At 11.4% CAGR, Global Krill Oil Market Share Estimated to Surpass USD 474.0 Million By 2028: Polaris Market Research

According to the research report, the global krill oil market size & share was valued at USD 235.8 Million in 2020 and is expected to reach SUD 474.0 Million By 2028, to grow at a CAGR of 11.4% during the forecast period.

Krill is a minute crustacean with an impression similar to shrimp. They are discovered in colder waters of the ocean. Krill essentially finds use as a food source in other animals in the sea, namely seals, whales, fish, squid, and penguins. Krill is located in the oceans of Canada, Antarctica, and Japan. There is a controversy around the commercial harvesting of krill. Harvesting krill to utilize krill oil supplements could intimidate the species that it consumes for food, including whales. All krill oil sold in nutritional supplements is harvested out of the unfurled ocean bothering the natural balance of food supplies for more giant marine animals.

Krill accommodates an oil that is homogenous in oils found in omega 3 fatty acids and fish oils. Omega 3 fatty acids are advocated for utilization in dropping triglyceride levels. Krill oil is used as an additive to lessen blood lipids. Unlike fish oil, the omega 3 fatty acids in krill oil are soaked up and moved to the cells in the body in phospholipid form. Omega 3 fatty acids, in amalgamation with exercise and diet, function by decreasing the body’s production of bad, low-density lipoprotein (LDL) triglycerides and may elevate high-density lipoprotein (HDL) good cholesterol.

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Important Questions Being Answered by The Market Report

• What is the market size and growth?
• Who are the top players or companies in the krill oil market?
• What are the recent innovations in the krill oil market?
• Is there a probability of change in the market structure over time?
• Do the significant vendors pursue a partnership to enlarge their business in context to product and geography?
• Are further developments required for prevailing products or services offerings, or do the existing products meet the customers’ demands?

Top Market Players:

• Aker BioMarine Ergomax
• Neptune Wellness Solutions Inc
• Norwegian Fish Oil AS
• Nutracode
• NutriGold Inc.
• NWC Naturals Inc.
• Qingdao Kangjing Marine Biotechnology Co. LTD.
• Rimfrost AS
• Schiff Nutrition International Inc.

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Krill oil market: Growth leading factors

Nutrients are essential for the well-being of human health. Due to lifestyle changes and eating habits, consumers globally do not meet the approved nutrition intake levels. The influence of low nutrient intake is a significant concern for public health, bringing about susceptibility to diseases and infection. This advent of disease has caused growing consumption of dietary supplements for underpinning overall health. Krill oil is one of the prominent constituents in the healthy lifestyle scheme of many people as it offers required omega 3 fatty acids. Krill oil-based products are marketed as healthy food because of their high protein content and nutritional value and are obtainable in krill oil capsules, tablets, powder, and liquid.

The global krill oil industry is anticipated to rise in the coming years. A growing number of users of krill oil in various sectors might be connected to the rise of the market extensively. Pharmaceuticals and functional food and beverage market are approaching to observe a surge in krill oil consumption. The market will benefit from growing demand for sports supplements and growing awareness about gastrointestinal health. Additionally, the market will seemingly benefit from inflating pet ownership and increasing the spending powers of pet owners. They are highly dependent on spending on marine oils like krill oil which is included in pet food. For various purposes, krill oil is used in the supplement, pharmaceutical, and food sectors.

When covid-19 hit, shellfish and fresh fish supply chains were gravely disturbed by food processing units’ closure. The closing of worldwide markets, for instance, restaurants, hotels, and canteens, resulted from the dependence of fish products on international commerce.

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Krill oil market: Report Scope

Krill oil market: Key segmentation

• Insight by product, application, and region

By product, the liquid krill oil is dominating the market owing to it being ideal for the nutrition of infant and pet food. By application, the increased intake of omega 3 polyunsaturated fatty acid in functional food and pharmaceuticals is anticipated to drive the demand due to growing awareness of chronic diseases and healthcare.

By region, North America emerged as a region for a significant share of the revenue. Some of the major application segments in the area are infant formula, supplements, and functional foods and pharmaceuticals. Growing consumer bend towards fitness in Canada, Mexico, and the US, is anticipated to drive product demand in available food and beverage application. Additionally, increasing health benefits and the launch of a new product configuration of dietary supplements are expected to enhance the krill oil market in North America over the succeeding years.

Browse the full “Krill Oil Market Share, Size, Trends, Industry Analysis Report, By Application (Dietary Supplements, Animal Feed, Functional Food & Beverages, Pharmaceuticals, Others); By Product; By Region; Segment Forecast, 2021 – 2028” Report at https://www.polarismarketresearch.com/industry-analysis/krill-oil-market

Key highlights of the report

• Demand and supply state of the krill oil market
• Factors impacting the krill oil market in the long and short-run
• The dynamics involve restraints, drivers, opportunities, political, socioeconomic factors, and technological factors
• Key trends and prospects
• Dominant companies functioning in the krill oil market and the competitive position

The market primarily depends on the product, application, and region

Krill oil market: by product

• Liquids
• Softgels
• Capsules

Krill oil market: By application

• Dietary supplements
• Animal feed
• Functional Food & Beverages
• Pharmaceuticals
• Other Applications

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