According to the World Health Organization, every person should consume one-two fish in a week to maintain a risk-free and healthy lifestyle. Fish oil is rich in omega-3 fatty acids, which lowers cardiac risk, improves the immune system, bone health, and eyesight with anti-inflammatory benefits. Nowadays, an alternative to fish oil has been introduced in the marketplace. Studies show krill oil has a higher amount of omega-3 fatty acids, which is readily absorbed by our body as compared to fish oil. Krill oil consists of two types of omega-3 fatty acids- eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA) present in the form of phospholipid molecules. Krill oil, generally found in the Antarctic and Pacific region, is extracted from tiny crustaceans called euphausiasuperba and euphausiapacifica.
In the year 2018, the Global Krill Oil Market size stood at $430 million, according to the finding of an IndustryARC study, and is expected to grow with a compound annual growth rate (CAGR) of 13.4% during the forecast period of 2019-2025. The report is titled “Krill Oil Market: By Packaging (Bottle, Jar, Liquid Pump, Others), By Form (Liquid, Capsule, Others), By Distribution Channel (Large Retailers, Online Portals, Pharmacies, Others), By Application (Food, Pharmaceuticals, Animal Food, Dietary Supplements, Others,), Geographic Analysis -Forecast (2019-2025).” According to the European Union, Europe imports 6.4 million tons of fish throughout the world and its industry employs approximately 350,000 people. Resultantly, Europe held the largest regional share of the krill oil market in 2018 at 35%.
Global Krill Oil: Market Demand:
The krill oil market is experiencing high demand from its end-user industry. By application, krill oil is not only limited to food and beverage industry, but has spread to different sections including the pharmaceutical industry, dietary supplements, animal food, and so on. With its potential health benefits, krill oil has found its most prominent application in dietary supplements. This application segment is expected to grow with a CAGR of 13.8% during the forecast period of 2019-2025. Used in edible oil and food products such as milk and yogurt, it has also gained a place in medicinal use to help reduce cardio disease and improve Attention Deficit Disorder (ADD). Consumed as soft gels and capsules, krill oil supplements provide an effectively functioning and better immune system. Their capsules are a great source of healthy fat and help in shielding our body from inflammation and reduces arthritis. These factors are helping the krill oil market grow and generate high demand from the international market.
Trendsetting Leading Krill Oil Market Competitors
There is a pool of companies leading the global krill market including Aker BioMarine SA, Neptune Technologies &Bioressources Inc., Enzymotec Ltd., Qingdao Kangjing Marine Biotechnology Co., Ltd., Azantis Inc., RB LLC., Olympic Seafood AS, Daeduck FRD Inc., NWC Naturals Inc., NutriGold Inc., and many more. Aker BioMarine SA is one of the krill harvesting trendsetters, developing dietary supplements and food both for mankind and animals. NutriGold Inc. is a US based company and manufactures effective krill oil soft gels with purity and quality check performed in laboratories.
With a gradual increase in the use of krill oil in dietary supplements, cooking, food processing, fisheries, animal food, pharmaceutical industries, along with a growing awareness of retaining a healthier life has opened up gates for new researches, innovation, production, and consumption of krill oil. This will boost the krill oil market and enhance its growth in the years to come.
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