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Global Study on Krill Oil Market, 2015-2022
Persistence Market Research
Global Krill Oil Market is Expected to be Valued at US$ 703.0 Mn By 2022: Persistence Market Research
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Global Study on Krill Oil Market, 2015-2022 Persistence Market Research Released New Market Report According to a new market report published by Persistence Market Research “Global Market Study on Krill Oil: Effective than Other Marine Oils since Safer, Healthier, More Potent and More Absorbable” published by Persistence Market Research, the krill oil market has been estimated to be valued at US$ 300.7 Mn by the end of 2015, and is expand at a CAGR of 12.9% from 2015 to 2022, to account for US$ 703.0 Mn by 2022.
Krill oil is oil extracted from tiny crustaceans, which are found in all the world's oceans. These shrimp-like crustaceans make up the largest biomass available on the earth. Euphasia Superba and Euphasia Pacifica are the two main species used for krill oil extraction. Oil can be extracted by solvent extraction or solvent-free extraction techniques. Increasing consumer inclination towards the maintenance of healthy lifestyle through consumption of omega-3 fatty acids and a nutritious diet is a major trend driving the growth of the krill oil market.
Currently, the global krill oil market is principally driven by factors such as increasing health concerns among consumers, product promotions through trade shows, and the introduction of innovative products with krill oil. However, factors such as high costs, lack of proper regulations, preference for established fish oils, and lack of consumer awareness about alternatives to krill oil are expected to restrain market growth. The global krill oil market revenue is projected to expand at a CAGR of 12.9% from 2015 to 2022, to account for US$ 703.0 Mn by 2022.
On the basis of form, the krill oil market has been segmented into liquid and tablets. The tablets segment is expected to account for highest market share as compared to the other form segment. Tablets segment is further sub-segmented into soft gels and capsules. Among the tablet sub-segments, soft gel is expected to account for 69.4% market share by 2015 end, and register a moderate CAGR of 13.4% during the forecast period (2015–2022). The capsule sub-segment has been estimated to account for 30.6% market share in 2015.
On the basis of applications, the market is segmented into dietary supplements, functional food & beverages, pharmaceuticals, pet food & animal feed and others (infant formula). The dietary supplements segment is expected to account for 40.3% market share by 2015 end. Revenue from this segment is expected to expand at CAGR of 13.7% during the forecast
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Global Study on Krill Oil Market, 2015-2022 period. Increased awareness about the benefits of krill oil for infant formula application is expected to drive the growth of the others (infant formula) segment, registering a CAGR of 12.9% during the forecast period.
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The report provides detailed information about the various trends driving the growth of each segment and offers analysis and insights into the potential of the krill oil market in specific regions. On the basis of region, the market is segmented into six, namely North America, Latin America, Eastern Europe, Asia-Pacific and the Middle East & Africa. Among these 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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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).
The global krill oil market is segmented as follows: By Form Liquid Tablets
Softgel
Capsules
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Global Study on Krill Oil Market, 2015-2022 By Application
Dietary Supplements
Functional Food & Beverages
Pharmaceuticals
Pet Food and Animal Feed
Others (Infant Formula)
By Region
North America
Latin America
Western Europe
Eastern Europe
Asia Pacific
Middle East & Africa
Market History: 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 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
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Global Study on Krill Oil Market, 2015-2022 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 subsegmented 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%.
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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Global Study on Krill Oil Market, 2015-2022
About Us: Persistence Market Research (PMR) is a full-service market intelligence firm specializing in syndicated research, custom research, and consulting services. PMR boasts market research expertise across the Healthcare, Chemicals and Materials, Technology and Media, Energy and Mining, Food and Beverages, Semiconductor and Electronics, Consumer Goods, and Shipping and Transportation industries. The company draws from its multi-disciplinary capabilities and high-pedigree team of analysts to share data that precisely corresponds to clients’ business needs.
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Global Study on Krill Oil Market, 2015-2022 Email:
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