Global Antarctic Krill Oil Market - 2023-2030

Overview

Global Antarctic Krill Oil Market reached US$ 910.2 million in 2022 and is expected to reach US$ 2,131.6 million by 2030, growing with a CAGR of 11.2% during the forecast period 2023-2030.

Antarctic krill oil, rich in omega-3 fatty acids, particularly EPA and DHA, has witnessed increasing demand due to rising awareness of its health benefits. Consumers are increasingly seeking out natural sources of omega-3s, viewing krill oil as a potent alternative to traditional fish oil supplements. The perceived superiority of krill oil, attributed to its phospholipid form that enhances absorption, has been a significant driver of market growth.

Moreover, product diversification enhances the overall value proposition of Antarctic krill-derived products, expanding the market's offerings beyond traditional fish oil supplements. In November 2020, for lysophosphatidylcholine (LPC)-bound EPA and DHA from krill, Aker BioMarine developed a pilot product and production technique. This discovery led Aker to explore the process of making LPC-bound EPA/DHA from krill, which led to the synthesis of the substance Lysoveta. The krill used for Lysoveta is harvested from Antarctica water.

Dietary supplements account for over half of the market share due to their perceived health benefits and increasing consumer awareness. Similarly, North America dominates the Antarctic krill oil market, capturing the largest market share due to the increasing consumer awareness of its health benefits and the presence of major market players in the region.

Dynamics

Increasing Incidence of Lifestyle Diseases

Lifestyle-related conditions such as cardiovascular diseases, diabetes, and obesity are on the rise globally. For instance, according to the WHO, globally, cardiovascular diseases (CVDs) account for 17.9 million deaths annually. Similarly, 422 million people globally have diabetes. Hence, there is a growing demand for natural and effective solutions to manage these health challenges. Antarctic krill oil, with its rich concentration of omega-3 fatty acids, particularly EPA and DHA, offers a promising approach.

These essential fatty acids are known for their anti-inflammatory properties, which can help mitigate the risk factors associated with lifestyle diseases, including high blood pressure, elevated cholesterol levels, and insulin resistance. The American Heart Association recommends omega-3s as a preventative against cardiovascular disease. Krill oil contains omega-3 fatty acids, which have been linked to a lower risk of heart attacks and strokes. Additionally, research indicates that krill oil reduces lipid and blood pressure, two more heart disease risk factors.

Rising Demand for Natural Supplements

With an increasing emphasis on health and wellness, consumers are actively seeking out natural alternatives to synthetic supplements. Antarctic krill oil, sourced from a small crustacean found in pristine Antarctic waters, is perceived as a premium natural source of omega-3 fatty acids compared to traditional sources like fish oil. This preference for natural ingredients stems from concerns about purity, sustainability, and potential side effects associated with synthetic supplements.

Due to the growing awareness among consumers about the health benefits of Antarctic krill oil, manufacturers are investing in research and development to enhance the quality, purity, and efficacy of their krill oil products. In May 2022, Lifestar Company Limited, a subsidiary of RS Group, launched Krill Oil Plus CBD - Thailand's First Certified Supplement. Antarctic krill oil is the main component of Krill Oil plus CBD.

Environmental Concerns

The Antarctic ecosystem is delicately balanced, with krill serving as a foundational species that supports the entire food web, including whales, seals, and various seabirds. Overfishing of krill can disrupt this ecosystem, leading to cascading effects on other species and potentially causing irreparable damage. Consequently, regulatory bodies and environmental organizations closely monitor krill harvesting activities to prevent overexploitation and protect the fragile Antarctic environment.

Strict quotas and regulations are often imposed to limit krill fishing, which can restrict the availability of krill for oil extraction. Moreover, public awareness about the environmental implications of krill fishing is increasing, leading to consumer preferences for sustainably sourced products. As a result, companies operating in the krill oil market face pressure to demonstrate responsible harvesting practices and environmental stewardship, which can further constrain market growth.

Segment Analysis

The global antarctic krill oil market is segmented based on krill type, form, application, distribution channel and region.

High Omega Content and Perceived Health Benefits of Antarctic Krill Oil Supplement

The rising awareness of the health benefits associated with krill oil, particularly its high concentration of omega-3 fatty acids, has driven significant demand for krill oil supplements among consumers seeking to support their overall health and well-being. Krill oil's reputation as a natural and potent source of omega-3s has made it a preferred choice over other supplements derived from fish oil or algae. Moreover, the high bioavailability of krill oil, along with the presence of antioxidants like astaxanthin, further enhances its appeal for dietary supplement use.

