Krill Oil Market Outlook (2023-2033)
The market for krill oil can be expected to expand at a value based CAGR of 7.7% and show an increase in revenue from US$ 416.5 Mn to around US$ 357.7 Mn by 2033.
The global krill oil market is expected to witness significant growth over the forecast period. Krill oil is derived from krill, a small, shrimp-like crustacean that is found in the cold waters of the Antarctic. It is a rich source of omega-3 fatty acids, which are essential for maintaining heart health and brain function. The market is driven by factors such as the increasing demand for omega-3 supplements, the rising awareness about the health benefits of krill oil, and the growing preference for natural and organic products.
Need More Insights on Competitor Analysis of the report, Request for Sample@ https://www.persistencemarketresearch.com/samples/6721
Market Drivers:
One of the major drivers of the krill oil market is the increasing demand for omega-3 supplements. Omega-3 fatty acids are essential for maintaining heart health and brain function, and many people are turning to supplements to ensure that they are getting enough of these nutrients. Krill oil is a popular source of omega-3 fatty acids as it is highly bioavailable and contains a higher concentration of omega-3s compared to other sources such as fish oil.
Another driver of the krill oil market is the rising awareness about the health benefits of krill oil. Krill oil is rich in antioxidants, which help to reduce inflammation and protect against oxidative stress. It also contains astaxanthin, a powerful antioxidant that has been linked to a range of health benefits, including improved skin health, reduced inflammation, and enhanced immune function.
The growing preference for natural and organic products is also driving the krill oil market. Many consumers are looking for products that are free from synthetic additives and chemicals, and krill oil is a natural and organic source of omega-3 fatty acids.
Market Restraints:
One of the main challenges for the krill oil market is the limited availability of krill. Krill is a small, slow-growing species that is found only in the cold waters of the Antarctic, making it difficult to harvest in large quantities. This can lead to price fluctuations and supply shortages, which can be a hindrance to market growth.
If You want to Purchase Specific Insights By Segment/Region/Competitor, Request For Customization@ https://www.persistencemarketresearch.com/request-customization/6721
Segmentation:
The global krill oil market can be segmented by application and distribution channel.
- Based on application, the market can be segmented into dietary supplements, functional food & beverages, and pet food & animal feed.
- Based on distribution channel, the market can be segmented into supermarkets/hypermarkets, specialty stores, online stores, and others.
Regional Analysis:
The global krill oil market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Europe is expected to hold the largest share of the market owing to the high demand for omega-3 supplements in the region. North America is expected to grow at a significant CAGR owing to the rising awareness about the health benefits of krill oil in the region.
If You Want To Know The Business Opportunity/Market Value, Purchase The Premium Insight@ https://www.persistencemarketresearch.com/checkout/6721
Competitive Landscape:
The global krill oil market is highly competitive with key players such as AdvaCare Pharma, Aker Biomarine, Beijing Be-Better Technology Co. Ltd., Biocorp Co. Ltd., Bio-Mer New Zealand, IAF NETWORK S.p.A., Jarrow Formulas Inc., KLAIRE LABS, Kori, NORWAY OMEGA LTD., NOW® Foods, NutriGold Inc., NutriNZ. These players are focusing on new product launches and strategic partnerships to expand their market share. For instance, in December 2020, Aker BioMarine announced the launch of a new krill oil product, Antarctic Platinum, which is a premium, high-concentration krill oil.
The global krill oil market is expected to witness significant growth over the forecast period owing to the increasing demand for omega-3 supplements, the rising awareness about the health benefits of krill oil, and the growing preference for natural and organic products. However, the limited availability of krill can be a hindrance to market growth. The market is highly competitive with key players focusing on new product launches and strategic partnerships to expand their market share.
Read More Trending “PMR Exclusive Article”: https://www.globenewswire.com/en/news-release/2022/06/07/2457923/0/en/Krill-Oil-Market-is-projected-to-surge-ahead-at-a-CAGR-of-8-4-to-reach-US-316-Mn-by-2031.html
About us:
The Food & Beverage team at Persistence Market Research provides all the necessary insights and consulting analysis to fulfil the unique business intelligence needs of clients worldwide. With a catalogue of more than 500 reports pertaining to the latest statistics and analysis from the food & beverage industry, the team is happy to help with every business intelligence research and consulting requirement.
Contact Us:
Address – 305 Broadway, 7th Floor, New York City, NY 10007 United States
U.S. Ph. – +1-646-568-7751
USA-Canada Toll-free – +1 800-961-0353
Sales – sales@persistencemarketresearch.com
Website – https://www.persistencemarketresearch.com