As per Reports and Data’s current analysis, the global Costco krill oil Market was worth USD 445.4 million in 2020 and is expected to grow at a CAGR of 10.70% to reach USD 1,012.1 million by 2028. The market’s growth is driven by increasing consumer awareness of the health benefits of omega-3 fatty acids. China currently holds around 1/3rd of the infant formula market, with imported infant formula worth around USD 2.5 billion annually, and demand for infant milk formula is expected to grow at a rate of 10%. The market for special/premium infant formula products is also increasing due to the essential role that EPA and DHA play in infant brain development and immunity strength. Thus, the infant formula market holds the major market share for omega-3 consumer products in China.
Costco krill oil is derived from small crustaceans called krill found in extremely cold waters, primarily near the Antarctic Ocean. These organisms contain high levels of long-chain polyunsaturated fatty acids (LCPFAs), including docosahexaenoic acid (DHA) and eicosapentaenoic acid (EPA) attached to their cell membranes via phospholipids, which provide an ideal source of omega-3 fatty acids and optimum membrane fluidity in cold temperatures.
Consumption of costco krill oil is on the rise in developed regions such as Europe and North America due to increasing awareness of the importance of omega-3 fatty acids, DHA, and EPA in daily nutritional requirements. The European region has the largest market share of the global costco krill oil market, with Germany projected to witness positive growth due to increasing awareness of fatty acid deficiencies in the country. Product innovation and the introduction of costco krill oil in different product forms are expected to drive its growth in the coming years as changing consumer habits and growing knowledge about omega-3 products increase demand.
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Major Companies:
Qingdao Kangjing Marine Technology, Aker BioMarine, RB LLC, NWC Naturals LLC, Nutrigold Inc., Daeduck FRD Inc., Neptune Technologies Bioresources, Rimfrost AS, Azantis Inc.
Costco krill oil Market Growth Driving Factors and Restraints:
Growth Driving Factors:
- Increasing Awareness of Health Benefits: Costco krill oil is a rich source of omega-3 fatty acids and contains high levels of EPA and DHA, which are essential for brain development, immunity, and cardiovascular health. The rising awareness of the importance of omega-3 fatty acids in daily nutritional requirements is driving the growth of the costco krill oil market.
- Rising Demand for Infant Formula: There is a growing demand for infant formula products that contain EPA and DHA, which are crucial for infant brain development and immunity strength. The infant formula market holds the major market share for omega-3 consumer products in countries like China.
- Product Innovation: Manufacturers are investing in research and development activities to develop innovative costco krill oil products in different forms to attract consumers. The introduction of costco krill oil in various product forms such as soft gels, tablets, and capsules is driving the market’s growth.
- Growing Health Consciousness: The increasing trend of adopting healthy lifestyles, coupled with the growing awareness of the benefits of omega-3 fatty acids, is driving the growth of the costco krill oil market.
Restraints:
- Limited Availability: Costco krill oil is derived from small crustaceans called krill, which are found in extremely cold waters. The limited availability of krill restricts the production of costco krill oil, which may lead to supply constraints.
- High Price: Costco krill oil is relatively expensive compared to other sources of omega-3 fatty acids, such as fish oil. This high price may limit the adoption of costco krill oil by price-sensitive consumers.
- Sustainability Concerns: Krill is a vital part of the marine ecosystem, and its overfishing may lead to adverse effects on the food chain. The sustainability concerns surrounding the harvesting of krill may restrict the growth of the market in the future.
- Competition from Other Sources: Costco krill oil faces competition from other sources of omega-3 fatty acids such as fish oil, flaxseed oil, and algae oil. These alternatives are less expensive and readily available, which may impact the growth of the costco krill oil market.
Driving Factors of the Costco krill oil Market:
- Health Benefits: Costco krill oil is a rich source of omega-3 fatty acids, including EPA and DHA, which are essential for brain development, cardiovascular health, and immunity. The increasing awareness of the health benefits of omega-3 fatty acids is driving the demand for costco krill oil.
- Growing Demand for Infant Formula: Infant formula products containing EPA and DHA are essential for infant brain development and immunity strength. The demand for these products is increasing, and the infant formula market holds the major market share for omega-3 consumer products in countries like China.
- Product Innovation: Manufacturers are investing in research and development to create innovative costco krill oil products in different forms to attract consumers. The introduction of costco krill oil in various product forms such as soft gels, tablets, and capsules is driving the growth of the market.
- Increasing Health Consciousness: Consumers are becoming more health-conscious and seeking healthier lifestyles. The growing awareness of the importance of omega-3 fatty acids in daily nutritional requirements is driving the growth of the costco krill oil market.
- Rise in Aging Population: As the aging population increases, the demand for health supplements such as costco krill oil, which promote healthy aging, is also increasing. The aging population is likely to drive the growth of the costco krill oil market in the future.
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