Published On : Sep 19, 2017
The Global Krill Oil Market was valued at US$ 710.4 million in 2016, according to a new report published by Coherent Market Insights. Krill oil is a source of EPA and DHA and contains polyunsaturated fats, which are packaged as phospholipids and can be used immediately by the body. Krill oil also contains astaxanthin, a powerful antioxidant that protects the fragile fats from oxidizing and prevents cell damage. EPA/DHA consumption is gaining traction due to certain health benefits, which is expected to drive the growth of the krill oil market in the forecast period. Furthermore, the economically-efficient production of krill oil, has led to its widespread application in supplements, food, and pharmaceutical sectors.
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Key Trends and Analysis of the Global Krill Oil Market:
- Among application, supplements and functional foods segment is the largest segment in the global krill oil market, owing to increasing demand for fortified food packs and supplements. This will increase the demand for soft gels and capsules in supplements market, as significant amount of krill oil is mixed with flavoring agents in the tablet. These factors are expected to boost the krill oil market growth over the forecast period.
- One of the major factors fueling growth of the animal feed application segment is the increasing number of pet owners globally, as krill oil is largely used in food products for pets. Around 65% of the households in the U.S. own pets.
- High growth of pharmaceutical industries have led to the development of various drugs that are enriched with krill oil, which can be used for cardiovascular diseases, inflammatory diseases, type 2 diabetes, speech disorders, hyperlipidemia with high triglycerides, and others.
- Omega-3 fatty acids play an important role in the overall development of infants. It is beneficial for the treatment of heart disorders and aids in the development of infant brain and nervous system. In infant formula, players such as Nestlé and Similac have various products that contain EPA/DHA ingredients. Moreover, these companies are highly investing on research and development activities to expand their existing product portfolio.
Key Takeaways of the Market:
- Large geriatric population in North America and Europe accounted for a rise in use of krill oil. According to Population Reference Bureau, Statistics Canada and EU, in 2016, the geriatric population reported in North America was 51 million and 94 million in Europe. The aforementioned factor is expected to propel the market growth in North America over the forecast period. The Europe market for krill oil is expected to expand at a CAGR of 13.44% during the forecast period. The market was valued at US$ 64.6 million in 2016. Also, increased awareness among public regarding health benefits of krill oil has resulted in an increasing demand in the region. According to WHO, in 2012, around 804,000 suicide cases were reported around the world. One of the main factors that trigger suicide is depression. Omega-3 rich foods such as krill oil and fish oil are prescribed for the treatment of depression.
- Aker BioMarine SA, Daeduck FRD Inc., Azantis Inc., and Enzymotec Ltd., among others are a few key players operating in the global krill oil market. There are various organic and inorganic growth strategies, which are being followed by the leading players in the market. For instance, to retain their market share globally, Aker BioMarine announced the acquisition of the krill oil roster and intellectual property of Neptune Technologies & Bioresources Inc. The deal was worth US$ 34 million and allowed the company to expand its market share and products in the global krill oil market.
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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