Global Krill Meal Market Overview
As per MRFR analysis, the Krill Meal Market Size was estimated at 0.22 (USD Billion) in 2022.
The Krill Meal Market Industry is expected to grow from 0.25(USD Billion) in 2023 to 0.68 (USD Billion) by 2032. The Krill Meal Market CAGR (growth rate) is expected to be around 11.99% during the forecast period (2024 - 2032).
Key Krill Meal Market Trends Highlighted
The Krill Meal Market is primarily driven toward noteworthy growth due to the increasing need for eco-friendly and nutritious animal feeds, especially in the aquaculture sector. The sustainability issues surrounding fishmeal and the increasing public awareness of the health benefits of krill meal add to the market growth.
This market has further potential in the manufacture of new products which include the krill offerings in the forms of human dietary supplements as well as functional ingredients for food and beverage applications. Moreover, increasing the use of krill meal for pet food as well as animal feed is also an area with great prospects.
The recent trend in this market is the growing use of krill meals in aquaculture feeds as a result of their nutritional value and environmentally friendly nature. In addition, technological advances in krill harvesting and processing are improving the quality and efficiency of products, thereby enhancing the growth prospects of the market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Krill Meal Market Drivers
Growing Demand for Sustainable Seafood
Krill meal is a sustainable and nutritious alternative to fishmeal, which is facing increasing pressure due to overfishing. The growing global population and rising demand for seafood products are driving the need for sustainable aquaculture practices. Krill Meal offers a solution by providing a high-quality, protein-rich ingredient that can support the growth of farmed fish without depleting wild fish stocks. The Krill Meal Market Industry is expected to witness significant growth in the coming years, driven by the increasing adoption of sustainable aquaculture practices and the growing demand for seafood products.
Expansion of Aquaculture Industry
The Expansion of the Aquaculture Industry. Another major driver of growth for the Krill Meal Market Industry is the expansion of the aquaculture industry. Aquaculture refers to the cultivation of fish, shellfish, and other aquatic organisms. The aquaculture industry continues to grow due to a combination of increased demand for seafood products and the need to bolster wild fish stocks. This has led to an increase in demand for krill meal, a crucial component of aquaculture feed that provides the necessary nutrients for farmed fish.Moreover, the aquaculture industry is set to expand further in the following years.
Rising Health Consciousness
As people show an increasing tendency toward a healthier lifestyle, their diet becomes more protein-rich with less fat. Krill meal is a fantastic source of Protein and Omega-3, that is essential for a human organism. That is why there is a sustainable tendency toward increased demand for krill meal usage in food production to produce protein shakes, protein bars, protein supplements, etc.
Krill Meal Market Segment Insights
Krill Meal Market Product Type Insights
The Krill Meal Market is segmented by product type as whole krill meal and de-oiled krill meal, and it is expected that the whole krill meal segment will hold a larger share of the market during the forecast period. Moreover, the segment is also to account for the remarkable CAGR of 14.46%, while the de-oiled krill meal segment is to witness faster growth due to their rising use in the production of aquaculture feed and pet food. The key market driver is the increased demand for the analyzed product in the aquaculture sector, which is more eager to use sustainable and healthy feed options.Whole krill meal is a whole, dried, and ground krill consisting of a relatively large amount of protein, lipids, and minerals and is used as a feed for aquaculture and pet food, while de-oiled krill meal is a whole, dried krill, ground and processed to remove oil, therefore with higher protein content and typically used in high-protein feeds. The analyzed market is characterized by very high fragmentation, with a large number of small and medium-sized producers, and the top players include Aker BioMarine, Omega Protein, and Rimfrost. The companies are focusing on R to increase the quality and yield of their krill meal.With the increased demand by the large aquaculture sector to use sustainable and nutritious feeds, the market is to grow in the analyzed period.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Krill Meal Market Application Insights
The Krill Meal Market segmentation by application includes Aquaculture Feed, Pet Food, and Human Food Supplements. Among these segments, Aquaculture Feed held the largest Krill Meal Market share in 2023 and is projected to continue its dominance throughout the forecast period. The growth of the Aquaculture Feed segment can be attributed to the increasing demand for fish and seafood, owing to the rising population and changing dietary preferences. Pet Food is another significant segment, driven by the growing pet ownership and premiumization of pet food products.Human Food Supplements are a niche segment but are expected to witness steady growth due to the increasing awareness of the health benefits associated with krill meal consumption.
