According to the latest report published by Credence Research, Inc. “Global Krill Oil Market - Growth, Future Prospects and Competitive Analysis, 2018-2026,” the global krill oil market accounted for US$ 282.8 Mn in 2017, expanding at a CAGR of 13.1% from 2018 to 2026.
Browse the full report Global Krill Oil Market - Growth, Future Prospects, and Competitive Analysis, 2018-2026 report at https://www.credenceresearch.com/report/krill-oil-market
The global market for krill oil was pegged at US$ 282.8 Mn in 2017 growing with a CAGR of 13.1% during the forecast period from 2018 to 2026. Krill oil is an oil extracted from a species of Antarctic Krill. The two of most significant components in krill oil include phospholipid-derived fatty acids and omega 3 fatty acids. It is generally extracted with the help of solvent or solvent-free extraction. Rising benefits of krill oil for various applications such as fortified food & beverages, animal feed, dietary supplements, pharmaceuticals, and others expected to expand the growth of krill oil market during the forecast period.
Distribution is a key success factor in the current krill oil industry. Rising competition and comparatively slow market growth rate of the krill oil market has compelled companies to focus on increasing product penetration. Supermarkets, drugstores, mass merchandisers, etc. play an important role in the distribution of krill oil products. Rising consumer demands for green products is driving the shift from niche distribution channels to mainstream mass retailers. Mass merchandisers such as Wal-Mart and Target are introducing krill oil products into their retail chain. Moreover, supermarkets such as Loblaws and Safeway are also expanding their product range. This has resulted in a sharp increase in sales of these products. At present, even if the krill oil products are making inroads in drug stores, pharmacies and mass-market retailers, the specialist retail outlets still constitute the major share in the market. Mass merchandisers such as Wal-Mart, Target, etc. and supermarkets such as Safeway, Loblaws, etc. account for the higher market share through the sale of krill oil products.
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Rising health consciousness as well as avoiding unhealthy food intake expected to strengthen the demand for krill oil and the market growth during the forecast period. Apart from this, rising demand for omega 3 fatty acids and consumption of nutritious diet anticipated fostering the demand for krill oil all over the world in the upcoming years. At present, the European region captured the maximum value share of the krill oil market and anticipated to dominate over the forecast period. Rising awareness related to benefits of consuming krill oil along with increasing demand by various companies in pharmaceutical and dietary supplement segment projected to boost the demand for krill oil in Asia Pacific region and will expand the growth of the market during the forecast period. Rising acceptance of fish oil alternatives, which is growing at a CAGR of 5.8% globally from 2018 to 2026 and expected to surpass market value of US$ 3.7 Bn by 2026, is further likely to impel the growth of global krill oil market during the forecast period.
At present, the krill oil market is highly consolidated. There are many brands present in the market but very few have significant market share. Various strategies are adopted by companies to maintain their dominance in the market. Large multinationals are following similar pricing strategies and distribution channels. Key market players in the global Krill Oil market include Aker BioMarine AS, Azantis Inc., Daeduck FRD Inc., Enzymotec Ltd., Neptune Wellness Solutions, Norweigan Fish Oil, NutriGold Inc., NWC Naturals Inc., Olympic Seafood AS, Qingdao Kangjing Marine, Biotechnology Co Ltd., RB LLC. and Rimfrost AS. Among others.
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Middle East & Africa (MEA)