Global Krill Oil Market: Overview
A species of Antarctic krill which is known as Euphausia superb is used to extract oil; this extracted oil from the krill is known as krill oil. They are generally sold in the form of capsules. The components that are found in the krill oil are omega 3 fatty acids and phospholipid fatty acids. These fatty acids are similar to the fish oil. In the extraction process, there may or may not be involvement of solvents. Owing to the innumerable benefits of the krill oil they are widely used in a variety of applications such as functional foods, baby formula, animal feeds, and others. They are also used in the treatment of a variety of heart ailments.
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Global Krill Oil Market: Segmentation
The krill oil market is globally segmented into its form and application. On the basis of form, the global market is segregated into tablets and liquids. The tablets segment is sub-classified into capsules and soft gels. Based on the application, the market is categorized into functional food & beverages, pet food & animal feed, dietary supplements, pharmaceuticals, and infant formula. The dietary segment dominates the global krill oil market in terms of application segment.
Global Krill Oil Market: Growth Factors
The major factors that are contributing to the growth of the krill oil market are its rising demand in the pharmaceutical industry and its use of dietary supplements is increasing its demand in the global market. The growing acceptance of krill oil as an alternative to fish oil is increasing the demand. The demand for the krill oil is also increased owing to its rising use in the making of various functional foods. The rising concerns about health and the innumerable medical benefits that the krill oil provides anticipate propelling the evolution of the market. The krill oil is widely accepted in the production of infant formula thus triggering the market growth. The factors that will hamper the market growth are the decreasing population of Antarctic krill and the unfavorable ecological impact on the sea species hinders the market.
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Global Krill Oil Market: Regional Analysis
The geographical segmentation of the krill oil market includes North America, Asia Pacific, Europe, and Rest of the World. Europe dominates the krill oil market owing to its market share in terms of revenue. This regional market will grow at a significant pace. A prominent market for the krill oil is Asia Pacific region. The growth in this region can be attributed to the factors such as the increasing demand from the companies that produce functional foods and dietary supplements and the rising awareness about the health benefits of krill oil.
Global Krill Oil Market: Competitive Players
Some of the major companies in the krill oil market include Qingdao Kangjing Marine Biotechnology Co., Ltd., NWC Naturals Inc., Daeduck FRD Inc., Neptune Technologies & Bioressources Inc., Enzymotec Ltd., NutriGold Inc., Olympic Seafood AS (RIMFROST AS), RB LLC., and Aker BioMarine SA.
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