Krill Oil Market Outlook (2023 to 2033)

The krill oil market valuation is expected to be USD 997.4 Million in 2023 and is anticipated to rise to USD 2.7 Billion by 2033. Sales of krill oil grow at a CAGR of 10.5% during the forecast period.

Various factors propelling the market share are:

  • The rising demand for krill oil in the food & beverage sector due to improving health concerns propelling the market expansion.
  • The growing consumer awareness and rising investment in health-related products increase the krill oil market share.
  • The growing popularity as a better alternative to fish oil accelerates the demand for krill oil.
  • The manufacturers focus on market expansion by investing in Research and Development activities and clinical research.
  • The growing demand for functional foods due to personal care, healthy diets, and wellness is fueling the market growth.
  • The increasing disposable income, generic population and demand for dietary supplements are increasing the adoption of krill oil.

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Healthy Lifestyles Adoption Shifts Consumers' Demand for Krill Oil

The increasing adoption of krill oil among consumers is rapidly growing the market size during the forecast period. With the rising demand for healthy diet products and better immune systems, the end-users are shifting their preferences toward better substitutes.

Although, the rising fast-paced lifestyle and availability of enriched products are expected to increase the demand for krill oil during the forecast period.

The growing demand to spend on healthy food items to lower the level of cholesterol and improve health is propelling market share. The rising chronic diseases, high blood pressure, and poor digestion are accelerating the demand for krill oil.

Krill oil helps to gain healthy fats and fights against inflammation. These characteristics are estimated to increase the adoption of krill oil among patients during the forecast period.

The sales of krill oil rise due to rapidly improving patients' joint and arthritis pain. The adoption of krill oil for a healthy heart to fight against heart diseases is advancing market opportunities.

Attributes Details
Market CAGR (2023 to 2033) 10.5%
Market Valuation (2023) USD 997.4 Million
Market Valuation (2033) USD 2.7 Billion

Krill Oil Market 2017 to 2022 Historic Sales Compared to 2023 to 2033 Future Outlook

According to FMI, the krill oil market secured a CAGR of 9.4% in 2017 to 2022 and 10.5% registered during the forecast period.

The end-user industries include dietary supplements, functional food and beverages, pharmaceuticals, pet food, animal feed, and others. These sectors are growing the market share during the forecast period.

Short Term (2022 to 2025): The growing demand for dietary supplements and functional foods is accelerating the demand for krill oil.

Medium Term (2025 to 2028): The changing lifestyle, personal care, and shifting preferences are increasing the market growth.

Long Term (2028 to 2032): The growing geriatric population, high blood pressure, and chronic diseases are likely to increase the adoption of krill oil during the forecast period.

The market valuation stood at USD 899.5 Million in 2017 to 2022 and is likely to grow to USD 2.7 Billion during the forecast period.

Nandini Roy Choudhury
Nandini Roy Choudhury

Principal Consultant

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Top Two Segment in the Market

Segments Foam
Top Category Soft Gel
CAGR (2023 to 2033) 10.8%
CAGR (2017 to 2022) 9.6%
Segments End Use
Top Category Dietary Supplements
CAGR (2023 to 2033) 10.1%
CAGR (2017 to 2022) 8.9%

How does the demand for Soft Gel Krill Oil Influence Market Share?

Based on the form segment, the soft gel category is estimated to secure a CAGR of 10.8% during the forecast period. The Historic CAGR of soft gel krill oil stood at 9.6%.

The demand for the soft gel is rapidly growing among end-users due to its easy consumption and no specific flavor addition. The soft gel is tamper-proof and is available in different sizes, colors, and shapes per consumers' requirements. These factors influence the soft gel krill oil market during the forecast period. Liquid and capsules of krill oils are growing the market share in dietary supplements.

Which Category Leads End User Segment in Krill Oil?

Based on end-user, dietary supplements lead the global market by occupying a CAGR of 10.1% during the forecast period. The category recorded a CAGR of 8.9% in the historic period. In the last two decades, the rising demand for healthy diets and supplements has increased the dietary supplements market.

For instance, FAO and WHO announced guidelines regarding awareness of healthy supplements through their campaign. These institutes provide information about implementing microinstruction and food fortification among consumers. These regulations boost the dietary supplements category.

