Krill Meal Market Expected to Reach $416.5 Million by 2035

According to a new report published by Allied Market Research, titled, “Krill Meal Market," The krill meal market size was valued at $208.40 million in 2023, and is estimated to reach $416.5 million by 2035, growing at a CAGR of 6% from 2024 to 2035.

Krill meals, made from Antarctic krill, are a popular protein source for aquaculture, pet food, and dietary supplements. Their high omega-3 fatty acid content enhances fish growth and pet health. Global market expansion is driven by environmentally friendly feed ingredients and sustainable harvesting practices.

The aquaculture, pet food, and nutritional supplement industries' growing demand is driving the market for krill meals. A vital component of many animal feeds, krill meals are made from Antarctic krill and is a very nutritious protein source that is high in omega-3 fatty acids, astaxanthin, and necessary amino acids. Since krill meal promotes fish growth, feed efficiency, and immunity, particularly in species like salmon and shrimp, the aquaculture industry is a significant consumer. It is anticipated that the growing demand for premium aquafeed ingredients will fuel market expansion due to the increased consumption of seafood globally.

The popularity of krill meals in the pet food business is also on the rise because of its health benefits, which include better joint, skin, and coat health for pets. Krill meal is a natural, highly digestible ingredient that manufacturers are using due to the trend toward premium and functional pet food products. Further driving market expansion is the growing use of krill meals in livestock and poultry feed.

Krill meals are also becoming more popular in the pet food sector because of their health benefits, which include better skin, hair, and joint health for pets. Manufacturers have been compelled to include krill meal as a natural, highly digestible ingredient due to the trend toward high-end and functional pet food products. Krill meals are also becoming more popular in animal and poultry feed, which is driving the market's expansion and creating lucrative krill meal market opportunities.

The krill meal market is greatly influenced by sustainability and environmental concerns. Krill harvesting regulations have become more stringent as a result of overfishing and the preservation of marine biodiversity. Major industry participants are concentrating on sustainable harvesting practices that have been approved by groups like the Marine Stewardship Council (MSC) to guarantee resource availability over the long term.

The market is dominated by the Asia-Pacific region, especially China, because of its extensive aquaculture sector. The market is being further stimulated by the rising demand for premium fish feed in nations like South Korea, Japan, and India. Meanwhile, due to the growing demand for high-end pet food and dietary supplements that contain nutrients derived from krill, North America and Europe are becoming important markets.

Krill meal market trends show that companies are continuing to innovate by investing in innovative processing technology to increase the bioavailability and effectiveness of krill meal. It is anticipated that research projects, acquisitions, and strategic alliances will influence the competitive environment. Additionally, the increasing popularity of omega-3- rich diets and functional nutrition is probably going to open new possibilities for the use of krill meals in dietary supplements for people.

The krill meal market is segmented on the basis of source, application, form, and region. Depending on the source, the market is classified into Antarctic krill and North Pacific krill. By application, it is segregated into aquafeed, animal feed, pharmaceuticals & nutraceuticals, and dietary supplements. Depending on the form, it is divided into powder and pellets. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Italy, Spain, and the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, UAE, South Africa, Saudi Arabia, and rest of LAMEA).

Players operating in the global krill meal market have adopted various developmental strategies to expand their krill meal market share, increase profitability, and remain competitive in the market. Key players profiled in this report include Qingdao Kangjing, British Aqua Feeds, UK Bait Company, GT Premium Baits, ZVS International, BEST LLC, Beyond Fishery, Florida Aqua Farms Inc., Krill Arctic Foods, and Aker BioMarine ASA.

KEY FINDINGS OF STUDY

· According to the krill meal market analysis, on the basis of source, the North Pacific krill segment is projected to witness the highest CAGR of 7.0%, in terms of revenue, during the krill meal market forecast period.

· On the basis of application, the aquafeed segment is expected to dominate the market from 2023 to 2035.

· According to the krill meal market demand, on the basis of form, the powder segment is expected to dominate the market from 2023 to 2035.

· On the basis of country, the U.S. was the largest market for the krill meal industry in 2023, in terms of revenue generation in North America.

· On the basis of the region, LAMEA is anticipated to witness the highest krill meal market growth rate, registering a CAGR of 6.9% from 2023 to 2035.