This study analyzes the structure of North Pacific krill Euphausia pacifica fisheries in Japan and the value chain from producer to consumer. Krill fishery is conducted along the Pacific coast of Japan, and the catch is mainly used as frozen bait for recreational fisheries and partly for dry food. Semi-structured interviews were conducted with stakeholders of the krill industry in the Iwate and Miyagi prefectures to analyze the industrial structure from production to distribution and retail. Based on the information obtained from interviews, storefront surveys, and the available statistics, we analyzed the value chain of the krill industry, which was found to be similar to that of other seafood industries. Overall, a market mechanism is functional at each distribution stage based on the demand of anglers (consumers) and the krill market is competitive. Together with the survey results, we found that the production adjustment may benefit the producers in the short run, but create market inefficiencies and may reduce the market share and increase inexpensive substitutes. Instead, market expansion strategy by developing new krill products, or by increasing dried krill may benefit them in the long run.