The
global krill oil market is experiencing rapid growth owing to
increasing health awareness among consumers. Awareness regarding the
benefits of omega-3 fatty acids, eicosapentaenoic acid (EPA) and
docosahexaenoic acid (DHA) is increasing globally.
In
terms of value, the
global
krill oil market was
valued at US$ 267.7 Mn in 2014 and is expected to reach a value of
US$ 703.0 Mn by 2022, expanding at a CAGR of 12.9% during the
forecast period (2015-2022). Rising adoption of fish oil alternatives
is driving overall market growth. Initially, fish oil was only
consumed on doctor recommendation but has been increasing in recent
years owing to growing awareness regarding the health benefits. This
is turn is fuelling the demand for krill oil supplements.
On
the basis of form, the market is segmented into liquids and tablets.
In 2014, the liquid segment was valued at US$ 102.6 Mn and has been
estimated to account for US$ 115.0 Mn by the end of 2015. The tablets
segment was valued at US$ 165.1 Mn in 2014 and has been estimated to
be valued at US$ 185.7 Mn by the end of 2015. Tablets segment is
further sub-segmented as soft gels and capsules.
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On
the basis of application, the market is segmented into dietary
supplements, functional food & beverages, pharmaceuticals, pet
food & animal feed and others (infant formula). In 2014, the
dietary supplements segment was valued at US$ 107.1 Mn and is
expected to reach US$ 297.2 Mn by the end of 2022. The segment is
expected to register highest CAGR of 13.7% during the forecast
period. The functional food & beverages segment is expected to
register the CAGR of 13.1% during the forecast period, followed by
others segment with 12.9%.
Key
players in the global krill oil market include Qingdao Kangjing
Marine Biotechnology Co., Ltd., Enzymotec Ltd., RB LLC., NWC Naturals
Inc., NutriGold Inc., Daeduck FRD Inc., Aker BioMarine SA, Neptune
Technologies & Bioressources Inc., and Olympic Seafood AS
(RIMFROST AS).
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