Additionally, the versatility of krill oil allows for easy incorporation into various supplement formulations, including soft gels, capsules, and liquid extracts, catering to diverse consumer preferences. In September 2022, Kori Krill Oil, introduced Kori Krill Oil Gummies, the first Krill Oil gummy that provides Omega-3s in their most natural phospholipid form for superior absorption. This gummy is created with Antarctic krill oil.

Geographical Penetration

Consumers' Robust Demand of Krill Oil Driven by Awareness of Health Benefits in North America

North American consumers are increasingly inclined towards natural and sustainable products, and krill oil fits this preference perfectly. With growing awareness about the health benefits of omega-3 fatty acids found in krill oil, such as cardiovascular health and cognitive function support, demand has surged in the region. As a result, North America emerges as a dominant market for Antarctic krill oil, accounting for the highest share amidst a global rise in demand for this valuable marine resource.

Moreover, the stringent regulatory framework in North America ensures product quality and safety standards, enhancing consumer trust in Antarctic krill oil supplements. In December 2022, Aker BioMarine's krill-based fish feed ingredient, Qrill Aqua, made from Antarctica krill approved by the Canadian Food Inspection Agency (CFIA) for sale in the Canadian Market as an aquafeed. These types of approvals underscore North America's interest in Antarctic krill products, signaling a growing market for related goods such as krill oil.

COVID-19 Impact Analysis

One notable impact of COVID-19 on the Antarctica krill oil market was the disruption in harvesting and processing activities. Antarctica is one of the primary regions for krill harvesting, and strict lockdown measures and travel restrictions were imposed to curb the spread of the virus. Limited access to fishing vessels and processing facilities led to a decrease in krill oil production and availability in the market. This disruption in the supply chain resulted in fluctuations in prices and availability, affecting both suppliers and consumers.

However, changes in consumer behavior and preferences during the pandemic also influenced the Antarctica krill oil market. With widespread health concerns and an increased focus on immunity and wellness, demand for health supplements, including krill oil, initially surged. Consumers sought products that could potentially boost their immune systems and overall health

Russia-Ukraine War Impact Analysis

The Russia-Ukraine war had a significant impact on every market, including the Antarctic krill oil market The war disrupted the supply chain which resulted in decreased availability of Antarctic krill oil in the market, leading to potential shortages and increased prices. Additionally, uncertainty surrounding the geopolitical situation has led to market instability and hesitancy among buyers and investors.

By Krill Type

• Wild Krill
• Cultured Krill

By Form

• Capsules
• Soft Gel
• Liquid

By Application

• Dietary Supplements
• Functional Food & Beverages
• Cosmetics
• Pet Food
• Others

By Distribution Channel

• Supermarkets/Hypermarkets
• Specialty Stores
• E-Commerce
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• In July 2020, Epion Brands, a company focused on improving overall human health, unveiled its new Kori Pure Antarctic Krill Oil product. According to Epion Brands, the product contains a rich source of omega-3 fatty acids, specifically EPA and DHA, which are "essential nutrients that support heart, brain, joint, eye, skin, and immune health.
• In 2023, Aker BioMarine, a leading biotech innovator and Antarctic krill-harvesting Company with its South Korean partner, reintroduced Superba sales in South Korea.
• In September 2023, SGS Nutrasource Pharmaceutical and Nutraceutical Services, a global full-service contract research organization (CRO), declared that VIKPro, a client of Certifications by Nutrasource obtained the IKOS (International Krill Oil Standards) product certification for their branded Antarctic krill oil.

Competitive Landscape

The major global players in the market include Aker BioMarine, Coastside Bio Resources, Bronson Nutritionals LLC, Rimfrost AS, Nutrigold, NutriDyn, Shandong Kangjing Marine Biotechnology Co., Ltd, Wallbox Chargers, S.L., Nutracode LLC, Zein Pharma.

Why Purchase the Report?

• To visualize the global Antarctic krill oil market segmentation based on krill type, form, application, distribution channel and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of Antarctic krill oil market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global antarctic krill oil market report would provide approximately 70 tables, 64 figures and 200 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies