Global Krill Oil Market: Snapshot
In the highly competitive pharmaceutical space, where manufacturing companies constantly endeavor to find new products having different unique perceived benefits, to appeal to consumers, krill oil is fast gaining popularity. This is because krill oil contains fatty acids similar to fish oil. Unlike other fats, these fats are beneficial as they relieve swelling, bring down cholesterol, and make blood platelets less sticky which brings down their chances of forming clots. Because of these, they are administered to treat high cholesterol, heart disease, high levels of certain blood fats (triglycerides), cancer, high blood pressure, stroke, osteoarthritis, and even premenstrual syndrome (PMS) and painful menstrual periods.
Such wide ranging applications of krill oil has resulted in their uptake not only for treating myriad health conditions but also for making baby formula, animal feeds, and functional foods. Increased acceptance of krill oil as a fish oil alternative is also expected to boost the market in other regions.
However, harvesting krill in a commercially viable and environmentally sound manner is a major challenge and this is posing a roadblock to the growth in the market. To overcome the challenge, prominent players are coming up with advanced oil extraction technology to manufacture krill oil with improved freshness and flavor.
From a geographical standpoint, Europe contributes the most to the global krill market vis-à-vis revenue. In the years ahead too, the market in the region will expand substantially. Asia Pacific, on the contrary, is emerging as the most attractive market owing to the increasing awareness about krill oil and demand from numerous companies formulating dietary supplements and functional foods.
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Global Krill Oil Market: Overview
Krill oil is an oil extracted from krill, more generally from a species of Antarctic krill called Euphausia superba. They are usually sold as capsules. Key components in krill oil are phospholipid derived fatty acids and omega 3 fatty acids; the fatty acids are similar to fish oil. The process of extraction may or may not involve the use of solvent. The myriad benefits of krill oil make it useful in various applications such as baby formula, animal feeds, functional foods, and is considered especially useful in a variety of heart ailments.
Global Krill Oil Market: Key Trends
The global krill oil market is driven by the rising demand for pharmaceutical and dietary supplements made from krill oil and the growing acceptance of the oil as a viable substitute for fish oil. The increased use of krill oil in making various functional foods has stimulated the demand for krill oil. In addition, rising health concerns and various medical benefits of krill oil are expected to propel the evolution of the market along the forecast period. The increased acceptance in making infant formula is also expected to fuel the market growth in emerging regions. The dramatic decrease in the population of Antarctic krill and their adverse ecological impact on sea species are likely to hamper the growth of the market to an extent.
Global Krill Oil Market: Market Potential
Manufacturers of functional foods are capitalizing on the various potential benefits of krill oil. The krill oil capsules have emerged as promising options in the U.K. as reducing the cramping conditions associated with dysmenorrhea and reduce the symptoms of Premenstrual syndrome (PMS) in women. Over the last few years, pharmaceutical companies have been marketing krill oil as the potential source of astaxanthin – a power antioxidant.
Several players are keen on marketing krill oil supplement after removing many harmful compounds which may present when they are packaged as supplement. Recently, Enzymotec announced an advanced version of its K-Real krill oil, which contains no trimethylamine (TMA) or trimethylamine-oxide (TMAO). The product is produced through a multi-stage oil-extraction process. The consumption of TMAO, found in marine products, is associated with an enhanced risk for cardiovascular diseases. Furthermore, advancements in oil extraction processes are anticipated to propel the demand for krill oil worldwide.
Global Krill Oil Market: Regional Outlook
Currently, in terms of geography, Europe contributes a sizeable revenue in the krill market and is anticipated to grow at a significant pace. Asia Pacific is a prominent market for krill oil. The growth in the regional market is driven by the rising awareness related to health benefits of krill oil, coupled with the increasing demand by several companies as vital ingredients in making dietary supplements and functional foods. The region is expected to rise at an impressive CAGR over the forecast period. Increased acceptance of krill oil as a fish oil alternative is also expected to boost the market in other regions.
Global Krill Oil Market: Competitive Analysis
Major companies operating in this market include Enzymotec Ltd., Neptune Technologies & Bioressources Inc., NutriGold Inc., RB LLC., Daeduck FRD Inc., NWC Naturals Inc., Qingdao Kangjing Marine Biotechnology Co Ltd., and Aker BioMarine. Prominent players are adopting advancements in oil extraction technology which help them manufacture krill oil with enhanced freshness and flavor.
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