Global Krill Oil Market expected to reach US$ 2.25 Bn by 2031 – FMI

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 The global krill oil market is estimated to be valued at US$ 740.3 Mn in 2021. According to newly released report by Future Market Insights (FMI), the overall market value is expected to reach US$ 2.25 Bn by 2031, rising at a CAGR of 10.7% during 2021-2028.

The krill oil market will represent 35.4% of the global fish oil market. Focus on innovations and expanding regional footprint is considerably high among the market players. This will create impressive prospects for sales of krill oil products in the coming years.

According to the report, the rising demand for healthier foods with better nutritional value will stoke growth of the market. The report offers a comprehensive overview of the market, covering key growth drivers, restraints, opportunities, and prevailing trends. It uses unique research methods to offer the most accurate analysis of the market.

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The krill oil market will represent 35.4% of the global fish oil market. Focus on innovations and expanding regional footprint is considerably high among the market players. This will create impressive prospects for sales of krill oil products in the coming years.

During the forecast period, Asia Pacific is expected to emerge as a lucrative market for krill oil. In terms of product, the market can be classified into liquid, capsules and soft gels. Of these, liquid krill oil witnesses high demand because of its increasing application in infant nutrition and pet food. Liquid krill oil is a liposomal product, which is why its application is poised to surge in the coming years.

It includes in-depth insights into the krill oil market. Some of these are:

  • The estimated value of the market was at 674.3 Mn in 2019. Through the course of the report’s forecast period, the market is exhibited to show a steady pace of growth.
  • Regionally, North America emerged as a key market for krill oils.
  • Latin America and Europe will remain steady as key markets for krill oils.
  • In terms of end use, dietary supplements and functional food and beverages are key segments in the market.
  • Key players are likely to focus on product development to stay relevant in developed markets.

“Krill oil is likely to appeal younger generation more since they have better access to information via internet. Their inclination towards maintaining a healthy diet plan will tip scales in favour of the krill oil market,” said a lead analyst at FMI

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Competitive Landscape

Some of the leading players operating in the krill oil market are Neptune Biotech, Aker BioMarine AS, Enzymotec Ltd., Alpha B&H Co., Ltd., Fuji Chemicals, Krill Canada, Rimfrost AS, Norwegian Fish Oil AS, Quingdao Kangjing Marine Biotechnology Co. Ltd., Nutrifynn Caps, Inc., Xi’an prius biological engineering Co., Ltd., Vestige Marketing Private Limited, Trophic Canada, Neptune Wellness Solutions, NutriGold Inc. and others.

Companies operating in the krill oil market are focusing on the introduction of various types of products to cater to a more widespread demography of consumers. However, krill oil market is highly regulated, which often restricts the quantity of krill fish that fisher man catch in a year.

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