Global Krill Oil Market, By Form (Liquid and Tablets) , By Application (Dietary Supplements, Functional Food & Beverages, Pharmaceuticals, Pet Food and Animal Feeds and Others (Infant Formula), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 524.3 Mn in 2024 and is expected to exhibit a compound annual growth rate (CAGR) of 9.6% during the forecast period (2024-2031), as highlighted in a new report published by Coherent Market Insights.
Krill oil is extracted from a tiny and 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 acids Environmental Protection Agency (EPA) and Docosahexaenoic acid (DHA). Consumption of krill oil can help to fight against infection as omega-3 has excellent anti-inflammatory properties.
Global Krill Oil Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic has had a mixed impact on the market. The pandemic led to supply chain disruptions, including challenges in sourcing krill, transportation delays, and production interruptions, which temporarily affected the availability of some krill oil products. Economic uncertainty that is caused by the pandemic also led some consumers to reduce discretionary spending, thus impacting the sales of krill oil supplements. However, the sustainability of krill oil production has resonated with environmentally conscious consumers, thereby leading to a preference for krill oil as a source of omega-3s. While the pandemic has posed challenges, the overall market is expected to experience growth in the near future. The pricing of krill oil supplements has been affected by the COVID-19 pandemic. Economic uncertainty and supply chain disruptions led some consumers to reduce discretionary spending, thus impacting the sales of krill oil supplements. However, the increased focus on health and wellness during the pandemic has led to a surge in demand for dietary supplements, including krill oil, known for its potential health benefits. The sustainability of krill oil production has also resonated with environmentally conscious consumers, thus leading to a preference for krill oil as a source of omega-3s. While specific information on the pricing impact is not provided, the combination of these factors suggests a complex influence of the pandemic on the pricing of krill oil supplements.
Key Developments
- In Feb 2021, Jarrow Formulas Inc. alliance with Natrol to allow high-quality krill oil to their client at a reasonable price. This alliance aims to broaden production in the near future. Jarrow Formulas supplements are carefully crafted using superior science and quality ingredients.
- In Jan 2021 VARD and Aker BioMarine jointly launched their new machinery equipped with cutting-edge technology for harvesting krill oil. The vessel works smoothly and is eco-friendly.
Browse 24 Market Data Tables and 28 Figures spread through 150 Pages and in-depth TOC on “Global Krill Oil Market”- Forecast to 2031, Global Krill Oil Market, By Form (Liquid and Tablets), By Application (Dietary Supplements, Functional Food & Beverages, Pharmaceuticals, Pet Food and Animal Feeds and Others (Infant Formula), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
Link - https://www.coherentmarketinsights.com/market-insight/krill-oil-market-747
Key Takeaways of this Market:
- Global krill oil market was valued at US$ 524.3 Mn in 2024 and is forecast to reach a value of US$ 996.7Mn by 2031 at a CAGR of 9.6% between 2024 and 2031.
