North America Krill Oil Market Size, Share, and COVID-19 Impact Analysis, By Form (Liquid and Tablet), By Application (Dietary Supplements, Pharmaceuticals, Pet Food & Animal Food, and Functional Food & Beverages), and North America Krill Oil Market Insights, Industry Trend, Forecasts to 2033.

North America Krill Oil Market Insights Forecasts to 2033

• The North America Krill Oil Market Size was valued at USD 239.5 Million in 2023.
• The Market is Size Growing at a CAGR of 10.23% from 2023 to 2033
• The North America Krill Oil Market Size is Expected to Reach USD 634.3 Million by 2033

The North America Krill Oil Market Size is Anticipated to Reach USD 634.3 Million by 2033, Growing at a CAGR of 10.23% from 2023 to 2033.

Market Overview

The North America krill oil market is the marketplace that produces, distributes, and uses oil made from Antarctic krill. Omega-3 fatty acids primarily EPA and DHA found in the oil are highly sought-after for their potential to improve heart health, cognitive function, and joint health. Krill oil is frequently used in cosmetics, functional foods, and dietary supplements because of its nutritional value. The market is expanding in North America due to some factors, including increased consumer awareness of the health benefits of omega-3 fatty acids and the growing demand for sustainable, natural sources of these fats, consumers are moving away from traditional fish oils due to the superior bioavailability and environmentally friendly source of krill oil, and the rising prevalence of diseases like diabetes and cardiovascular complications has prompted consumers to incorporate health supplements into their routines. Government policies promoting sustainable fishing and environmentally friendly production processes have boosted the krill oil industry. More regulations are being introduced to promote responsible harvesting and environmental safeguarding, ensuring long-term sustainability and meeting consumer demand for sustainability. These efforts promote responsible sources of krill oil and provide consumers with assurances about environmental impact.

Report Coverage

This research report categorizes the market for the North America krill oil market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the North America krill oil market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the North America krill oil market.

Driving Factors

The increasing consumer demand for sustainable and natural health supplements is one of the major factors propelling the North American krill oil market. More people are choosing krill oil over conventional fish oils as a healthier substitute as they become more aware of omega-3 fatty acids' advantages. Krill oil's increased bioavailability, the body's capacity to absorb its nutrients more effectively further contributes to its appeal. Additionally, the market has seen a notable uptick in the use of omega-3 supplements due to the rising prevalence of lifestyle diseases like cardiovascular diseases.

Restraining Factors

The high production cost of krill oil, due to energy-intensive extraction and environmentally friendly fishing methods, may make it more expensive for consumers. Limited krill supplies and regulatory barriers may hinder market expansion and affordability, limiting its universal adoption.

Market Segmentation

The North America krill oil market share is classified into form and application.

• The liquid segment accounted for the largest share in 2023 and is expected to grow at a significant CAGR during the forecast period.

The North America krill oil market is segmented by form into liquid and tablet. Among these, the liquid segment accounted for the largest share in 2023 and is expected to grow at a significant CAGR during the forecast period. Krill oil, commonly used in liquid form, is popular due to its rapid absorption and ease of use. Its widespread popularity is attributed to its versatility, as it allows users to control their dosage to any level, making it more accessible and accessible.

• The dietary supplements segment accounted for the highest share in 2023 and is expected to grow at a significant CAGR during the forecast period.

Based on the application, the North America krill oil market is divided into dietary supplements, pharmaceuticals, pet food & animal food, and functional food & beverages. Among these, the dietary supplements segment accounted for the highest share in 2023 and is expected to grow at a significant CAGR during the forecast period. Consumer awareness of the health benefits of omega-3 fatty acids, particularly EPA and DHA, from krill oil, is driving increased use of dietary supplements for cardiovascular health, brain function, and joint well-being, making krill oil a popular choice.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the North America krill oil market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Aker BioMarine
• Enzymotec Ltd.
• KonaRed Corporation
• NutraPure
• Krill Oil USA
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In June 2024, Superba 2, Superba Boost, and NKO Krill Oil will be distributed in Canada by Aker BioMarine and IMCD under a distribution agreement. Along with promoting innovation in the creation of krill oil products, this collaboration will assist Aker in growing its market share in Canada's nutraceutical sector, which is consistent with its North American growth strategy.

Market Segment

This study forecasts revenue at North America, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the North America krill oil market based on the below-mentioned segments:

North America Krill Oil Market, By Form

• Liquid
• Tablet

North America Krill Oil Market, By Application

• Dietary Supplements
• Pharmaceuticals
• Pet Food & Animal Food
• Functional Food & Beverages