Global Krill Oil Supplements Market Size, Share, Growth Analysis, By Product(Liquids, softgels and capsules), By Application(Dietary supplements, animal feed) - Industry Forecast 2024-2031

Global Krill Oil Supplements Market size was valued at USD 915.95 million in 2022 and is poised to grow from USD 1014.87 million in 2023 to USD 2305.31 million by 2031, growing at a CAGR of 10.8% during the forecast period (2024-2031).

The goal of the quickly expanding worldwide krill oil supplement business is to offer consumers dietary supplements made from krill, a tiny crustacean that lives in the seas of the Southern Ocean. Growing consumer demand for dietary supplements with many health benefits-such as improved joint, cardiovascular, and cognitive function-is driving the market. The main objective of the krill oil supplement industry is to offer customers an all-natural and sustainable supply of antioxidants, phospholipids, and omega-3 fatty acids. Compared to conventional fish oil supplements, krill oil is a better source of omega-3 fatty acids since it is easier for the body to absorb and has a higher concentration of the healthy elements EPA and DHA. The market is expanding significantly as a result of various factors, such as growing consumer desire for natural and sustainable products and increased knowledge of the health advantages of omega-3 fatty acids. In addition, the growing need for krill oil supplements as a preventive measure is being driven by the increased occurrence of chronic illnesses including arthritis and cardiovascular disease. Notwithstanding, the industry is confronted with several limitations, such as the elevated expense of krill oil supplements in contrast to conventional fish oil supplements and the restricted accessibility of krill oil because of its reliance on sustainable fishing methods. Important market trends include the growing popularity of krill oil supplements and the growing need for vegan and vegetarian krill oil supplements, which use algae-based sources of omega-3 fatty acids.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Krill Oil Supplements Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Krill Oil Supplements Market Segmental Analysis

Global Krill Oil Supplements Market is segmented on the basis of product, application, and region. By product, the market is segmented into liquids, softgels and capsules. By application, the market is segmented into dietary supplements, animal feed, functional food & beverages, pharmaceuticals and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Krill Oil Supplements Market

Natural dietary supplements are in more demand as a result of the growing desire among consumers to lead healthier lifestyles. Supplements containing krill oil are thought to be an excellent source of phospholipids, astaxanthin, and omega-3 fatty acids, all of which have a number of health advantages, including lowering inflammation, strengthening the heart, and boosting cognitive function. As a result, the market for krill oil supplements is being driven by consumers' increasing health consciousness.

Restraints in the Global Krill Oil Supplements Market

When compared to other dietary supplements, krill oil supplements are somewhat expensive. Krill oil supplements are expensive because of the scarcity of krill in the waters and the challenges associated with harvesting it. The market's expansion may be hampered by this high cost, especially in areas where consumers are price-sensitive.

Market Trends of the Global Krill Oil Supplements Market

Consumers are increasingly gravitating toward plant-based and vegan diets. To meet this increasing demand, producers are creating vegan and plant-based krill oil supplements from substitute sources including algae and seaweed.