Krill oil is extracted from a tiny, shrimp-like animal such as mantas, baleen whales, and sharks. Krill is a type of crustacean mainly consumed by whales and other sea spices. Krill oil is available in the form of a capsule that is used for medicinal purpose. This oil contains fatty acids like fish oil and is considered to be highly beneficial for reducing swelling, regulating cholesterol, and also it make platelets less sticky. Krill oil is gaining popularity as an alternative of oil as it is a rich source of fats such as omega-3 fats EPA and DHA. Consumption of krill oil can help to fight against infection as omega-3 has excellent anti-inflammatory properties.
The global krill oil market was estimated to account for US$ 431.7 million in terms of revenue in 2018 and is predicted to grow at a CAGR of 12.9% during the forecast period (2019 to 2027).
Growth in the pharmaceutical industry as krill oil is widely used in the production of dietary supplements is predominantly propelling the market growth of krill oil. According to the India Brand Equity Foundation, the pharmaceutical sector was valued at US$ 33 billion in 2017. The Indian pharmaceutical industry is expected to expand at a CAGR of 22.4% over 2015–2020 to reach US$ 55 billion. Moreover, Indian pharmaceutical companies received 304 Abbreviated New Drug Application (ANDA) approvals from the US Food and Drug Administration (USFDA) in 2017.
Growing demand for next-generation krill oil due to rising health awareness among consumer is estimated to provide substantial growth opportunity in the years to come. For instance, in June 2017, Enzymotec, producer of innovative bio-active lipid-based nutritional ingredients and medical foods, has announced the arrival of K-REAL Gold, its next-generation krill oil product. It is highly concentrated in Omega-3 levels and is rich in beneficial omega-3 fatty acids and Astaxanthin. Therefore, the rising focus of the manufacturer for developing next-generation krill product is presumed to augment the market growth.
The high production cost of krill oil complex separation, filtration, and refining technique is expected to hinder the market growth of krill oil. The production of krill oil is relatively costly than other marines, this factors is also expected to restrict its demand among consumers. Moreover, rising production of krill oil is resulting in the intense competition which is further anticipated to curb the market growth of krill over the forecast timeframe. Furthermore, lack of focus over sustainability and traceability of omega-3 sources among manufacturer is also presumed to restrain the market growth of krill oil.
On the basis of form, tablet segment dominated the global krill oil market in 2018 with a 62.0% of market share in terms of revenue, followed by liquid segment. The tablet segment is further bifurcated into soft-gel and capsules.
Increasing demand for nutritional dietary supplements as it is easy-to-swallow is expected to propel the market growth of krill oil. The tablets are available in soft-gel and capsule forms. For instance, in October 2015, Daily Nutra, LLC introduced the ‘Omega Supreme Krill Oil Formulas’ made from pure Neptune Krill Oil and certified as a sustainable product by Friend of the Sea. The product is available in three different types: omega supreme heart & circulation formula with CoQ10, omega supreme brain & vision formula with lutein, and omega supreme joints & bones formula with vitamin D3.
Growing focus of manufacturer on certified raw materials to be used in the dietary supplement in order to maintain transparency regarding the ingredient is expected to fuel the demand for krill oil as it is certified raw materials to be used in dietary supplement. This factor is expected to propel the market growth. In January 2015, Webber Naturals’ krill oils were certified as ‘sustainable’ products by Friend of the Sea. FOS said that the products are made from the Antarctic krill and the resource is not over-exploited as per the recommended ‘maximum annual sustainable harvest’ limit.
Key players active in the global krill oil market are Neptune Biotech Pvt. Ltd., Aker BioMarine AS, Enzymotec Ltd, Fuji Chemicals, Krill Canada, Rimfrost, Norwegian Fish Oil, Darduck Frd and Quingdao Kangjing Marine Biotechnology Co. Ltd.
Few Recent Developments
Olympic Seafood AS (RIMFROST AS)