Krill Meal Market Source Insights
The Krill Meal Market is segmented by source into Antarctic Krill and Other Krill Species. Antarctic Krill accounted for the largest share of the market in 2023, and it is projected to continue to dominate the market over the forecast period. The growth of the Antarctic Krill segment is attributed to the increasing demand for krill meal in the aquaculture industry. Krill meal is a rich source of protein, lipids, and minerals, which makes it an ideal feed ingredient for farmed fish. The other Krill Species segment is expected to witness a steady growth rate over the forecast period.The growth of this segment is attributed to the increasing awareness of the nutritional benefits of krill meal and its growing use in the pet food industry.
Krill Meal Market Form Insights
The Krill Meal Market segmentation by Form comprises Frozen, Dried, and Pelletized. The Pelletized segment is expected to register a CAGR of 11.99%, capturing a market size of USD 0.2 billion by 2032. The increasing demand for krill meal in the aquaculture industry, particularly as a high-protein feed ingredient for farmed fish, is propelling the growth of the Frozen, Dried, and Pelletized segments.
Krill Meal Market Regional Insights
The Krill Meal Market is segmented into North America, Europe, APAC, South America, and MEA. Among these regions, APAC is expected to dominate the market in the coming years, owing to the increasing demand for krill meal in the aquaculture industry. The growing population and rising disposable income in the region are also contributing to the market growth. Europe is expected to be the second-largest market for krill meal, followed by North America. The market in South America and MEA is expected to grow at a significant pace in the coming years due to the increasing awareness of the benefits of krill meal in animal feed.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Krill Meal Market Key Players And Competitive Insights
Key Krill Meal Market players are constantly trying to develop new products and technologies that will allow them to stay afloat in a highly competitive market. Leading Krill Meal Market players are investing substantial sums of money in research and development in order to create the best possible product that will meet the requirements of the changing market. The most important factor that drives the Krill Meal Market development is the rising demand for building blocks of sustainable and nutritious meals as a Source and analysis of protein, and Omega 3 gives excellent properties to Kril. The Krill Meal Market Competitive Landscape will probably remain competitive for a long time due to the fact that the leading players will continue being consumed by the idea of innovation and the development of new products.
Aker BioMarine is a Norwegian company that is currently one of the most important Krill Meal Market players. The company is also a global leader in terms of the production of krill meal and oil. Aker BioMarine is focused on the development of sustainable methods of fishing for krill, and the company's products find many applications in the food, feed and pharmaceutical industries. The Norwegian company operates in more than fifty countries and supplies its products to over three thousand clients. Aker BioMarine is one of the largest corporations that are focused on bio marine industry. Both the company’s products and services provided to its clients are of top quality.
Another company that can be classified as an important Global Krill meat market player is Neptune Technologies Bioressources. The company’s headquarters are located in Quebec, Canada. It is a global leader in the production of krill oil and meal. As a global player, Neptune Technologies Bioressources focuses on innovativeness in terms of looking for the best available products by heavily investing in RD. The company operates in more than 50 countries worldwide.
Key Companies in the Krill Meal Market Include
Krill Meal Market Industry Developments
The Krill Meal Market is projected to grow from USD 0.25 billion in 2023 to USD 0.68 billion by 2032, exhibiting a CAGR of 11.99% during the forecast period. Rising demand for krill meal as a sustainable and nutritious feed ingredient in aquaculture, coupled with increasing awareness about its health benefits, is driving market growth. Additionally, the growing adoption of krill meal in pet food applications, owing to its high protein content and palatability, is contributing to market expansion.Recent news developments in the Krill Meal Market include:- In January 2023, Aker BioMarine announced plans to invest USD 100 million in expanding its krill harvesting and processing operations in Antarctica.- In March 2023, Neptune Krill Oil completed the acquisition of SeaDragon Marine Oils, a leading provider of krill oil ingredients.- In May 2023, the Norwegian Seafood Council launched a new marketing campaign to promote the sustainability and health benefits of krill meal.These developments indicate the growing importance and potential of the Krill Meal Market, driven by rising demand for sustainable and nutritious feed ingredients in aquaculture and pet food applications.
