According to the Persistence Market Research (PMR) new Report, The global krill oil market is experiencing rapid growth owing to increasing health awareness among consumers. Awareness regarding the benefits of omega-3 fatty acids, eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA) is increasing globally.
In terms of value, the global krill oil market was valued at US$ 267.7 Mn in 2014 and is expected to reach a value of US$ 703.0 Mn by 2022, expanding at a CAGR of 12.9% during the forecast period (2015-2022). Rising adoption of fish oil alternatives is driving overall market growth. Initially, fish oil was only consumed on doctor recommendation but has been increasing in recent years owing to growing awareness regarding the health benefits. This is turn is fuelling the demand for krill oil supplements.
On the basis of regions, the market in Western Europe is expected to remain dominant with an estimated 25.7% share of the global market value by the end of 2015. The market in this region is expected to register highest CAGR of 14.4% in terms of value during the forecast period. However, with increasing demand for krill oil in Asia Pacific, this region is expected to register a CAGR of 13.6%.
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On the basis of form, the market is segmented into liquids and tablets. In 2014, the liquid segment was valued at US$ 102.6 Mn and has been estimated to account for US$ 115.0 Mn by the end of 2015. The tablets segment was valued at US$ 165.1 Mn in 2014 and has been estimated to be valued at US$ 185.7 Mn by the end of 2015. Tablets segment is further sub-segmented as soft gels and capsules.
On the basis of application, the market is segmented into dietary supplements, functional food & beverages, pharmaceuticals, pet food & animal feed and others (infant formula). In 2014, the dietary supplements segment was valued at US$ 107.1 Mn and is expected to reach US$ 297.2 Mn by the end of 2022. The segment is expected to register highest CAGR of 13.7% during the forecast period. The functional food & beverages segment is expected to register the CAGR of 13.1% during the forecast period, followed by others segment with 12.9%.
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Key players in the global krill oil market include Qingdao Kangjing Marine Biotechnology Co., Ltd., Enzymotec Ltd., RB LLC., NWC Naturals Inc., NutriGold Inc., Daeduck FRD Inc., Aker BioMarine SA, Neptune Technologies & Bioressources Inc., and Olympic Seafood AS (RIMFROST AS).
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