PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1326574
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1326574
Global Krill Oil Supplements Market is valued at approximately USD 912.36 million in 2022 and is anticipated to grow with a healthy growth rate of more than 10.7% over the forecast period 2023-2030. Krill oil supplements are dietary supplements derived from tiny shrimp-like crustaceans known as krill. Krill oil is rich in eicosatetraenoic acid (EPA), omega-3 fatty acids, and docosahexaenoic acid (DHA), as well as other beneficial compounds such as astaxanthin, a powerful antioxidant. These supplements are taken to support heart health, brain function, joint health, and overall well-being. Krill oil supplements are available in liquids, capsule or softgel form and are popular alternatives to traditional fish oil supplements. The market for krill oil supplements is driven by factors such as the increasing consumption of nutritious health supplements among consumers, the rising prevalence of chronic diseases such as cancer and cardiovascular diseases, and consumer preference for healthy food supplements over fish oil.
The market's growth is attributed owing to the increasing aging population as older people often prioritize their health and seek dietary supplements to support their well-being. Given the potential benefits for heart health, cognitive function, and joint health, krill oil supplements are appealing to this demographic. According to ESCAP's 2022 report, the proportion of older persons in the total population was 14% in 2022. Additionally, the projections indicate that by 2050, the percentage of individuals aged 60 years or over is expected to rise to 26% of the total population. Additionally, the market for krill oil is experiencing various growth prospectsdue to its expanding applications across various sectors including healthcare and functional food and beverages. Additionally, the rising ownership of pets and increased spending power of pet owners contribute to the market's growth, as there is a growing demand for pet food containing krill oil. However, the krill oil supplements market faces certain restraints that impact its growth. The limited availability of krill in certain regions and concerns over sustainability and environmental impact associated with krill harvesting pose challenges to the market. Also, the higher cost of krill oil supplements compared to alternative omega-3 sources limit market expansion.
The key regions considered for the Global Krill Oil Supplements Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022. The North American market for krill oil supplements is expected to witness growth in key application sectors such as pharmaceuticals, infant formula, and supplemental and functional foods. This anticipated growth is driven by the expanding awareness of the health benefits associated with krill oil and the introduction of diverse dietary supplement product formats. Asia Pacific is expected to be a fastest growing region during the forecast period, owing to the surge in demand for omega-3 supplements, driven by countries such as India, China, Singapore, South Korea, Japan, and Australia. This growth is attributed to the increasing incorporation of krill oil into daily diets and the rising consumer awareness about health concerns.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
List of tables and figures are dummy in nature, final lists may vary in the final deliverable
List of tables and figures are dummy in nature, final lists may vary in the final deliverable