Krill Meal Market Segmentation Insights
Krill Meal Market Regional Outlook
North America
Europe
South America
Asia Pacific
Middle East and Africa
| Report Attribute/Metric | Details |
| Market Size 2022 | 0.22(USD Billion) |
| Market Size 2023 | 0.25(USD Billion) |
| Market Size 2032 | 0.68(USD Billion) |
| Compound Annual Growth Rate (CAGR) | 11.99% (2024 - 2032) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2023 |
| Market Forecast Period | 2024 - 2032 |
| Historical Data | 2019 - 2022 |
| Market Forecast Units | USD Billion |
| Key Companies Profiled | Enzymotec, Akerm, Nautika, Aker BioMarine, Vital Aqua, KD Pharma Group, Ifremer, Neptune Krill, Brio Foods, Biogrundia, NorSea, Omega Protein, Sirius Food, Superba, Rimfrost |
| Segments Covered | Product Type, Application, Source, Form, Regional |
| Key Market Opportunities | Increased demand for sustainable aquaculture feed Rising awareness of nutritional benefits of krill meal Growing popularity of pet food applications Expansion of krill harvesting and processing capabilities Government initiatives to promote sustainable fishing practices |
| Key Market Dynamics | 1 Growing demand for sustainable feed 2 Rising aquaculture industry 3 Increasing awareness of health benefits 4 Favorable regulatory framework 5 Technological advancements |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Krill Meal Market is projected to reach USD 0.68 billion by 2032, exhibiting a CAGR of 11.99% during the forecast period (2024-2032).
The Asia-Pacific region is expected to dominate the Krill Meal Market over the forecast period, owing to the increasing demand for krill meal as a sustainable feed ingredient in the aquaculture industry in countries such as China, Japan, and South Korea.
Krill Meal finds applications in the aquaculture industry as a source of protein, omega-3 fatty acids, and other essential nutrients for fish and shrimp feed. It is also used as a nutritional supplement in pet food and human food products.
The rising demand for sustainable and nutritious feed ingredients in the aquaculture industry, the increasing awareness of the health benefits of krill oil, and government regulations promoting the use of sustainable feed sources are key growth drivers of the Krill Meal Market.
Key competitors in the Krill Meal Market include Aker BioMarine, Rimfrost, and Pesquera Coloso. These companies hold a significant market share and are focused on expanding their production capacities and distribution networks to meet the growing demand for krill meals.
The COVID-19 pandemic had a moderate impact on the Krill Meal Market. While the initial lockdowns and disruptions in global supply chains led to a temporary decline in demand, the market has since recovered and is expected to continue growing in the coming years.
Challenges faced by the Global Krill meat market include fluctuating raw material prices, concerns about the sustainability of krill harvesting, and competition from alternative feed ingredients such as fishmeal and soymeal.
Opportunities for growth in the Krill Meal Market include the increasing adoption of sustainable feed practices in the aquaculture industry, the growing demand for krill oil as a nutritional supplement, and the development of new technologies for krill harvesting and processing.
Key trends in the Krill Meal Market include the integration of advanced technologies such as IoT and AI in krill harvesting and processing, the development of new krill-based products such as protein isolates and hydrolysates, and the increasing focus on sustainability and traceability throughout the supply chain.
The future outlook for the Krill Meal Market is positive. The growing demand for sustainable and nutritious feed ingredients, coupled with the increasing awareness of the health benefits of krill oil, is expected to drive market growth over the coming years.
Research Analyst Harshita post graduate mba in business administration from welingkar institute, mumbai and 5 years of experience in the field of product market research. as a research analyst, i have cross-domain experience in packaging, and industrial automation & equipment. i am currently looking after the research process of packaging, logistics & transportation, and industrial automation & equipment at market research future reports. my responsibilities at the organization involve handling syndicate and custom reports as well as responding to client inquiries, and organize, co-ordinate with a group of 5 to 6 persons to manage all workflows.
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