Provided herein is a method for extracting lipid fractions from marine and aquatic animal material by acetone extraction. The resulting non-soluble and particulate fraction is preferably subjected to an additional solvent extraction with an alcohol, preferably ethanol, isopropanol or t-butanol or an ester of acetic acid, preferably ethyl acetate to achieve extraction of the remaining soluble lipid fraction from the marine and aquatic animal material. The remaining non-soluble particulate contents is also recovered since it is enriched in proteins and contains a useful amount of active enzymes. Also provided herein is a krill extract.
