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Krill oil is an extracted oil from a species of Antarctic krill, Euphausia superba. The global krill oil market is driven by increasing awareness among consumers regarding the benefits of omega 3-fatty acids, eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA). The rising emphasis on the research and study of various medicinal benefits associated with krill oil will positively leverage the global krill oil market. For instance, krill oil promotes cardiovascular health, reduces inflammation, and enhance neurological developments in new-borns. Furthermore, the rising incidences of allergy from seafood consumption is leading to decreased fish consumption due to which many people have low Docosahexaenoic acid (DHA) and Eicosapentaenoic acid (EPA), which is another prominent driving factor for the global krill oil industry.
The global krill oil market is witnessing an increase in the acquisitions and merger activities where prominent players are acquiring small companies to enhance their position in the market. For instance, in January 2018, Aker BioMarine, a prominent company operating in the market, acquired Enzymotec’s krill oil business.
Key Market Driver -
Expanding Market Demand for Dietary Supplements.
Key Market Restraint -
Decreasing Population of Source Fish for Krill Oil.
The rise of fatty food consumption and inactive lifestyles of consumers has resulted in the high prevalence of obesity and chronic diseases such as cancer, arthritis, diabetes, coronary heart disease, and others. This factor is expected to increase the demand for health-enhancing dietary products, which is further predictable to drive the global krill oil market. Krill oil contains astaxanthin, which is a powerful antioxidant that is potential in enhancing bone health, skin health, and improving endurance. Krill oil is better absorbed by the human body and can work more efficiently than fish oil and hence its adoption as a fish oil substitute is proliferating. Furthermore, the launch of innovative krill oil products by market players is anticipated to contribute to expanding the market size of krill oil globally. For instance, in December 2017, Sami Direct, the krill oil product manufacturers in India, launched Krill C3 Power to tackle bad cholesterol.
Antarctic krill is the major source for extracting krill oil, and the dramatic decrease in the Antarctic krill population is expected to hinder global krill oil market growth. The financial cost related to research and development of new krill oil products can act as a restraint for the global krill oil market.
The key players operating in the global krill oil market are, Aker BioMarine, Olympic Seafood AS., Deaduck FRC Inc., Neptune Technologies and Bioresources, Azantis Inc., Nutrigold Inc., Norwegian Fish Oil, Rimfrost AS., NWC Naturals LLC., RB LLC., and others.
The capsule segment is expected to witness robust growth in the global krill oil market due to ease of storage and their defined dosage. The capsule segment is anticipated to hold a significant share in the global krill oil market because of higher shelf life of capsules as compared to other forms. The use of liquid krill oil is predicted to expand in the upcoming years due to their increased demand from kids and elderly population as capsule seems difficult to swallow.
The dietary supplement segment is expected to grow at a significant pace during the forthcoming years due to increasing consumer’s inclination towards a healthy lifestyle and adoption of health-enhancing products in their daily life. The growing research and development activities in sports drinks enriched with omega-3 owing to rising demand for sports drinks in consumers will drive the global krill oil market. For instance, in March 2018, according to a survey conducted by the Aker BioMarine Pure Science Triathlon team, the athlete experienced a severe drop in DHA levels after competing in Triathlon. The supplementation with krill oil will restore the DHA drop and significantly increased the athlete’s omega-3 index.
The market in Asia Pacific is projected to dominate the global krill oil market during the forecast period due to significant growth in the employed population within countries such as China, India, and Japan. This employment growth has contributed to proliferating stress among consumers, which is anticipated to increase the adoption of dietary products such as krill oil by Asian consumers. Increased awareness among consumers about preventive healthcare measures, coupled with rising per capita income of consumers across developing countries, is expected to drive the krill oil market in the region.
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Krill oil market in North America is expected to witness considerable growth due to growing application areas of krill oil in the regional market. For instance, in May 2019, Nuwellix released all-natural krill oil with omega-3, EPA, DHA, and astaxanthin on the e-commerce platform. Europe is predicted to witness speedy growth due to increasing awareness of the krill oil products which provides omega-3, EPA and DHA to fulfill the nutrition requirement of the human body. The easy availability of krill oil due to the presence of prominent manufacturers in this region will drive the global krill oil market in this region.
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