Application
- 6.3.2.1Asia Pacific Dietary Supplements Market by Country
- 6.3.2.2Asia Pacific Animal Food & Pet Food Market by Country
- 6.3.2.3Asia Pacific Functional Food & Beverages Market by Country
- 6.3.2.4Asia Pacific Pharmaceuticals Market by Country
- 6.3.2.5Asia Pacific Others Market by Country
- 6.3.3Asia Pacific Krill Oil Market by Country
- 6.3.3.1China Krill Oil Market
- 6.3.3.1.1China Krill Oil Market by Product Type
- 6.3.3.1.2China Krill Oil Market by Application
- 6.3.3.2Japan Krill Oil Market
- 6.3.3.2.1Japan Krill Oil Market by Product Type
- 6.3.3.2.2Japan Krill Oil Market by Application
- 6.3.3.3India Krill Oil Market
- 6.3.3.3.1India Krill Oil Market by Product Type
- 6.3.3.3.2India Krill Oil Market by Application
- 6.3.3.4South Korea Krill Oil Market
- 6.3.3.4.1South Korea Krill Oil Market by Product Type
- 6.3.3.4.2South Korea Krill Oil Market by Application
- 6.3.3.5Australia Krill Oil Market
- 6.3.3.5.1Australia Krill Oil Market by Product Type
- 6.3.3.5.2Australia Krill Oil Market by Application
- 6.3.3.6Malaysia Krill Oil Market
- 6.3.3.6.1Malaysia Krill Oil Market by Product Type
- 6.3.3.6.2Malaysia Krill Oil Market by Application
- 6.3.3.7Rest of Asia Pacific Krill Oil Market
- 6.3.3.7.1Rest of Asia Pacific Krill Oil Market by Product Type
- 6.3.3.7.2Rest of Asia Pacific Krill Oil Market by Application
- 6.4LAMEA Krill Oil Market
- 6.4.1LAMEA Krill Oil Market by Product Type
- 6.4.1.1LAMEA Liquid Market by Country
- 6.4.1.2LAMEA Softgels Market by Country
- 6.4.1.3LAMEA Capsules Market by Country
- 6.4.2LAMEA Krill Oil Market by Application
- 6.4.2.1LAMEA Dietary Supplements Market by Country
- 6.4.2.2LAMEA Animal Food & Pet Food Market by Country
- 6.4.2.3LAMEA Functional Food & Beverages Market by Country
- 6.4.2.4LAMEA Pharmaceuticals Market by Country
- 6.4.2.5LAMEA Others Market by Country
- 6.4.3LAMEA Krill Oil Market by Country
- 6.4.3.1Brazil Krill Oil Market
- 6.4.3.1.1Brazil Krill Oil Market by Product Type
- 6.4.3.1.2Brazil Krill Oil Market by Application
- 6.4.3.2Argentina Krill Oil Market
- 6.4.3.2.1Argentina Krill Oil Market by Product Type
- 6.4.3.2.2Argentina Krill Oil Market by Application
- 6.4.3.3UAE Krill Oil Market
- 6.4.3.3.1UAE Krill Oil Market by Product Type
- 6.4.3.3.2UAE Krill Oil Market by Application
- 6.4.3.4Saudi Arabia Krill Oil Market
- 6.4.3.4.1Saudi Arabia Krill Oil Market by Product Type
- 6.4.3.4.2Saudi Arabia Krill Oil Market by Application
- 6.4.3.5South Africa Krill Oil Market
- 6.4.3.5.1South Africa Krill Oil Market by Product Type
- 6.4.3.5.2South Africa Krill Oil Market by Application
- 6.4.3.6Nigeria Krill Oil Market
- 6.4.3.6.1Nigeria Krill Oil Market by Product Type
- 6.4.3.6.2Nigeria Krill Oil Market by Application
- 6.4.3.7Rest of LAMEA Krill Oil Market
- 6.4.3.7.1Rest of LAMEA Krill Oil Market by Product Type
- 6.4.3.7.2Rest of LAMEA Krill Oil Market by Application
Chapter 7.Company Profiles
- 7.1Fuji Chemical Industries Co., Ltd.
- 7.1.1Company Overview
- 7.1.2SWOT Analysis
- 7.2Aker BioMarine AS
- 7.2.1Company Overview
- 7.2.2Financial Analysis
- 7.2.3Segmental and Regional Analysis
- 7.2.4Research & Development Expenses
- 7.2.5Recent strategies and developments:
- 7.2.5.1Partnerships, Collaborations, and Agreements:
- 7.2.5.2Product Launches and Product Expansions:
- 7.2.6SWOT Analysis
- 7.3Nutrigold Inc.
- 7.3.1Company Overview
- 7.3.2SWOT Analysis
- 7.4NWC Naturals, Inc.
- 7.5Coastside Bio Resources
- 7.6Nutracode LLC
- 7.7Schiff Nutrition International, Inc. (Reckitt Benckiser Group plc)
- 7.7.1Company Overview
- 7.7.2Financial Analysis
- 7.7.3Segmental and Regional Analysis
- 7.7.4Research & Development Expenses
- 7.7.5SWOT Analysis
- 7.8Quingdao Kangjing Marine Biotechnology Co. Ltd.
- 7.9Rimfrost AS
- 7.10.Norwegian Fish Oil AS
Chapter 8.Winning Imperatives of Krill Oil Market