KEY INTERVIEW: Growth for the Krill Oil Market

20 Dec 2016 --- RIMFROST AS, a Norwegian vertically integrated krill company offering krill oil and krill powder to the world's food supplement markets, was granted regulatory approval in Brazil back in September. The approval marked a milestone for the company, which has been working towards entering the South American market. The health and wellness market remains strong in Brazil, and consumers are increasingly looking for natural products with a high degree of added value, something that RIMFROST are sure they are able to provide.

NutritionInsight caught up with Henrik Traaholt, VP Sales, RIMFROST AS, who discussed the changes and demands for krill oil. “The Krill Market has been soft for the last year; however we have seen increased interest and movement in the krill market with our high specification Krill Oil product.” 

“Rimfrost Pristine krill powder can be formulated as a stand-alone product or mixed with other dry ingredients into tablets or capsules, thus providing our customers with a range of product combinations and marketing opportunities,” he explains. 

“We have managed to produce a Krill Oil which is very high on Omega-3 EPA/DHA, Phospholipids and Astaxanthin.”

“With this product RIMFROST can meet various approved EFSA claims and we also see that the importance of a high Astaxanthin content gives further value for the consumers.”

“We see a shift in consumer demand that they want a more potent product in small capsules, this was the background for why we developed the Ultra High krill oil last year.”

According to Traaholt consumers remain extremely positive about all the attributes of Krill – EPA/DHA with the bonus of Phospholipid and astaxanthin - and now want more of it. “The introduction of RIMFROST high PL products meets this demand,” he adds.

“The growth for the omega-3 Krill market is with high specification products. The standard krill oil has been on the market for many years so we are happy to be the first to launch next phase products,” Traaholt confirms. 

“We were the first to launch an ultra-high Krill Oil last year. Now we see this coming to the market. We believe in teaming up with the correct partner for this product so they have the motivation to invest in the products. We can deliver 3 different qualities of krill Oil; a standard Krill Oil, a high specification Krill Oil and the Ultra high RIMFROST Krill Oil. RIMFROST are also able to tailor make products for special customers.”

“This make us able to produce exclusive products for key customers based on their and the consumer needs in their markets. We can tailor-make products on omega-3 EPA/DHA, Phospholipids, Astaxantin and Choline. We recently launched a Krill Protein and Omega-3 Phospholipid powder which have been well received in the market.”

Traaholt believes this will fuel more interest to krill as an ingredient as this enables RIMFROST to enter new categories. “We also offer some blends and can work with the customer on customized blends. We are currently working on new innovations from within the powder as well as within high specification krill oils,” he notes. 

“When it comes to expansions we think that RIMFROST as a company would make market entrance to new markets, both geographical but also business. We still have a great possibility to expand our business into new market segments. Having recently received approval to sell our RIMFORST Krill Oil in Brazil and have already established very good sales with brand owners in Brazil.”

“Also, other geographical markets are showing huge interest for our products. As the leading krill company within innovation, we work strongly with the customer to deliver the innovations they want.”

Consumers trends are more moving into the high specification krill products with high levels of EPA/DHA, Phospholipids and Astaxanthin. RIMFROST can supply a high dosage easy to swallow capsule with high levels of Omega-3 EPA/DHA bound to phospholipis and astaxanthin. Traaholt believes this is what consumers want - an easy to swallow capsules with high effect. 

“Also, our Protein & Omega-3 Phospholipids powder have been very well received and supports the increasing protein trends we see globally,” he adds. 

Looking forward, RIMFROST will aim to offer different product combinations with Krill Protein powder, and with Ultra High Krill Oil products, the company can differentiate from other competitors on the market. 

“Our value chain offers us many opportunities to come with new innovative products. We believe there is a market for a Astaxanthin & Phospholipid product, this is something we can deliver moving forward,” Traaholt continues. “That product would be excellent for different products in other segments.”

As a vertical integrated company, RIMFROST have 100% traceability on their final product all the way back to Antarctica where krill is harvested. “Our products are both Marine stewardship council (MSC) and Friends of the Sea (FoS) certified, so offering sustainability credentials to our customer is important for us and the end consumers. When operating in Antarctica it’s important to operate in the best practice manner,” he explains. 

Traaholt concludes: “Sustainability is gaining ground in the marketplace among consumers; however I think that sustainability would play a more important role, when it comes to marine products, for consumers in the years to follow.”

by Hannah Gardiner and Elizabeth Kenward