Krill Meal Market Size, Share, Competitive Landscape and Trend Analysis Report, by Source, by Application, by Form : Global Opportunity Analysis and Industry Forecast, 2024-2035

Krill Meal Market Research, 2035

The global krill meal market size was valued at $208.4 million in 2023, and is projected to reach $416.5 million by 2035, growing at a CAGR of 6% from 2024 to 2035. Antarctic krill, tiny crustaceans that live in the Southern Ocean, are the source of krill meal, a nutrient-dense protein source. It is frequently used in pet food, cattle feed, and aquaculture because of its high protein content, astaxanthin, a potent antioxidant, and important omega-3 fatty acids (EPA and DHA). For fish, shrimp, and poultry, krill meal increases feed efficiency, strengthens the immune system, and promotes growth. It also acts as a sustainable substitute for conventional fish meals. It is a great component of high-end animal nutrition products due to its digestibility and bioavailability, which supports ecologically friendly fishing methods while enhancing general health and performance.

MARKET DYNAMICS

Since krill meals have a high protein and omega-3 fatty acid content, their market is driven by the growing demand for premium animal feed, aquaculture, and pet food applications. The market is expanding because of the increasing popularity of krill meals, which are made from Antarctic krill (Euphausia Superba) and are a sustainable substitute for fishmeal. Shrimp, salmon, and other farmed species are becoming more dependent on krill meals as a nutritional supplement due to the growing worldwide aquaculture sector, particularly in Asia-Pacific and Latin America. Additionally, because of its health benefits—such as bettering joint health, cognitive function, and skin issues in pets —krill meal has attracted more attention from the pet food industry.

The efficiency and output of krill harvesting and processing have been greatly increased by technological developments, opening krill meal to a greater variety of sectors. However, market expansion is hampered by strict krill fishing rules, especially those enforced by the Commission for the Conservation of Antarctic Marine Living Resources (CCAMLR). The krill meals market is heavily impacted by sustainability concerns since overfishing and ecological disturbances may influence future availability. Major market participants are making significant investments in environmentally friendly harvesting methods and certifications to guarantee adherence to environmental regulations.

Companies are adding krill meals to functional animal nutrition solutions, resulting in a surge in product innovation in the market. Interest in krill meals as a useful component for strengthening the immune systems of livestock and aquaculture species is also being led by the potent antioxidant astaxanthin, which is derived from krill. Also supporting the market's growing trend is consumers' increasing inclination for marine-based proteins over conventional plant- or animal-based substitutes.

The high price of krill meals in comparison to more conventional fishmeal substitutes is a barrier to its potential growth. Affordability and adoption rates may be impacted by price fluctuations brought on by supply chain interruptions and seasonal krill harvesting. However, premium feed manufacturers are starting to include krill meals in their formulas due to growing knowledge of their higher nutritional value, especially in developed nations like North America and Europe.

China, Japan, and India lead the Asia-Pacific krill meal industry, which is dominated by the region's rapidly growing aquaculture sectors. The krill meal market demand is mostly driven in North America and Europe by producers of pet food and livestock feed who are looking for high-quality, sustainable protein sources. Further growing market opportunities, emerging economies in the Middle East and South America are also investigating the potential of krill meals in animal feed applications.

SEGMENTAL OVERVIEW 

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, the krill meal market 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).

BY SOURCE 

According to the krill meal market analysis, on the basis of source, the Antarctic krill segment gained a major share in the global market in 2023 and is expected to sustain its market share during the forecast period. Antarctic krill (Euphausia superba) is the main source of krill meal because of its high protein, omega-3 fatty acid, and astaxanthin content. The Commission for the Conservation of Antarctic Marine Living Resources (CCAMLR) strictly regulates krill fishing, which is primarily harvested in the Southern Ocean, to maintain sustainability. Companies like Rimfrost AS and Aker BioMarine use sophisticated harvesting methods to reduce their environmental impact. As the demand for premium marine-based nutrition rises, Antarctic krill continues to be a vital component of aquaculture, pet food, and animal feed, despite supply issues brought on by climate change and stringent regulations.

BY APPLICATION

According to the krill meal market trends, on the basis of application, the aquafeed segment gained a major share in the global market in 2023, and is expected to sustain its market share during the forecast period. The krill meals market in aquafeed applications is expanding rapidly because of its high protein content, astaxanthin, and omega-3 fatty acids, which improve fish health, feed efficiency, and growth performance. Krill meals are widely employed in high-value aquaculture species, such as salmon and shrimp, to enhance feed colors, palatability, and immunological response. It is being adopted due to the growing demand for nutrient-rich and sustainable feed substitutes. However, availability and cost are impacted by supply chain concerns and strict fishing rules. On the contrary, developments in environmentally friendly krill harvesting and rising aquafeed innovation expenditures continue to fuel krill meal market growth in important aquaculture areas.