Growth Outlook of Country-wise Insights

Country USA
CAGR (2023 to 2023) 10%
CAGR (2017 to 2022) 9.1%
Valuation (2023 to 2033) 546.8 Million
Country UK
CAGR (2023 to 2023) 11.1%
CAGR (2017 to 2022) 10.3%
Valuation (2023 to 2033) 126.3 Million
Country China
CAGR (2023 to 2023) 14.4%
CAGR (2017 to 2022) 13.7%
Valuation (2023 to 2033) 389 Million
Country India
CAGR (2023 to 2023) 14.0%
CAGR (2017 to 2022) 13.2%
Valuation (2023 to 2033) 184.7 Million
Country Germany
CAGR (2023 to 2023) 9.4%
CAGR (2017 to 2022) 8.9%
Valuation (2023 to 2033) 138.9 Million

Rising Demand for Krill Oil Supplements Increases USA Market Growth

According to Future Market Insights (FMI), the USA is leading the global market for krill oil during the forecast period. The USA contributes a CAGR of 10% with a valuation of 546.8 Million during the forecast period. The rising demand for supplement diets and a healthy lifestyle are accelerating the demand for krill oil in the USA.

In addition, the growing consumption of krill oil products due to limiting the risk of Omega-3s and heart disease drives the growth of the USA krill oil market. The Historic CAGR of the USA market stood at 9.1% from 2017 to 2022.

How Manufacturers Enhance the UK Market?

According to Future Market Insights (FMI), the UK market is anticipated to be one of the largest hubs for krill oil in the global market during the forecast period. The UK is likely to secure a CAGR of 11.1% with a valuation of 126.3 Million during the forecast period.

The key manufacturers and market players invest a huge amount in Research and Development activities to enhance market expansion during the forecast period. The growing value chains, suppliers, and key companies are launching new products in the market, which are likely to increase the demand for krill oil products.

The rising consumption of healthy foods and demand for functional food in the nation is increasing the market size. The Historic CAGR of the UK market stood at 10.3% from 2017 to 2022.

Growing Personal Well-being and Mental Health Propel China Market

According to FMI Report, China collects a CAGR of 14.4% with a valuation of 389 Million during the forecast period. The rising demand for health supplements and cholesterol-free oil is increasing the China market share during the forecast period.

The growing demand for better substitutes than fish oil is increasing the market expansion during the forecast period. As per a study, krill oil enhances Omega 3 fatty acids in the blood. Krill oil is an anti-depressive substance that prevents mental health issues.

Various researchers use krill oil in the pharmaceutical sector due to its benefits. The rising adoption of krill oil to advance personal well-being is fueling the market growth. The Historic CAGR of China market stood at 13.7% from 2017 to 2022.

How is Fitness Freak Trends Influencing Indian Krill Oil Market Growth?

India is one of the largest populated countries that secures a CAGR of 14% with a valuation of USD 184.7 Million during the forecast period. The increasing demand for healthy food to maintain a healthy lifestyle and a fit body is estimated to increase the adoption of krill oil.

In addition, improved eating habits, diets, and focus on nutrient-rich foods are accelerating the demand for krill oil. The rising consumption of multivitamins and protein to maintain nutrient gaps among fitness trainers is driving market opportunities. The Historic CAGR of the Indian market stood at 13.2% from 2017 to 2022.

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Innovation and Acquisition go Hand-in-hand

In Feb 2021, Jarrow Formulas Inc. alliance with Natrol to allow high-quality krill oil to their client at a reasonable price. This alliance aims to broaden production in the coming years.

In Jan 2021, VARD and Aker BioMarine Jointly launched their new machinery equipped with cutting-edge technology for harvesting krill oil. The vessel works smoothly and is eco-friendly.

Company Aker BioMarine
Descriptions Aker BioMarine is an Antarctic-based biotech company that develops and provides krill-based substances for animal feed, aquaculture, and nutraceutical applications. They aim to enhance human, aquatic, and planetary health.
Company Omega Protein
Descriptions Omega Protein is a US-based nutritional product company that develops and delivers healthy dietary supplements and animal feed to consumers. They aim to continue to increase their production capacity while concentrating on krill oils.
Company RIMFROST
Descriptions RIMFROST provides several krill products to the end-users, including krill powder, krill oil, capsules, and supplements. It collects krill through its vessel with processing technology. The motto is to expand its business all over the region.
Company Reckitt Benckiser Group
Descriptions Reckitt Benckiser Group provides several products related to healthcare, home care, and hygiene. They are investing to focus on Research and Development activities for new product launches to their daily customers to increase market growth. In addition, the company has five types of products, including food, health, and portfolio brands.
Company Enzymotec
Descriptions Enzymotec accounted for 23% of krill oil in the global market in recent years. The company started its business in more than 30+ countries. They operate in two segments, including Vaya pharma and nutrition.

