Krill Oil – Insights
Krill is a shrimp-like crustacean. It is a food source for whales, penguins, squids, fish, seals, and other aquatic animals. Krill inhabits the cold waters of Canada, Japan, and Antarctic and is a rich source of omega-3 fatty acids (EPA and DHA). They are fished and harvested for the production of krill oil, which offers numerous health benefits upon consumption. Krill oil is a superior source of EPA and DHA compared to fish oil, as it contains polyunsaturated fats, which are packaged as phospholipids and can be utilized immediately by the body. On the other hand, EPA and DHA in fish oil are typically packaged as triglycerides and have to undergo additional processing in order to make them bioavailable. Also, krill oil is stable due to the presence of astaxanthin, a powerful antioxidant that protects the fragile fats from oxidizing and prevents cell damage.
Significant health benefits obtained from EPA and DHA consumption is expected to augment the demand for krill oil, which, in turn, drives the market growth. Furthermore, economically-efficient production of krill oil has led to its widespread application in supplements, food, and pharmaceutical sectors.
Intake of an adequate amount of EPA helps in preventing the onset of various mental health issues such as depression, dyslexia, and dyspraxia, heart problems, and joint and bone conditions. Moreover, intake of EPA at a young age improves child behavior and academic performance as well as helps boost focus and reduce aggression. Also, EPA helps in curing the common childhood health problems such as dry skin, asthma, and allergies. Lack of DHA in the human body can lead to learning disabilities, ADHD, aggressive hostility, and several other disorders. In elders, the DHA deficiency is also associated with impaired brain function and the onset of Alzheimer’s disease.
Old age considerably reduces body’s immunity and chances of acquiring diseases (such as rheumatoid arthritis, higher triglycerides level, asthma, and Alzheimer) is significantly higher. Krill oil is generally prescribed in the treatment of rheumatoid arthritis, higher triglycerides level, asthma, and Alzheimer’s disease among others. Increasing geriatric population across the globe will lead to an increase in such diseases that would trigger high demand for krill oil in the market. For instance, according to Population Reference Bureau, Statistics Canada and EU, in 2016, the geriatric population was estimated to be around 51 million and 94 million in North America and Europe respectively. One of the main factors that trigger suicide is depression. Also, omega-3 rich foods are a prescribed medicine for depression. According to World Health Organization (WHO), in 2012, around 804,000 suicide cases were reported around the world. Therefore rising geriatric population and increasing depression in the region will propel growth for krill oil market in North America during the forecast period.
Asia Pacific is exhibiting significant growth in the global krill oil market. The region accounted for 27.64% of the total market share in 2016, in terms of revenue. The dominance is on account of the growing economies of Asia Pacific. China and India are expected to be the most favorable countries for market growth due to rise in awareness among consumers coupled with various health benefits associated with the use of omega-3 rich foods. North America is the largest region, in terms of value, in the global krill oil market, closely followed by Europe. North America was valued at US$ 76.1 Mn in 2016.
The global krill oil market was valued at US$ 229.8 Mn in 2016 and is forecasted to expand at a CAGR of 13.5%, in terms of revenue, during 2017 – 2025.
Figure 1. Global Krill Oil Market Share, By Region
Source: Coherent Market Insights (2017)
North America and Europe accounted for major shares in the global krill oil market, both in terms of revenue, in 2016 and are expected to retain their dominance over the forecast period. However, lack of awareness among people in rural areas of emerging economies and premium pricing are major restraints for market growth, especially in Asia Pacific.
Major Players in the Global Krill Oil Market
Some of the major players in the global krill oil market are Aker BioMarine SA, Azantis Inc., Neptune Technologies & Bioressources Inc., Enzymotec Ltd, RB LLC., Qingdao Kangjing Marine Biotechnology Co., Ltd., NWC Naturals Inc., NutriGold Inc., Daeduck FRD Inc., and Olympic Seafood AS.
Krill oil is a marine source omega-3 fatty acids and is a popular choice as a health supplement due to its numerous health benefits. It is harvested from krill which resides in the cold water environments. The omega-3 fatty acids present in krill oil are DHA and EPA. Krill oil also contains astaxanthin, a powerful antioxidant that protects the fragile fats from oxidizing and prevents cell damage. The consumption of krill oil has risen as awareness regarding its benefits grows. Hence, the market has experienced a high CAGR growth of 13.48%. Krill oil is used in various applications such as supplements, medicines, animal feed component and infant formula. Despite its health benefits, concerns regarding overfishing may lead to stricter strict government regulations which may hinder market growth during the forecast period.
North America was the largest market for krill oil in 2016 and is expected to retain its dominance during the forecast period, expanding at a CAGR of 13.46%. The large geriatric population in the U.S. and Canada is expected to result in an increase in demand for krill oil, thus leading to the growth of global krill oil market. The large population coupled with increasing urbanization in India and China is a major driving factor for the market growth in Asia Pacific. Asia Pacific krill oil market is expected to exhibit a CAGR of 13.45% during the forecast period.
The report segments the global krill oil market on the basis of product type, ingredient, application, and geography. On the basis of product type, the market is segmented as liquids and tablets. On the basis of ingredient, the market is segmented as EPA and DHA. On the basis of application, the market is segmented as infant formula, supplements & functional foods, animal feed, pharmaceuticals, and others. Supplements & functional foods is the largest application segment of krill oil market. On the basis of geography, the market is divided into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. Among all regions, Asia Pacific accounts for a major market share.
Key Features of the Study:
*” marked represents similar segmentation in other categories in the respective section.
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