In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
June 15th, 2022: Aker BioMarine ASA, has obtained an approval from the FDA for the usage of its QRILL Aqua and QRILL High Protein (QHP) products in freshwater and marine salmonids.
December 10th, 2020: Biocorp Co., Ltd, introduced krill oil which is containing 61% phospholipids, the highest level in the world. Whereas, previously, krill had a 56% phospholipid content.
The global krill oil market is estimated to garner a revenue of ~USD 2 Billion by the end of 2031 by growing at a CAGR of ~16% over the forecast period, i.e., 2022 – 2031. Further, the market generated a notable revenue in the year 2021. The growth of the market is primarily attributed to the growing occurrences of cardiovascular diseases (CVDs) and high cholesterol across the globe. As per the data released by the World Health Organization (WHO), globally, each year around 17.9 million people lose their lives from CVDs, which denotes 85% deaths as a result of strokes and heart attacks.
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Krill oil is derived from the oil of the tiny, translucent marine species Euphausia Superba. Over the time, krill oil has been gaining popularity in the market as an alternative to fish oil. It is high in eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA), which are omega fats found primarily in marine creatures. Omega-3 fatty acid, which is a dietary component is essential for proper body functioning. Therefore, increasing awareness about the numerous health benefits of omega-3 fatty acids associated with bone health, obesity, aging, and menopause are estimated to lead the growth of the market. For instance, by 2030, approximately 1 billion people worldwide, including 2 in 6 women and 1 in 8 men, are estimated to live with obesity.
Growing Prevalence of Stress and Anxiety – Stress and anxiety are very common but put long lasting effects on an individual’s mental health. Therefore, now people are more aware to tackle stress to stay mentally healthy. For instance, globally, the overall cases of anxiety and major depressive disorders were reached around 78 million in 2020.
Rising Number of Dysmenorrhea - Regardless of age or race, dysmenorrhea is one of the most prevalent gynecological issues among women. It is one of the causes of pelvic pain in women during their menstrual cycle. As per the report provided by the National Center for Biotechnology Information, teenagers have an 80% prevalence of dysmenorrhea. Nearly 40% of those had severe dysmenorrhea.
Increasing Geriatric Population - The geriatric population is classified as those aged 60 years and up. The phenomenon of aging brings major health issues and such issues are gaining hype with increasing geriatric population. As per the data provided by the World Health Organization (WHO), in 2019, there were 1 billion people aged 60 years and older. This figure is expected to rise to 1.4 billion by 2030 and 2.1 billion by the year 2050.
Escalating Prevalence of Arthritis - Growing prevalence of Arthritis is another factor which is leading the demand of krill oil. According to the data provided by the National Center for Chronic Disease Prevention and Health Promotion (NCCDPHP), in the US, 58.5 million individuals, or 24% of all adults, suffer from arthritis.
Increase in Digestive Diseases - Digestive diseases such as GERD, irritable bowel syndrome, constipation, and others are pretty common. So, awareness to treat such gastrointestinal issues is influencing the increased use of krill oil based tablets or capsules. 5 out of every 10 adults worldwide suffer from functional gastrointestinal disorders of variable severity.
The global krill oil market is segmented and analyzed for demand and supply by application into dietary supplements, pharmaceuticals, infant formula, and others, out of which, dietary supplements segment is estimated to have the largest market share over the forecast period on the back of the increased awareness in people to fulfill the need of essential nutrients for harnessing the optimum health benefits. For instance, in developed countries, approximately 35 to 55% of adults use dietary supplements.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Regionally, the global krill oil market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2031 backed by the growing consumer inclination for good health and wellness in the region. For instance, according to 64% of Americans, their health is now more important to them than it was before the pandemic.
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The global krill oil market is further classified on the basis of region as follows:
Our in-depth analysis of the global krill oil market includes the following segments:
Ans: Growing prevalence of stress and anxiety, rising number of dysmenorrhea, increasing geriatric population, and escalating prevalence of arthritis are some major factors driving the growth of the market.
Ans: The market is anticipated to attain a CAGR of ~16% over the forecast period, i.e., 2022 – 2031.
Ans: High costs of krill oil products, side-effects coupled with the consumption of krill oil, and deficit of proper regulation are estimated to hamper the market growth.
Ans: The market in North America is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
Ans: The major players in the market are Aker BioMarine ASA, Rimfrost AS, NutriGold, Inc., Neptune Wellness Solutions Inc., NWC Naturals Inc., Qingdao Kangjing Marine Biotechnology Co., Ltd, Jarrow Formulas, Inc., NORWAY OMEGA LTD, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by form, application, and by region.
Ans: The dietary supplements segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.