Technavio has announced the top five leading vendors in their recentglobal krill oil market 2017-2021report. This market research report also lists eight other prominent vendors that are expected to impact the market during the forecast period.
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Technavio has published a new report on the global krill oil market from 2017-2021. (Graphic: Business Wire)
Competitive vendor landscape
According to the research analysis, the global krill oil marketis expected to grow at a CAGR of close to 13% during the forecast period. This will provide a large return on investment to the players in the market. The market is witnessing the entry of global as well as regional players, with the key players in the market launching innovative new products and investing in R&D to increase the production and distribution capabilities.
The market is also witnessing an increase in the mergers and acquisitions wherein large players are acquiring smaller players to strengthen their position in the market. For instance, in August 2017, Aker BioMarine acquired the krill oil division of Neptune Wellness Solutions in a deal worth USD 34 million. The number of mergers and acquisitions in the market is expected to increase along with increase in competition.
According to Manjunath Reddy, a lead food research analyst from Technavio, "Another growth driver for the market is the development of krill aquaculture. Norway has invested heavily in krill aquaculture and is the world's largest krill producer. Krill is mainly cultivated for producing krill oil and is also used as fish feed. Increasing demand for krill oil will increase krill cultivation during the forecast period. Demand for krill oil is increasing in countries such as China and Russia. In fact, China is increasing its krill harvest under government funding and seeks to become the largest producer of krill during the forecast period."
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Technaviomarket research analysts identify the following key vendors:
Aker BioMarine
Aker BioMarine is a biotech and Antarctic krill fishing company that aims to improve human and planetary health. The company is involved in the development of krill-based ingredients for nutraceutical, aquaculture, and animal feed applications. The company has its own dedicated krill fishing fleet, and its production facility is situated in Houston
Enzymotec
Enzymotec has a presence in over 30 countries and has to its credit more than 200 patents and patent applications and diverse range of products. Krill oil accounted for about 23% of the total revenue of the company in 2016. The company operates through two segments which are nutrition segment and vaya pharma segment.
Omega Protein
Omega Protein is a nutritional product company which develops, produces, and delivers healthy products worldwide to improve the nutritional value of foods, dietary supplements, and animal feeds. The company offers base concentrate omega-3 oils including krill oils and is investing in increasing its production capabilities.
Reckitt Benckiser Group
Reckitt Benckiser Group provides healthcare, hygiene, and home-care products. The company focuses on innovating its products and invests in developing and expanding its R&D capabilities. The company's business activities are classified into five business segments comprising of health, hygiene, home, food and portfolio brands.
RIMFROST
Rimfrost offers various krill products such as krill oil, krill powder, and krill oil capsules. The company operates its own krill collecting vessel, which has a rapid on-board processing technology. The company sources most of its krill from the Southern Ocean. The company is trying to expand its geographical presence by gaining access to various country markets.
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