Global Krill Oil Supplements Market - 2023-2030

Overview

Global Krill Oil Supplements Market reached US$ 834.11 million in 2023 and is expected to reach US$ 1476.58 billion by 2031, growing with a CAGR of 7.4% during the forecast period 2024-2031.

Customers are highly adopting nutritional supplements that contain krill oil, which is derived from tint crustaceans present in the sea, and is a rich source of omega-3 fatty acids, phospholipids, and astaxanthin, and has several potential health benefits including cardiovascular health, joint health, and others.

Furthermore, as the demand for krill oil as a natural supplements is rising, manufacturing companies are launching such krill-based products in their portfolios. For instance, in September 2023, Aker BioMarine and Swisse collaborated to launch a superba krill oil under the Australia Register of Therapeutic Goods (ARTG) with an AUST. Superba krill is a pure and natural source of the health-promoting EPA & DHA omega-3 essential fatty acids and the naturally occurring antioxidant, astaxanthin.

The dietary supplements made of krill oil supplements and the Asia-Pacific region have shown dominance in the global krill oil supplements market. The surge for krill oil is high in this region, manufacturers are developing and launching novel products in this region to meet the growing demand.

Dynamics

Rising Demand for Alternative Sources of Fish Oil

Krill oil is a supplement that is rapidly gaining popularity as an alternative to fish oil. Krill oil contains Omega-3 fats, EPA, and DHA, they are easily more bioavailable to the body and provide nutrients more efficiently than fish oil. Hence, the rising demand for alternative sources of fish oil can indeed drive the global krill oil supplements market.

Furthermore, manufacturing companies are producing innovative products of krill oil supplements to meet the surge in demand for these products. For instance, in September 2022, Aker BioMarine launched a new delivery platform, PL+, which can utilize phospholipids from krill oil as an emulsifier to maximize surface area and improve absorption of low-solubility and low-permeable substances.

Rising Consumer's Awareness of Health Benefits Associated with Krill Oil

As consumers become more health-conscious, they seek products that provide these crucial nutrients, that rising demand for krill oil supplements, as krill oil is a rich source of omega-3 fatty acids, particularly EPA and DHA, which are essential for cardiovascular health, and brain function, and overall well-being. They can be easily absorbed by the body.

Additionally, the growth of the market is attributed by the development of innovative products for various applications. For instance, in June 2022, Lifestar, the health supplement subsidiary of Thai media firm RS Group, launched a CBD krill oil supplement sold under the brand Well U, which was targeted at adults facing knee-related problems.

Recommendation Limits

Although krill oil supplements offer numerous health benefits, consumers highly use krill oil as a dietary supplement for omega-3. Some regulatory organizations have set some recommendation limitations for the usage of supplements. For instance, the U.S. Food and Drug Administration (FDA) recommends taking no more than 2 grams a day of EPA and DHA from dietary supplements. Hence, such limitations can show the impact on the growth of the global krill oil supplements market.

Segment Analysis

The global krill oil supplements market is segmented based on product type, distribution channel, application, and region.

Increasing Demand for Krill Oil as a Dietary Supplement

The krill oil-based dietary supplements account for the largest share of the global krill oil supplements market. krill oil can more effectively fight against inflammation than other marine omega-3 sources as krill oil can be easily absorbed into the body and also contains a good amount of astaxanthin, which has anti-inflammatory and antioxidant effects.

Furthermore, The growing demand for dietary supplements creates an opportunity for manufacturers to create innovative products by incorporating krill oil. For instance, in September 2022, Kori Krill Oil launched Kori Krill Oil Gummies the first Krill Oil gummy that delivers Omega-3s in its most natural phospholipid form for superior absorption.

Geographical Penetration

Product Launches

Asia-Pacific has been a dominant force in the global krill oil supplements market and its significance has only grown in the post-2020 era. Customers in this region are adopting krill oil as an alternative to fish oil as it is a source of docosahexaenoic acid (DHA) and eicosapentaenoic acid (EPA), types of omega-3 fats found only in marine sources. They offer a variety of health benefits.

Furthermore, the manufacturers in this region are focusing on developing innovative products using krill oil. For instance, in April 2020, Norway-based Aker Bio Marine collaborated with ORIVO, a Norwegian feed ingredients laboratory, to create a new krill oil brand aimed at the Chinese market.

Additionally, for instance, in October 2023, Swisse launched its first "assessed listed" complementary medicine - a krill oil product for individuals suffering from mild to moderate osteoarthritis in the Australian market. Hence, such product launches help in driving the global krill oil supplements market.

Competitive Landscape

The major global players in the market include AKER BIOMARINE, NutriDyn, Bioriginal Food & Science Corp, RB Health (US) LLC, Norwegian Fish Oil, NWC Naturals Inc., Nutracode LLC, NOW Health Group, Inc., Life Extension, and Nutrigold.

COVID-19 Impact Analysis

The krill oil supplements market experienced supply chain disruptions as a result of COVID-19. These disruptions included sourcing challenges for krill, transportation delays, and production interruptions. As a result, the availability of some krill oil products was temporarily affected. Additionally, economic uncertainty caused by the pandemic led some consumers to reduce their discretionary spending, including on krill oil supplements.

Additionally, during the pandemic, some people chose to prioritize essential items over dietary supplements, which had an impact on the sales of krill oil supplements. However, the pandemic has also resulted in increased public awareness of the importance of health and wellness. Many consumers have become more conscious of their immune systems and overall health, leading to a surge in demand for dietary supplements, including krill oil, which is known for its potential health benefits.

By Product Type

• Liquids
• Softgels
• Capsules

By Distribution Channel

• Supermarkets/ Hypermarkets
• Drug Stores & Pharmacies
• Online Retailers
• Others

By Application

• Dietary Supplements
• Animal Feed
• Functional Food & Beverages
• Pharmaceuticals
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• In October 2023, TAker BioMarine ASA acquired all krill-related patents, pre-clinical and clinical data, and processing equipment from Nasdaq-listed Acasti Pharma. The transaction is a settlement towards a contractual obligation of US$3.1m Acasti has towards Aker BioMarine, and has no cash effects.
• In September 2023, Krill harvester and processor Aker BioMarine reintroduced sales of its human health supplement Superba krill oil into the South Korean market, finally gaining permission from authorities after a three-year lock-out.
• In May 2022, Kori Krill Oil launched Mind & Body, a pure Omega-3 source choice fully paired with nootropic ingredients and nutrients that have been clinically shown to support brain function, the nervous system, and heart health all in one daily supplement. This innovation combines the superior benefits of krill oil, with plant antioxidants, B12, and turmeric curcumin, offering a far more impactful supplement targeting holistic mind and body support.

Why Purchase the Report?

• To visualize the global krill oil supplements market segmentation based on product type, distribution channel, application, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of krill oil supplements market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global krill oil supplements market report would provide approximately 62 tables, 55 figures and 186 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies