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Krill Oil Market Evaluation of around US$ 703.0 Mn By 2022
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Krill oil is oil extracted from tiny crustaceans, which are found in all the world's oceans. These shrimp-like crustaceans make up the largest biomass available on the earth. Euphasia Superba and Euphasia Pacifica are the two main species used for krill oil extraction. Oil can be extracted by solvent extraction or solvent-free extraction techniques. Increasing consumer inclination towards the maintenance of healthy lifestyle through consumption of omega-3 fatty acids and a nutritious diet is a major trend driving the growth of the krill oil market.
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Currently, the global krill oil market is principally driven by factors such as increasing health concerns among consumers, product promotions through trade shows, and the introduction of innovative products with krill oil. However, factors such as high costs, lack of proper regulations, preference for established fish oils, and lack of consumer awareness about alternatives to krill oil are expected to restrain market growth. The global krill oil market revenue is projected to expand at a CAGR of 12.9% from 2015 to 2022, to account for US$ 703.0 Mn by 2022.
On the basis of form, the krill oil market has been segmented into liquid and tablets. The tablets segment is expected to account for highest market share as compared to the other form segment. Tablets segment is further sub-segmented into soft gels and capsules. Among the tablet sub-segments, soft gel is expected to account for 69.4% market share by 2015 end, and register a moderate CAGR of 13.4% during the forecast period (2015–2022). The capsule sub-segment has been estimated to account for 30.6% market share in 2015.
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On the basis of applications, the market is segmented into dietary supplements, functional food & beverages, pharmaceuticals, pet food & animal feed and others (infant formula). The dietary supplements segment is expected to account for 40.3% market share by 2015 end. Revenue from this segment is expected to expand at CAGR of 13.7% during the forecast period. Increased awareness about the benefits of krill oil for infant formula application is expected to drive the growth of the others (infant formula) segment, registering a CAGR of 12.9% during the forecast period.
The report provides detailed information about the various trends driving the growth of each segment and offers analysis and insights into the potential of the krill oil market in specific regions. On the basis of region, the market is segmented into six, namely North America, Latin America, Eastern Europe, Asia-Pacific and the Middle East & Africa. Among these regions, the market in Western Europe is expected to remain dominant with an estimated 25.7% share of the global market value by the end of 2015. The market in this region is expected to register highest CAGR of 14.4% in terms of value during the forecast period. However, with increasing demand for krill oil in Asia Pacific, this region is expected to register a CAGR of 13.6%.
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Key players in the global krill oil market include Qingdao Kangjing Marine Biotechnology Co., Ltd., Enzymotec Ltd., RB LLC., NWC Naturals Inc., NutriGold Inc., Daeduck FRD Inc., Aker BioMarine SA, Neptune Technologies & Bioressources Inc., and Olympic Seafood AS (RIMFROST AS).
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