Krill oil is extracted from small crustaceans, not from fatty fish. This oil contains rich amount of EPA and omega 3. Krill oil is the better source for EPA and DHA compared to fish oil, as it contains polyunsaturated fats. The fish species that are used for the krill oil extraction process are antartic krill, euphasia superba, and euphasia pacifica.
Increasing adoption of fish oil alternatives is expected to drive the krill oil market. Earlier fish oil was consumed by the people on doctor’s recommendation but the consumption has been increasing by time owing to growing awareness regarding the health benefits. Increasing awareness regarding the benefits of omega 3 fatty acids, docosahexaenoic acid (DHA), and EPA owing to health benefits as it reduces the heart diseases is expected to drive the market.
Product segment of the market includes liquid and tablets. Liquid krill oil has strong fishy taste; some people find it unpleasant. To overcome that, some of the manufacturers provide liquid krill oil that is processed to remove the unpleasant taste by adding fruit flavors and mask the taste of krill oil.
Application segment of the market includes dietary supplement, functional food & beverages, pet food & animal feed, pharmaceuticals, and others. The demand for functional food & beverages is expected to grow on account of increasing demand for health drinks for nutritional intake. Moreover, growing application in infant formulations is expected to boost the market growth over the forecast period.
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Regional segmentation includes North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe is the largest regional market owing to rising demand for krill oil in UK, Sweden, Denmark, and Norway. The high production cost of krill oil and availability of other omega 3 supplements are expected to hamper the market growth in the region.
Key players operating in the global krill oil market include Qingdao Kangjing Marine Biotechnology Co., Ltd., Aker BioMarine SA, Neptune Technologies & Bioressources Inc., Nutrigold Inc., Daeduck FRD Inc., NWC Naturals LLC, Azantis Inc., Norweigan Fish Oil, Rimfrost AS, and Viva Naturals.