According to Markntel Advisors Report, Krill Oil Market is expected to grow at a significant growth rate, and the analysis period is 2024-2030, considering the base year as 2023.Consistent monitoring and evaluating of market dynamics to stay informed and adapt your strategies accordingly. As a market research and consulting firm, we offer market research reports that focus on major parameters including Target Market Identification, Customer Needs and Preferences, Thorough Competitor Analysis, Market Size & Market Analysis, and other major factors. At the end, we do provide meaningful insights and actionable recommendations that inform decision-making and strategy development.
Krill oil is a type of oil extracted from krill, which are tiny shrimp-like marine crustaceans. They are small, floating crustaceans found mostly in the Antarctic & North Pacific oceans. They are a primary source of food for many marine animals, including whales, seals, penguins, and fish. This oil is marketed as a dietary supplement & comes in capsule form. It is marketed as an alternative to fish oil supplements, with potentially improved absorption due to the phospholipid form of omega-3s found in it.
Global Krill Oil Market Research Report & Summary:
The Global Krill Oil Market size was valued at USD 812 million in 2023 and is estimated to grow at a CAGR of around 10.21% during the forecast period, i.e., 2024-30.
Time Period Captured in the Report:
• Historical Years: 2019-22
• Base Years: 2023
• Forecast Years: 2024-30
Who are the Key Players Operating in the Krill Oil Market?
The top companies of the Krill Oil Market ruling the industry are:
Aker Bio Marine, Enzymotec USA Inc., Omega Protein, Rimfrost AS, Schiff Nutrition International Inc., Norwegian Fish Oil AS, Nutri Gold Inc., Ergomax, Qingdao Kangjing Marine Biotechnology Co. Ltd, NWC Natural Inc., Nutracode, Krill Canada Corporation, Superbakerill, and Others
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What is Included in Krill Oil Market Segmentation?
The Krill Oil Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:
-By Form
-Liquid-Market Size & Forecast 2019-2030F, USD Million
-Capsule- Market Size & Forecast 2019-2030F, USD Million
-Soft gels- Market Size & Forecast 2019-2030F, USD Million
-By Application
-Dietary Supplements- Market Size & Forecast 2019-2030F, USD Million
-Fortified Food & Beverages- Market Size & Forecast 2019-2030F, USD Million
-Pharmaceuticals- Market Size & Forecast 2019-2030F, USD Million
-Animal Feed- Market Size & Forecast 2019-2030F, USD Million
-Others- Market Size & Forecast 2019-2030F, USD Million
-By Distribution Channel
-Offline- Market Size & Forecast 2019-2030F, USD Million
-Supermarkets/Hypermarkets- Market Size & Forecast 2019-2030F, USD Million
-Drug Stores & Pharmacies- Market Size & Forecast 2019-2030F, USD Million
-Online- Market Size & Forecast 2019-2030F, USD Million
-By Region
-North America
-South America
-Europe
-The Middle East & Africa
-Asia-Pacific
Explore the Complete Krill Oil Market Analysis Report – https://www.marknteladvisors.com/research-library/krill-oil-market.html
Global Krill Oil Market Driver:
Consumers' Increasing Demand for Dietary Supplements to Promote Market Growth – In recent times, shifts in lifestyles & dietary preferences have led to a global shortage in meeting recommended nutrition levels. As a result, consumers are increasingly turning to supplements to address this nutritional gap. Krill oil, containing essential omega-3 fatty acids, has gained popularity among individuals adopting healthy lifestyle practices.
Also regarded as a health-conscious choice due to its high protein content and nutritional value, krill oil is available in various forms, including capsules, tablets, powders, and liquids. The growing health awareness among the public has sparked heightened interest in dietary supplements for overall well-being. Hence, this surge in appeal is propelling the demand for krill oil supplements, thereby driving the Krill Oil Market.
Global Krill Oil Market Challenge:
High Production & Procurement Cost Compared to Other Oils to Impede the Growth – Krill oil can be derived from both fresh krill and dried krill biomasses. However, fresh krill contains significant levels of proteolytic enzymes, leading to rapid autolysis of the crustacean. Consequently, immediate processing of krill is essential post-capture. The extraction of krill oil involves various methods, such as solvent, non-solvent, SCFE (Supercritical Fluid Extraction), and enzyme-assisted extraction procedures. This results in a higher manufacturing cost compared to conventional oils in the market. Therefore, the elevated production cost becomes a limiting factor for the Krill Oil Market expansion.
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