What Has Been the Growth Trajectory of the Krill Meal Market?
The krill meal market has seen considerable growth due to a variety of factors.
• The expansion of the krill meal market has been significant in previous years, with its worth anticipated to rise from $1.3 billion in 2024 to $1.39 billion in 2025, at a compound annual growth rate (CAGR) of 6.5%.
The historical growth can be linked with the rising demand for sustainable seafood, expansion of the aquaculture sector, heightened awareness about health, growth in the pet food sector, and government backing for sustainable practices.
What are the Forecasted Growth and Key Factors of the Krill Meal Market?
The krill meal market is expected to maintain its strong growth trajectory in upcoming years.
• The market of krill meal is set to experience substantial expansion in the coming years, with an expected increase to $1.77 billion by 2029 at a CAGR of 6.2%.
Advancements in technology, the development of functional meals, overhauling focus on sustainability, the move towards e-commerce, and abidance to regulatory compliance are the primary trends expected throughout the forecast period. This solid growth during the forecast period can be ascribed to the surging preference for ingredients derived from the sea, heightened concentration on animal health, amplified consumer knowledge, growing demand for organic ingredients, and expansion in the dietary supplements industry.
What Are the Critical Driver Fuelling the Krill Meal Market's Growth?
The expansion of the pet food industry is anticipated to fuel the krill meal market's progress in the future. The pet food sector involves the manufacturing, distribution, and sales of varied food items created for pets, which includes dogs, cats, birds, amongst others. The growth in pet ownership, pet humanization, increased consciousness of pet diet, and the demand for high-quality, specialized pet food products contributes to this industry's rise. By delivering a superior source of protein, omega-3 fatty acids, and vital nutrients that promote pet health, particularly their skin, coat, and joint welfare, krill meal benefits the pet food industry, while simultaneously improving the taste appeal of such food products for pets. For illustration, the European Pet Food Industry Federation (FEDIAF) or the food and beverage service organization based in Belgium reported that in June 2024, annual sales of pet food items had considerably risen from €27.7 billion ($30.61 billion) in 2021, to €29.2 billion ($32.27 billion) the following year in 2022. Hence, the expanding pet food industry is indeed propelling the krill meal market.
How Is the Krill Meal Market segmented?
The krill meal market covered in this report is segmented –
1) By Type: Whole Krill Meal, De-oiled Krill Meal
2) By Source: Antarctic Krill, Other Krill Species
3) By Form: Frozen, Dried, Pelletized
4) By Distribution Channel: Direct Sales, Distributors
5) By Application: Aquaculture, Livestock Feed, Pet Food, Pharmaceuticals, Other Applications
Subsegments:
1) By High-Protein Whole Krill Meal: Low-Protein Whole Krill Meal, Whole Krill Meal For Animal Feed, Whole Krill Meal For Aquaculture, Whole Krill Meal For Pet Food
2) By De-oiled Krill Meal: High-Protein De-oiled Krill Meal, Low-Fat De-oiled Krill Meal, De-oiled Krill MealFor Animal Feed, De-oiled Krill Meal For Aquaculture, De-oiled Krill Meal For Nutritional Supplements
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What New Trends Are Influencing the Krill Meal Market?
The primary players in the krill meal market are concentrating their efforts on the creation of approved, highly nutritious krill-based products to maintain a competitive edge. These products, which include items such as krill meal or krill oil, are derived from krill, and they are abundant in protein, omega-3 fatty acids, and antioxidants like astaxanthin. For example, Aker BioMarine, a biotech firm based in Norway, obtained clearance from the United States Food and Drug Administration (FDA) in June 2022 for their QRILL Aqua and QRILL High Protein (QHP) products for use in freshwater and marine salmonids. This clearance not only grants access to safe, sustainable, and highly nutritious krill-based ingredients for salmon feeds, but it also aids in the production of high-quality, healthy fish. Moreover, this approval permits the U.S. salmon farming industry to take advantage of the established health and nutritional benefits of krill.
Who Are the Key Players in the Krill Meal Market?
Major companies operating in the krill meal market are include:
•Orkla Group
• Daesang Corporation
• BioMar Group A/S
• Shandong Luhua Group Co. Ltd.
• TripleNine Group
• Ifremer
• Aker BioMarine
• KD Pharma Group
• Nautika
• Rimfrost
• Superba
• Neptune Krill
• Colpex International
• CYT INTERNATIONAL PTE LTD
• Krill Canada Corporation
• Norwegian Fish Oil AS
• NWC Naturals Inc.
• Sirius Food
• Tharos
• Brio Foods
• La Merced
What Is The Most Dominant Region In The Krill Meal Market?
Asia-Pacific was the largest region in the krill meal market in 2024. The regions covered in the krill meal market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
