Within Asia-Pacific, the Norwegian firm noted that markets in North Asia and Oceania have developed a greater understanding of the benefits of krill oil over the years and the trend is likely to be repeated in Southeast countries. Asia (SEA) in the coming years.
speaking to NutraIngredients-Asia At Vitafoods Asia, held in Bangkok from September 20 to 22, Ross Norris, who took over as general manager of Asia Pacific in July, discussed the company’s strategies to continue growing the market.
“We will identify markets that have a good value proposition for krill oil. This means that consumers care about their health and that there is sufficient economic strength in the market.” said.
After years of market education, Japan, South Korea and China currently lead the APAC region in terms of consumer understanding of krill oil, while Australia and New Zealand have also witnessed rapid growth in recent years. one or two years.
It was previously reported that more and more Chinese consumers Consume krill oil to combat aging..
On the other hand, the growth of Australia’s krill oil market has surpassed that of the entire complementary medicine market.
By mid-2023, the market value of krill oil saw a growth of 7.2 percent, while the entire complementary medicine market grew by 1.4 percent, said Ian Chant, CEO of Aker BioMarine.
Growth is driven by the use of krill oil for joint and heart health, with Swisse and Pharmacare brands launching such products.
There is also a trend for companies to formulate krill oil with other ingredients such as glucosamine, gingko, lutein, zeaxanthin and curcumin.
Chant explained that this was because krill oil could serve as a transport platform for these bioactives, since its phospholipid structure is compatible with human cells.
Within Southeast Asia, Norris believes that Vietnam, Thailand, Indonesia and Malaysia will present good growth opportunities for krill oil consumption in the next three to five years.
“We will need to understand the likely adoption curve and so it is not just about understanding the GDP and purchasing power of consumers in these markets, but also the regulatory system, the approval process and the extent to which consumers are aware krill oil”.said.
The Philippines, for example, is one of the markets that currently has little knowledge about krill oil, compared to the aforementioned SEA countries, he noted.
Since krill oil is more bioavailable and requires a lower dosage, Chant said it could also be positioned as a more cost-effective omega-3 oil.
Additionally, a regulatory system that positions krill oil as a high-value ingredient will be helpful for market growth, Norris said.
This is seen in the case of Australia, where the listed medicine evaluated by the regulator, also known as the AUST L(A) pathway, evaluates a product based on its formulation and scientific evidence, and allows companies to enjoy up to five years of protection for new clinical trial information.
Brands such as Swisse, for example, have achieved AUST L(A) or “TGA Assessed” status for their Ultiboost High Strength deep sea krill oil.
He The product has been shown. to improve knee stiffness and physical function in people suffering from mild to moderate knee osteoarthritis.
In the rest of India, the company believes that the krill oil market is still in a nascent phase, although there is still a large long-term opportunity that requires its cultivation in the long-term market.
Krill oil for women’s health
Aker BioMarine will conduct research on the benefits of krill oil for women’s health for an upcoming study in Japan.
Although its exact functions have yet to be determined, Chant said the underlying premise was based on the effects of krill oil at a cellular level and how it could increase omega-3 levels in the body.
The company will also conduct research related to healthy aging, including joint and heart health, in Japan.
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