Global Krill for Pet Food Market to Reach $1,001.2 Million by 2031 | Key Trends
WASHINGTON — Market Overview: The global krill for pet food market reached $410.2 million in 2022 and is projected to grow to $1,001.2 million by 2031, with a compound annual growth rate (CAGR) of 11.8% from 2024 to 2031.
The increasing emphasis on pet health and wellness is a significant driver of market growth. Pet owners are becoming more attentive to their pets’ nutritional needs, seeking high-quality, natural ingredients in pet food. Rich in omega-3 fatty acids, antioxidants, and essential nutrients, krill is gaining popularity as a premium ingredient in pet food, contributing to the rising demand for krill-based products that promote overall pet health and well-being.
In October 2021, Vital Pet Life launched the Mobility Daily Joint Supplement, a functional powder for dogs and cats’ joint health. The product features four unique ingredients: alfalfa protein, krill pristine extract, organic flaxseed, and New Zealand green-lipped mussels.
Dogs dominate the market due to their large population and increasing demand for premium, nutrient-rich pet food. The Asia-Pacific region leads the krill for pet food market, driven by a growing demand for high-quality, sustainable pet nutrition.
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Market Dynamics
Focus on Omega-3s in Pet Nutrition
Omega-3 fatty acids, especially EPA and DHA, are crucial for various aspects of pet health, including skin and coat condition, joint mobility, and cognitive function. Krill is an excellent source of these essential fatty acids, offering a bioavailable and easily digestible form that maximizes their benefits for pets. As pet owners prioritize the nutritional content of pet foods, the importance of incorporating omega-3s into pets’ diets is increasingly recognized.
In May 2023, Aker BioMarine, the parent company of QRILL Pet, collaborated with researchers from the Swedish University of Agricultural Sciences to compare the efficacy of krill meal and fish meal as sources of omega-3 fatty acids in Alaskan Huskies. The study concluded that the krill meal diet was the most effective in increasing omega-3 levels, with the test group showing a 99.7% rise in omega-3 levels after the trial.
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Segment Analysis
Large Population of Dogs in Pet Ownership
Dogs make up a significant portion of the global pet population, driving higher demand for pet food products. According to the APPA’s 2021-2022 National Pet Owners Survey, out of 90.5 million pet-owning families, 69 million own dogs. This large demographic represents a substantial consumer base for krill-based pet food products.
Dogs’ dietary needs align well with the nutritional benefits offered by krill, particularly omega-3 fatty acids like EPA and DHA, which are essential for coat, skin, joint, and cognitive health. As pet owners increasingly seek premium nutrition options, the demand for krill-based dog food is rising.
Geographical Penetration
North America’s Pet Food Industry Growth
North America’s pet food industry is highly developed and continuously seeks innovative ingredients to meet pet owners’ evolving demands. According to the APPA, the U.S. spent $136.8 billion on pets in 2022, with $58.1 billion allocated to pet food and treats. Krill has gained recognition in this market for its high omega-3 fatty acid content, essential for pets’ health and well-being.
North American consumers are increasingly aware of the importance of natural and sustainable ingredients in pet food, and krill meets these criteria well. Its sustainable harvesting methods and minimal environmental impact appeal to environmentally conscious consumers. Additionally, the region’s affluent demographic and growing trend towards premium pet food products further boost the demand for krill-based pet foods.
COVID-19 Impact Analysis on Krill for Pet Food Market
Initially, the COVID-19 pandemic disrupted supply chains due to lockdown measures, affecting the harvesting and distribution of krill and leading to shortages in raw materials for pet food production. This caused fluctuations in the availability of krill-based pet food products and impacted consumer demand. Economic uncertainties led to changes in consumer spending habits, with many prioritizing essential items over premium pet food.
However, as the pandemic progressed and people spent more time at home with their pets, there was a shift towards premium and healthier pet food options, including krill-based products. This trend was driven by increased awareness of krill’s nutritional benefits and a greater focus on pet health and wellness.
Russia-Ukraine War Impact Analysis
The Russia-Ukraine war significantly impacted the global krill for pet food market, primarily affecting the fishing industry in the region. The conflict disrupted fishing activities, leading to a decrease in krill supply from these areas. This created challenges for pet food manufacturers reliant on a steady supply of krill, potentially leading to increased costs and supply chain uncertainties.
Key Developments
- In April 2021, Aker BioMarine expanded its presence in the pet food and supplement industry in Asia through new contracts and strategic alliances, making krill meal a key component of high-end pet food in China.
- In May 2022, Rimfrost invested in R&D, sales, and marketing for its distinctive line of pet krill products.
- In December 2023, Real Mushrooms launched Daily Dawg, a new multipurpose dog supplement containing herbal adaptogens, probiotics, seaweed, phytoplankton, krill, lignans, antioxidants, and fatty acids.
- In April 2022, We are NDependent introduced a new line of dog treats, including ingredients like sweet potatoes, dandelion leaf, cinnamon, goat’s milk, beef tripe, duck eggs, and krill.
Competitive Landscape
Major global players in the krill for pet food market include
- Aker BioMarine
- Rimfrost AS
- Kessler Zoologiewholesale GmbH & Co. KG
- Qingdao Antarctic Weikang Biotechnology Co., Ltd.
- LazyPet Foods
- GRIZZLY PET PRODUCTS
- BEWITAL petfood GmbH & Co.KG
- Hikari Sales USA, Inc.
- Northfin Fish Food
- San Francisco Bay Brand, Inc.
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https://www.datamintelligence.com/research-report/frozen-pet-food-market
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