Krill Oil Supplements Market Size - By Form (Liquid, Tablets & Capsules), Application (Dietary Supplements, Pharmaceutical, Food & Beverage Products, Animal Feed), Growth Prospects, Regional Outlook & Global Forecast, 2023 – 2032

Krill Oil Supplements Market Size

Krill Oil Supplements Market size was valued at USD 820 million in 2022 and is estimated to expand at 9.1% CAGR from 2023 to 2032. Krill oil supplements are derived from krill, a small crustacean found in the Southern Ocean. Krill oil is a good source of omega-3 fatty acids, EPA and DHA, which have been shown to have a number of health benefits, including cardiovascular health, joint health, and cognitive function.
 

The growth of the krill oil supplements market is attributed to the increasing demand for krill oil supplements in various application, such as dietary supplements, pharmaceuticals, and foods & beverages. The geriatric population is more susceptible to chronic diseases such as cardiovascular disease and arthritis. Krill oil supplements have been shown to improve cardiovascular health and reduce joint pain, which is driving the demand for krill oil supplements from the geriatric population.
 

The major factors driving the krill oil supplements industry is the rising interest in natural and sustainable sources of omega-3 fatty acids. Unlike traditional fish oil supplements, which often raise concerns about overfishing and potential environmental impacts, krill oil is sourced from a highly sustainable and well-managed krill population in the Southern Ocean. This sustainability aspect has resonated with environmentally conscious consumers, leading to a preference for krill oil as a source of omega-3s. However, in some developing countries, there is a lack of awareness about the health benefits of krill oil supplements which is hindering the growth of the market.
 

COVID-19 Impact

The COVID-19 pandemic had a mixed impact on the market. The krill oil supplements market faced supply chain disruptions due to COVID-19. This included challenges in the sourcing of krill, transportation delays, and production interruptions. These disruptions temporarily affected the availability of some krill oil products. Economic uncertainty caused by the pandemic led some consumers to cut back on discretionary spending, including krill oil supplements.
 

Some individuals prioritized essential items over supplements, impacting the sales of krill oil supplements. However, the pandemic heightened public awareness of the importance of health and wellness. Many consumers became more conscious of their immune system and overall health. This increased focus on well-being has led to a surge in demand for dietary supplements, including krill oil, which is known for its potential health benefits.
 

Krill Oil Supplements Market Trends

There is the growing consumer interest sustainability and eco-friendly practices. Krill, the source of krill oil, is harvested from the Antarctic Ocean. Sustainable fishing practices have become essential to maintain krill populations and protect the delicate marine ecosystem. Many krill oil suppliers and brands emphasize their commitment to sustainable sourcing and eco-friendly practices to appeal to environmentally conscious consumers. To cater to diverse consumer preferences and health needs, manufacturers have been introducing innovative formulations of krill oil supplements. This includes combinations with other beneficial ingredients like vitamins, minerals, and antioxidants to address specific health concerns, such as heart health, joint support, or cognitive function.
 

Krill Oil Supplements Market Analysis:

Based on form, the tablets & capsules form segment dominated around USD 514.8 million revenue in 2022, owing to its better shelf life. Krill oil is sensitive to oxidation, which can degrade its quality and effectiveness. Tablets and capsules offer better protection against oxidation because they can be manufactured with specialized coatings and packaging materials that provide a barrier against air and light. This helps to extend the shelf life of krill oil supplements and ensures that consumers receive a product with a longer period of potency.
 

Based on application, the dietary supplements segment accounted for 70% of the krill oil supplements market share in 2022. Individuals are shifting toward preventive healthcare and adopting dietary supplements as a part of their daily routines to prevent health issues. There has been a significant shift in consumer awareness of the health benefits associated with omega-3 fatty acids. As a result, more consumers are proactively seeking dietary supplements to support their overall health and wellness. Dietary supplements, including krill oil, have become a popular choice for individuals looking to boost their omega-3 intake which is driving the segment growth.
 

North America krill oil supplements market size held over USD 292 million in 2022. Manufacturers in this region have been at the forefront of product innovation in the dietary supplement industry. They have introduced various formulations of krill oil supplements, including combinations with other beneficial ingredients like vitamins, minerals, and antioxidants. This innovation has expanded the appeal of krill oil supplements to a broader consumer base. Furthermore, North America has well-established distribution channels for dietary supplements, including health food stores, pharmacies, supermarkets, and e-commerce platforms. The accessibility of krill oil supplements through these channels has made them readily available to consumers.
 

Krill Oil Supplements Market Share

Major companies operating in the krill oil supplements industry are:

• Aker BioMarine
• Neptune Krill Oil
• Enzymotec Ltd
• RIMFROST AS
• NutriGold Inc.
• Life Extension
• NOW Foods

Aker BioMarine and Neptune Krill Oil are major manufacturers in krill oil supplements industry due to their vast presence in North America Europe and Asia Pacific. These players focus on strategic partnerships, new product launch & commercialization for market expansion. Furthermore, these players are heavily investing in research that allows them to introduce innovative products and garner maximum revenue in the market.
 

Krill Oil Supplements Industry News

• In September 2023, Aker BioMarine and Swisse collaborated to launch a ground-breaking product under Australia’s Listed Assessed medicine category. The Superba™ Boost Krill oil, used by the Swisse brand in Australia, is included in the Australian Register of Therapeutic Goods (ARTG) as an ‘assessed listed’ medicine.
   
• In September 2022, Aker BioMarine unveiled a ground-breaking technological platform that made use of the phospholipids in krill oil as a novel delivery system to innovate the nutraceuticals market.
   

The krill oil supplements market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million & Kilo Tons from 2018 to 2032, for the following segments:

Click here to Buy Section of this Report

Market, By Form

• Liquid
• Tablets & Capsules

Market, By Application

• Dietary Supplements
• Pharmaceutical
• Food & Beverage Products
• Animal Feed

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Indonesia
  • Malaysia 
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE