Global krill oil market: snapshot
In the highly competitive pharmaceutical space where manufacturing companies constantly strive to find new products with different unique perceived benefits to appeal to consumers, krill oil is rapidly growing in popularity. This is because krill oil contains fatty acids that are similar to fatty acids. Unlike other fats, these fats are beneficial because they relieve swelling, lower cholesterol, and make platelets less sticky, which reduces the chance of blood clots forming. Because of this, they’re used to treat high cholesterol, heart disease, high levels of certain blood lipids (triglycerides), cancer, high blood pressure, stroke, osteoarthritis, and even premenstrual syndrome (PMS), and painful menstrual periods.
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Such widespread uses of krill oil have resulted in its being used not only to treat a myriad of health conditions, but also to make baby foods, pet foods, and functional foods. Increasing acceptance of krill oil as a fish oil alternative should also stimulate the market in other regions.
However, harvesting krill in an economically viable and environmentally sound manner is a major challenge that is hindering the growth of the market. To meet this challenge, prominent players are developing advanced oil extraction technology to produce krill oil with improved freshness and flavor.
From a geographic perspective, Europe is the largest contributor to the global krill market in terms of sales. The market in the region will continue to expand considerably in the coming years. In contrast, the Asia-Pacific region is becoming the most attractive market due to the increasing awareness of krill oil and the demand from numerous companies that formulate dietary supplements and functional foods.
Global krill oil market: overview
Krill oil is an oil made from krill, more generally from a species of Antarctic krill called Euphausia superba. They are usually sold as capsules. Key components in krill oil are phospholipid-derived fatty acids and omega-3 fatty acids; The fatty acids are similar to fish oil. The extraction process may or may not involve the use of a solvent. The myriad benefits of krill oil make it useful in various uses such as baby food, pet food, functional foods, and are believed to be particularly useful in a variety of heart conditions.
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Global Krill Oil Market: Key Trends
The global krill oil market is being driven by the increasing demand for pharmaceutical and nutritional supplements made from krill oil and the growing acceptance of the oil as a viable substitute for fish oil. The increasing use of krill oil in the production of various functional foods has stimulated the demand for krill oil. Additionally, increasing health concerns and various medicinal benefits of krill oil are expected to drive the development of the market during the forecast period. The increasing acceptance in the manufacture of baby food should also fuel market growth in emerging regions. The dramatic decline in the Antarctic krill population and its adverse ecological impact on marine species are likely to hamper the growth of the market to some extent.
Global krill oil market: market potential
Functional food manufacturers are taking advantage of the various potential benefits of krill oil. The krill oil capsules have shown promising options in the UK as they reduce the cramping conditions associated with dysmenorrhea and reduce symptoms of premenstrual syndrome (PMS) in women. In recent years, pharmaceutical companies have been marketing krill oil as a potential source of astaxanthin – a powerful antioxidant.
Some players are keen to market krill oil supplements after removing many of the harmful compounds that may appear when packaged as a dietary supplement. Enzymotec recently announced an expanded version of its K-Real krill oil that does not contain trimethylamine (TMA) or trimethylamine oxide (TMAO). The product is manufactured in a multi-stage oil production process. Consumption of TMAO in marine products is linked to an increased risk of cardiovascular disease. In addition, advances in oil production processes are expected to fuel global demand for krill oil.
Global krill oil market: regional outlook
Currently, Europe contributes significant sales to the krill market geographically and is expected to grow at a significant pace. The Asia-Pacific region is a significant market for krill oil. The growth in the regional market is being driven by increasing awareness of the health benefits of krill oil, as well as increasing demand from multiple companies for key ingredients used in the manufacture of nutritional supplements and functional foods. The region is expected to climb at an impressive CAGR over the forecast period. Increasing acceptance of krill oil as a fish oil alternative should also stimulate the market in other regions.
Global Krill Oil Market: Competitive Analysis
Key companies operating in this market include Enzymotec Ltd., Neptune Technologies & Bioressources Inc., NutriGold Inc., RB LLC., Daeduck FRD Inc., NWC Naturals Inc., Qingdao Kangjing Marine Biotechnology Co. Ltd. and Aker BioMarine. Prominent players employ advances in oil extraction technology that help them create krill oil with improved freshness and taste.
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