Press release
Global Krill Oil Market is Expected to Soar in the Upcoming Years 2024 - 2031 | Neptune Biotech Pvt. Ltd., Aker BioMarine AS
Global Krill Oil Market
Global krill oil market size is expected to reach US$ 996.7 Mn by 2031, from US$ 524.3 Mn in 2024, exhibiting a compound annual growth rate (CAGR) of 9.6% during the forecast period.
Market Dynamics:
The global krill oil market is expected to witness significant growth over the forecast period owing to rising awareness about health benefits of krill oil and growing demand for omega-3 supplements. Krill oil contains phospholipid-bound omega-3 fatty acids which give improved absorption in the body compared to fish oil. Further, krill is a sustainable source of omega-3 as against depletion of fish stock. Growing vegan population is also shifting from fish oil to krill oil based supplements as krill is a microalgae. These factors are expected to boost demand for krill oil over the coming years.
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Increase in health awareness and adoption of preventive healthcare among consumers
The global krill oil market is expected to witness significant growth owing to rising health awareness and growing adoption of preventive healthcare measures among consumers across the world. Krill oil is gaining popularity as a nutritional supplement owing to its various health benefits such as high antioxidant content, anti-inflammatory properties, and ability to support joint and heart health. Growing consumer inclination towards maintaining a nutritious and balanced diet rich in omega-3 fatty acids is driving the demand for krill oil supplements. Moreover, shifting preferences towards natural nutritional supplements in the recent years due to their perceived superior health benefits compared to synthetic products is favoring the market growth. Manufacturers are launching various promotional campaigns highlighting nutritional benefits of krill oil to expand consumer reach and drive sales.
Rising inclination towards vegan and sustainable ingredients
The global krill oil market is increasingly influenced by growing consumer preference towards plant-based, vegan and sustainably sourced ingredients. There is a rising trend of 'conscious consumerism', where people are actively seeking products and brands that are environmentally conscious and ethically manufactured. Krill oil manufacturers are undertaking various innovations to cater to these evolving preferences. For instance, companies are focusing on obtaining 'Marine Stewardship Council' certification to ensure krill is harvested in a sustainable manner that avoids impacts on marine ecosystem. In addition, manufacturers are developing vegetable-based soft-gels to make krill oil supplements vegan-friendly and appeal to a broader consumer segment. Such product developments are allowing brands to strengthen their market position and drive overall sales.
Top Companies Featured in This Report:
★ Neptune Biotech Pvt. Ltd.
★ Aker BioMarine AS
★ Enzymotec Ltd
★ Fuji Chemicals
★ Krill Canada
★ Rimfrost
★ Norwegian Fish Oil
★ Darduck Frd
★ Quingdao Kangjing Marine Biotechnology Co. Ltd.
Market Segmentation:
By Product Type:
★ By Form: Liquid and Tablets
By Applications:
★ By Application: Dietary Supplements, Functional Food & Beverages, Pharmaceuticals, Pet Food and Animal Feeds and Others (Infant Formula)
Key Regions/Countries are Classified as Follows:
North America (U.S., Canada, Mexico)
Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
South America (Brazil, Argentina, Rest of SA)
Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
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Reasons to Obtain Our Comprehensive Market Report:
• Conduct an extensive analysis of various aspects of the Global Krill Oil Market utilizing Porter's Five Forces framework.
• Gain insights into the growth rate and market shares of different product types and applications/end-users within the Global Krill Oil Market.
• Explore the Global Krill Oil Market dynamics across different regions through comprehensive regional analysis.
• Assess the impact of Covid-19 on the Global Krill Oil Market with a meticulous research approach.
• Stay updated on the latest developments, market shares, and strategies of key market players within the Global Krill Oil Market.
• Delve into a thorough evaluation of the market strategies, geographical presence, and business segments of the top players in the Global Krill Oil Market.
• Anticipate key challenges, product advancements, and solutions that may influence the market's progression and threats.
Key Questions Answered:
• What was the size of the Global Krill Oil Market in 2021, and what will it be worth by 2030?
• What is the current global scenario for the Global Krill Oil Market?
• What are the optimal business strategies for maximizing growth potential?
• What are the recent trends in the Global Krill Oil Market?
• What is the market share in terms of revenue, sales, and size in specific geographical regions?
• Who are the key industry players in the Global Krill Oil Market?
• Which segments of the Global Krill Oil Market are in high demand?
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