The Latin America, Middle East and Africa Krill Oil Market would witness market growth of 13.4% CAGR during the forecast period (2024-2031).
The Brazil market dominated the LAMEA Krill Oil Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $43.1 million by 2031. The Argentina market is showcasing a CAGR of 14.1% during (2024 - 2031). Additionally, The UAE market would register a CAGR of 13.1% during (2024 - 2031).
The oil is used as a nutritional supplement in animal feed to improve the health and well-being of livestock, poultry, and aquaculture species. Omega-3 fatty acids in oil promote healthy growth and development, improve feed conversion rates, and enhance the quality of meat, eggs, and dairy products. Increasing focus on preventive healthcare and wellness has led to a surge in demand for dietary supplements like this oil that support heart, brain, and joint health.
Consumers are increasingly concerned about sustainability and environmental impact. It is sourced from Antarctic krill, which is considered one of the most abundant and sustainable marine resources, making it an attractive choice for environmentally conscious consumers. It has superior bioavailability compared to traditional fish oil supplements, as it is bound to phospholipids rather than triglycerides.
As per the International Trade Administration, the United Arab Emirates leads the Gulf Cooperation Council in eCommerce sales, which surged by 53% in 2020 to a record $3.9 billion, or 10% of overall retail sales. The Dubai Chamber of Commerce and Industry signifies that eCommerce will develop $8 billion in sales by 2025 as the UAE region has nearly 100% internet and mobile phone penetration. There is a growing awareness of the importance of health and wellness among consumers in the UAE. Oil, with its omega-3 fatty acids and other beneficial nutrients, is gaining popularity as a natural and effective way to support overall health and well-being in the UAE. Thus, due to these aspects, the market will expand across the LAMEA region in upcoming years.
Free Valuable Insights: The Worldwide Krill Oil Market is Projected to reach USD 2 Billion by 2031, at a CAGR of 10.9%
Based on Product Type, the market is segmented into Liquid, Softgels and Capsules. Based on Application, the market is segmented into Dietary Supplements, Animal Food & Pet Food, Functional Food & Beverages, Pharmaceuticals and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
By Product Type
By Application
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