Global Krill for Pet Food Market - 2023-2030

Overview

Global Krill for Pet Food Market reached US$ 410.2 million in 2022 and is expected to reach US$ 1,001.2 million by 2030, growing with a CAGR of 11.8% during the forecast period 2023-2030.

The increasing focus on pet health and wellness acts as a key trend for global krill for pet food market growth. Pet owners are becoming more conscious of their pet's nutrition and are seeking high-quality, natural ingredients in their pet food. Krill, being rich in omega-3 fatty acids, antioxidants, and other nutrients, is gaining popularity as a premium ingredient in pet food formulations. This trend is driving the demand for krill-based pet food products as consumers seek out options that support their pets' overall health and well-being.

In October 2021, Vital Pet Life introduced the Mobility Daily Joint Supplement product, a functional powder that supports the health of dogs' and cats' joints. Four unique ingredients, designed by Vital Pet Life, are included in the product's formulation: alfalfa protein, krill pristine extract, organic flaxseed, and New Zealand green-lipped mussels.

Dogs account for over half of the market share due to their large population and increasing demand for premium, nutrient-rich pet food options. Similarly, the Asia-Pacific dominates the Krill for Pet Food market, capturing the largest market share due to due to its burgeoning demand for high-quality and sustainable pet nutrition products.

Dynamics

Rising Pet Ownership and Expenditure

According to the American Pet Products Association's 2021-2022 National Pet Owners Survey, about 90.5 million families, or 70% of American households, are pet owners (APPA). Spending on the pet sector in the United States came to $123.6 billion overall, a 19% increase from $103.6 billion in 2020. Pet owners are increasingly inclined to invest in premium pet foods that offer superior nutritional benefits to ensure the health and well-being of their furry companions.

Krill-based pet foods stand out in this competitive landscape due to their rich content of omega-3 fatty acids, particularly EPA and DHA, which are known to promote optimal coat health, joint function, and overall vitality in pets. Moreover, as consumers become more health-conscious and environmentally aware, they are actively seeking out natural and sustainable ingredients in their pet food choices.

Focus on Omega-3s in Pet

Omega-3s, particularly EPA and DHA, play crucial roles in promoting various aspects of pet health, including skin and coat condition, joint mobility, and cognitive function. Krill serves as an excellent source of these essential fatty acids, offering a bioavailable and easily digestible form that maximizes their benefits for pets. As consumers increasingly prioritize the nutritional content of pet foods, there's a growing recognition of the importance of incorporating omega-3s into their pets' diets.

In May 2023, the parent firm of QRILL Pet, Aker BioMarine, and researchers from the Swedish University of Agricultural Sciences collaborated to compare krill meal to fish meal to assess the efficacy of various sources of Omega 3 fatty acids in Alaskan Huskies. According to QRILL Pet, the initial average of the researchers' measured Omega 3 levels was 1.3%, which is low but typical in pets.

According to QRILL Pet, the study's conclusive findings showed that the krill meal diet was the most successful in increasing the levels of Omega 3 in Alaskan Huskies. After the trial, the test group fed QRILL Pet NUTRI Plus had an average of 2.4% in Omega 3. In comparison to pre-trial values, this represented a 99.7% rise for the krill meal group.

Sustainability Concerns

Sustainability concerns are restraining global krill for pet food market growth due to the finite nature of krill populations and their crucial role in marine ecosystems. Overfishing of krill can disrupt the delicate balance of oceanic food webs, impacting various marine species and ecosystems. As consumers become increasingly aware of environmental issues, there's a growing demand for sustainable sourcing practices in pet food production.

Regulatory bodies are implementing stricter guidelines on krill fishing to ensure sustainable management practices, limiting the availability of krill for pet food manufacturers. In February 2024, to combat the harmful practices of the krill industry, Sea Shepherd launched the first part of a global marketing campaign. To map the industry and assist customers in identifying the companies most involved in krill exploitation, the business initiated a grassroots inquiry.

Segment Analysis

The global krill for pet food market is segmented based on product, pet type, distribution channel and region.

Large Population of Dogs in Pet

Dogs comprise a significant portion of the pet population worldwide, leading to a higher demand for pet food products. According to the 2021-2022 National Pet Owners Survey conducted by the American Pet Products Association (APPA), from 90.5 million families having pets, 69 million have dong as a pet. This large demographic provides a considerable consumer base for krill-based pet food products.