BY FORM

On the basis of form, the powder segment accounted for the highest share of the global market share in 2023 and is expected to sustain its share during the forecast period. The powder form is becoming more popular because of its high digestibility, high omega-3 content, and protein-rich composition, which makes it a perfect ingredient for the pet food, livestock, and aquaculture industries. Fish growth rates are improved, feed absorption is improved, and animal immune systems are strengthened in the fine powder form. Sustainable sourcing is still a top priority. Asia-Pacific is the region with the highest demand, especially in economies like China and India which rely heavily on aquaculture with companies investing in environmentally friendly harvesting and processing methods. Despite supply chain challenges, the market is expanding due to continuous advancements in krill meal powder formulations and rising consumer demand for high-end animal nutrition.

BY REGION

On the basis of the region, Asia-Pacific dominated the krill meal market in 2023 and is expected to remain dominant during the krill meal market forecast period. The expanding aquaculture industry in nations like China, India, Indonesia, and Vietnam is fueling the fastest-growing krill meal market in the Asia-Pacific region. For fish and shrimp aquaculture, krill meal is a recommended feed ingredient due to its high protein and omega-3 content, which enhances growth rates and immunological function. The growing need for sustainable livestock feed and highquality pet food in the area is also driving market expansion. However, availability and cost are affected by supply chain concerns and strict fishing regulations. The region's growing need for premium feed ingredients is being met by leading companies by concentrating on sustainable sourcing and innovative processing methods. 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.

COMPETITION LANDSCAPE

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.

SOME KEY DEVELOPMENTS IN THE MARKET

• In October 2023, a U.S.-based pet food producer and Bio-Marine Ingredients Ireland Ltd. formed a strategic alliance to supply krill meal for high-end pet nutrition products.
• In August 2023, a new functional feed additive made from krill was released by Olympic Seafood AS for fish farming in Vietnam, Thailand, and Indonesia to increase aquaculture productivity.

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the market analysis from 2023 to 2035 to identify the prevailing krill meal market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the krill meal market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global market trends, key players, market segments, application areas, and market growth strategies.

  Krill Meal Market Report Highlights

Aspects	Details
Market Size By 2035	USD 416.5 million
Growth Rate	CAGR of 6%
Forecast period	2023 - 2035
Report Pages	250
By Source	Antarctic Krill North Pacific Krill
By Application	Aquafeed Animal Feed Pharmaceuticals and Nutraceuticals Dietary Supplements
By Form	Powder Pellets
By Region	North America  (U.S., Canada, Mexico) Europe  (France, Germany, Italy, Spain, UK, Russia, Rest of Europe) Asia-Pacific  (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific) LAMEA  (Brazil, Saudi Arabia, South Africa, Rest of LAMEA)
Key Market Players	GT Premium Baits, Krill Arctic Foods, BEST LLC, Qingdao Kangjing, ZVS International, Beyond Fishery, Florida Aqua Farms Inc., Aker BioMarine ASA, UK Bait Company, British Aqua Feeds

Analyst Review

According to CXOs of leading companies, the growing demand for krill meals in aquaculture, pet food, and dietary supplements is propelling the market's continuous expansion. Due to its abundance of proteins, omega-3 fatty acids, and other nutrients, krill meal—which is made from Antarctic krill—is a highly valued component of both human and animal nutrition. Krill meals are a major consumer in the aquaculture industry since they increase fish growth, feed conversion rates, and immunity in species like shrimp and salmon.

Furthermore, krill meals are being used in pet food because of their great digestibility and advantages for pet health. Growing consumer awareness of environmentally friendly and sustainable feed components is also fostering market growth, as companies concentrate on ethical krill harvesting methods to guarantee both environmental preservation and a steady supply.

However, the market's expansion is hampered by strict laws governing krill fishing and concerns about marine biodiversity. The demand is high in the Asia-Pacific area, especially in China, because of its significant aquaculture sector, but North America and Europe are increasingly becoming important markets because of the rising need for high-end pet food and dietary supplements.

The top market companies are spending money on R&D to advance processing methods, raise the standard of their products, and investigate novel uses. The competitive environment is being influenced by strategic alliances and acquisitions, which enable companies to access a wider audience. The market for krill meals is anticipated to continue growing in the upcoming years because of the growing emphasis on sustainable marine resources and functional feed additives.

Author Name(s) : Jaya Bundele | Roshan Deshmukh

Related Tags

• Antarctic Krill
• North Pacific Krill
• Aquafeed
• Animal Feed
• Pharmaceuticals And Nutraceuticals
• Dietary Supplements