A few of key players in the market are

  • Neptune Biotech
  • Aker BioMarine AS
  • Alpha B&H Co.
  • Fuji Chemicals
  • Krill Canada
  • Rimfrost AS
  • Norwegian Fish Oil AS
  • Quingdao Kangjing Marine Biotechnology Co. Ltd.
  • Xi'an Prius biological engineering Co. Ltd.
  • Nutrifynn Caps Inc.
  • Others

Scope of Report

Attribute Details
Forecast Period 2023 to 2033
Historical Data Available for 2018 to 2022
Market Analysis USD Billion for Value
Key Countries Covered USA, Canada, Germany, UK, France, Italy, Spain, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, and South Africa
Key Segments Covered Foam, End User, Region
Key Companies Profiled Neptune Biotech; Aker BioMarine AS; Alpha B&H Co.; Fuji Chemicals; Krill Canada; Rimfrost AS; Norwegian Fish Oil AS; Quingdao Kangjing Marine Biotechnology Co. Ltd.; Xi'an Prius biological engineering Co. Ltd.; Nutrifynn Caps Inc.; Others
Report Coverage Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives
Customization & Pricing Available upon Request

Krill Oil Market by Category

By Foam:

  • Liquid
  • Capsules
  • Soft Gel

By End Use:

  • Dietary Supplements
  • Functional Food and Beverages
  • Pharmaceuticals
  • Pet Food and Animal Feed
  • Others

By Region:

  • North America
  • Latin America
  • Europe
  • South Asia & Pacific
  • East Asia
  • Middle East & Africa (MEA)

Frequently Asked Questions

How is the Krill Oil Market Growing?

The krill oil market is predicted to grow at 10.5% CAGR through 2033.

What Drives the krill Oil Market?

Dietary Supplements industry drives the krill oil market.

What is the Future Scope of Growth for the Krill Oil Market?

The krill oil market is expected to surpass USD 2.7 Billion by 2033.

What is the Current Krill Oil Market Size?

The krill oil market size is anticipated to be USD 997.4 Million in 2023.

Which Country Leads the Krill Oil Market?

The USA leads the krill oil market.

Table of Content
  • 1. Executive Summary
  • 2. Market Overview
  • 3. Market Background
  • 4. Global Market Analysis 2017 to 2022 and Forecast, 2023 to 2033
  • 5. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Form
    • 5.1. Liquid
    • 5.2. Capsules
    • 5.3. Soft Gels
  • 6. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By End Use
    • 6.1. Dietary Supplements
    • 6.2. Functional Foods & Beverages
    • 6.3. Pharmaceuticals
    • 6.4. Pet Food & Animal Feed
    • 6.5. Others
  • 7. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Region
    • 7.1. North America
    • 7.2. Latin America
    • 7.3. Europe
    • 7.4. East Asia
    • 7.5. South Asia
    • 7.6. Middle East and Africa
    • 7.7. Oceania
  • 8. North America Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country
  • 9. Latin America Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country
  • 10. Europe Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country
  • 11. East Asia Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country
  • 12. South Asia Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country
  • 13. Middle East and Africa Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country
  • 14. Oceania Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country
  • 15. Key Countries Market Analysis
  • 16. Market Structure Analysis
  • 17. Competition Analysis
    • 17.1. Neptune Biotech
    • 17.2. Aker BioMarine AS
    • 17.3. Alpha B&H Co.
    • 17.4. Fuji Chemicals
    • 17.5. Krill Canada
    • 17.6. Rimfrost AS
    • 17.7. Norwegian Fish Oil AS
    • 17.8. Quingdao Kangjing Marine Biotechnology Co. Ltd.
    • 17.9. Xi'an Prius biological engineering Co. Ltd.
    • 17.10. Nutrifynn Caps Inc.
  • 18. Assumptions & Acronyms Used
  • 19. Research Methodology
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