Krill Oil Market- Analysis, Share & Trends from 2017 – 2024
It is usually extracted from Antarctic Krill with the help of solvent or solvent free extraction process. Krill oil mainly contains omega 3 fatty acids and phospholipid derived fatty acids (PLFA) components. It is commercially used for salmon aquaculture farming and harvesting. The fish oil contains high content of fatty acid attached to triglycerides causing harmful effects on health. Whereas krill oil contains phosphatidylcholine and phospholipids which are easily absorbed by the body and carries more beneficial properties.
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Global fish oil market size was valued at over USD 2.40 billion in 2016 and may witness substantial growth owing to increasing awareness regarding benefits of omega 3 fatty acids. Increasing EPA/DHA consumption owing to its health benefits as it helps in reducing heart diseases, blood pressure, and bad cholesterol level may boost industry growth. Rising usage of cosmetic products as ointments and emollients may promote industry growth.
Strong application scope in dietary supplement may drive krill oil market size. It improves heart health, lower blood pressure and reduces triglyceride levels in the body. It is also used for treating stroke, cancer, osteoarthritis, depression and menstrual cycles. Global dietary supplements market size may surpass USD 280 billion by 2024. Positive outlook towards protein intake owing to hectic lifestyle should stimulate industry growth.
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Krill Oil contains docosahexaenoic acid (DHA) and choline which is a major building block for brain development. DHA is a form that sharpens thinking, enhances memory and improves concentration. It has significant application in medical preparation to enhance mental ability and gain mental stability of children.
Krill oil is widely used in skin care products as it exerts anti- inflammatory and anti- oxidant action causing reduction in acne, scare marks and facial eruptions. It contributes better wound healing and improve skin glow.
Additionally, increasing organic and natural cosmetic products will create potential opportunities for manufactures to develop new products according to consumer preferences which may drive the industry growth.
Eicosapentaenoic acid (EPA) & docosahexaenoic acid (DHA) vital role in healthy cell growth, maintain normal blood pressure, heart rate and immune system of canines. Feeding mother dogs with diet enriched in DHA during gestation and lactation results in better neurological development of puppies. Krill oil is used in animal food as it helps for pet’s healthy development and growth and properly function immune system.
North America, driven by Canada and the U.S krill oil market size may witness strong growth due to increase in pharmaceutical and personal care industries. Government regulations along with stiff competition may boost product innovation, thereby driving regional growth.
Europe krill oil market size, driven by UK, France and Germany, may show significant gains over the forecast timeframe. Attention Deficit Disorder (ADD) is the most common health concern among European children. Krill oil prevents or cures ADD thereby influencing pharmaceutical applications in this region. German population consumes less of fish product leading to DHA/ EPA deficiency which may have a positive influence in the industry growth. Increasing consumer awareness regarding omega 3 substitutes is likely to boost regional growth.
Asia Pacific led by Japan, India, and China krill oil market size may witness significant gains owing to change in consumer lifestyle along with increase in dietary supplement consumption. Increase in aquaculture activities in India and China due to availability of farming land and favourable climatic conditions should fuel product demand.
Strict regulations by Commission for Conservation of Antarctic Marine Living Resources (CCAMLR) accompanied with whale, seals, dolphins, and other fish feed on krill to protect aquatic ecology and food chain may challenge industry growth. High manufacturing cost along with extraction of pure krill oil may hinder industry profitability. Fluctuating raw material costs has led to supply demand gap which may challenge krill oil market price trend.
Global krill oil market share is highly consolidated owing to presence of large companies including Norweigan Fish Oil, Aker Bio Marine, Rimfrost,NutriGold, Daeduck FRD and Neptune Technologies & Bioresources.
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