Krill Oil Market - Insights, Size, Share, Opportunity Analysis, and Industry Forecast till 2025
Krill is a shrimp-like crustacean. It is a food source for whales, penguins, squids, fish, seals, and other aquatic animals. Krill inhabits the cold waters of Canada, Japan, and Antarctic and is a rich source of omega-3 fatty acids (EPA and DHA). They are fished and harvested for the production of krill oil, which offers numerous health benefits upon consumption. Krill oil is a superior source of EPA and DHA compared to fish oil, as it contains polyunsaturated fats, which are packaged as phospholipids and can be utilized immediately by the body. On the other hand, EPA and DHA in fish oil are typically packaged as triglycerides and have to undergo additional processing in order to make them bioavailable. Also, krill oil is stable due to the presence of astaxanthin, a powerful antioxidant that protects the fragile fats from oxidizing and prevents cell damage.
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Significant health benefits obtained from EPA and DHA consumption is expected to augment the demand for krill oil, which, in turn, drives the market growth. Furthermore, economically-efficient production of krill oil has led to its widespread application in supplements, food, and pharmaceutical sectors.
Intake of an adequate amount of EPA helps in preventing the onset of various mental health issues such as depression, dyslexia, and dyspraxia, heart problems, and joint and bone conditions. Moreover, intake of EPA at a young age improves child behavior and academic performance as well as helps boost focus and reduce aggression. Also, EPA helps in curing the common childhood health problems such as dry skin, asthma, and allergies. Lack of DHA in the human body can lead to learning disabilities, ADHD, aggressive hostility, and several other disorders. In elders, the DHA deficiency is also associated with impaired brain function and the onset of Alzheimer’s disease.
Aging significantly reduces the body’s resistance to diseases. Krill oil is prescribed in the treatment of rheumatoid arthritis, higher triglycerides level, asthma, and Alzheimer’s disease, among others. The high occurrence of these diseases is boosting the market for krill oil. Also, large geriatric population in North America and Europe accounted for a rise in use of krill oil. According to Population Reference Bureau, Statistics Canada and EU, in 2016, the geriatric population reported in North America was 51 million and 94 million in Europe. The aforementioned factor is expected to propel the market growth in North America over the forecast period. Also, omega-3 rich foods are a prescribed medicine for depression. According to WHO, in 2012, around 804,000 suicide cases were reported around the world. One of the main factors that trigger suicide is depression.
Asia Pacific is exhibiting significant growth in the global krill oil market. The region accounted for 27.64% of the total market share in 2016, in terms of revenue. The dominance is on account of the growing economies of Asia Pacific. China and India are expected to be the most favorable countries for market growth due to rise in awareness among consumers coupled with various health benefits associated with the use of omega-3 rich foods. North America is the largest region, in terms of value, in the global krill oil market, closely followed by Europe. North America was valued at US$ 76.1 Mn in 2016.
The global krill oil market was valued at US$ 229.8 Mn in 2016 and is forecasted to expand at a CAGR of 13.5%, in terms of revenue, during 2017 – 2025.
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North America and Europe accounted for major shares in the global krill oil market, both in terms of revenue, in 2016 and are expected to retain their dominance over the forecast period. However, lack of awareness among people in rural areas of emerging economies and premium pricing are major restraints for market growth, especially in Asia Pacific.
Major Players in the Global Krill Oil Market
Some of the major players in the global krill oil market are Aker BioMarine SA, Azantis Inc., Neptune Technologies & Bioressources Inc., Enzymotec Ltd, RB LLC., Qingdao Kangjing Marine Biotechnology Co., Ltd., NWC Naturals Inc., NutriGold Inc., Daeduck FRD Inc., and Olympic Seafood AS.
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