Furthermore, dogs' dietary requirements align well with the nutritional benefits offered by krill. Krill is an excellent source of omega-3 fatty acids, particularly EPA and DHA, which are crucial for supporting dogs' overall health, including their coat, skin, joint, and cognitive functions. As pet owners become increasingly conscious of their pets' health and seek premium nutrition options, the demand for krill-based dog food rises correspondingly

Geographical Penetration

Increasing Pet Food Industry in North America

North America's pet food industry is highly developed and continuously seeks innovative ingredients to meet the evolving demands of pet owners. According to the American Pet Products Association (APPA), in 2022, the United States spent $136.8 billion on pets and from that $58.1 billion was spent on pet food and treats. In this large pet food industry, krill has gained recognition for its nutritional benefits, particularly its high omega-3 fatty acid content, which is essential for pets' overall health and well-being.

Secondly, North American consumers are increasingly aware of the importance of natural and sustainable ingredients in pet food, and krill fits these criteria well. Its sustainable harvesting methods and minimal environmental impact appeal to environmentally conscious consumers. Additionally, the region's affluent demographic, coupled with a growing trend toward premium pet food products, further boosts the demand for krill-based pet foods

COVID-19 Impact Analysis

Initially, disruptions in supply chains due to lockdown measures and restrictions on movement hindered the harvesting and distribution of krill, leading to shortages in raw materials for pet food production. This resulted in fluctuations in the availability of krill-based pet food products and subsequently affected consumer demand. Additionally, economic uncertainties stemming from the pandemic led to changes in consumer spending habits, with many prioritizing essential items over premium pet food options.

Consequently, there was a temporary decline in the demand for krill-based pet food products as consumers opted for more affordable alternatives. However, as the pandemic progressed and people spent more time at home with their pets, there was a noticeable shift towards premium and healthier pet food options, including those containing krill. This trend was driven by a growing awareness of the nutritional benefits of krill and an increased focus on pet health and wellness.

Russia-Ukraine War Impact Analysis

The Russia-Ukraine war had a notable impact on the global krill for pet food market growth, primarily due to its effect on the fishing industry in the region. The conflict has disrupted fishing activities, leading to a decrease in krill supply from these areas. As a result, there were shortages in raw materials for pet food production, particularly for companies sourcing krill from the affected regions. This disruption created challenges for pet food manufacturers reliant on a steady supply of krill, potentially leading to increased costs and supply chain uncertainties.

By Product

• Krill Meal
• Krill Oil
• Krill Treats
• Others

By Pet Type

• Dogs
• Cats
• Fish
• Other

By Distribution Channel:

• Supermarkets/Hypermarkets
• Specialty Pet Stores
• Veterinary Clinics
• 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 April 2021, Aker BioMarine a biotech innovator and Antarctic krill-harvesting company, announced the expansion into six new contracts and strategic alliances to fortify its position in the pet food and supplement industry in Asia. With this, krill meal from Aker BioMarine will be a significant component of high-end pet food in China.
• In May 2022, For the distinctive line of pet krill products, Rimfrost invested in R&D, sales, and marketing.
• In December 2023, Real Mushrooms, a company that specializes in food, health, and supplement products based on mushrooms, announced the debut of Daily Dawg, a new multipurpose dog supplement with numerous health advantages. Herbal adaptogens, probiotics, seaweed, phytoplankton, krill, lignans, antioxidants, and fatty acids are also included in the supplement formulation.
• In April 2022, We are NDependent, a pet treat company, introduced its new Sticks line of dog treats. The ingredients of the treats include sweet potatoes, dandelion leaf, cinnamon, goat's milk, beef tripe, duck eggs, and krill, among other things.

Competitive Landscape

The major global players in the market include Aker BioMarine, Rimfrost AS, Kessler Zoologiewholesale GmbH & Co. KG, Qingdao Antarctic Weikang Biotechnology Co., Ltd., LazyPet Foods, GRIZZLY PET PRODUCTS, BEWITAL petfood GmbH & Co.KG, Hikari Sales USA, Inc., Northfin Fish Food, San Francisco Bay Brand, Inc.

Why Purchase the Report?

• To visualize the global krill for pet food market segmentation based on product, pet type, 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 krill for pet food 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 krill for pet food market report would provide approximately 62 tables, 56 figures and 186 Pages.

Target Audience 2023

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