The report "Squalene Market by Source Type (Animal Source (Shark Liver Oil), Vegetable Source (Olive Oil, Palm Oil, Amaranth Oil), Biosynthetic (GM Yeast), End-use Industry (Cosmetics, Food and Pharmaceuticals) and Region - Global Forecast to 2027", will grow to USD 198 million by 2027, at a CAGR of 6.8% from USD 143 million in 2022.
Browse 304 market data Tables and 55 Figures spread through 233 Pages and in-depth TOC on "Squalene Market by Source Type (Animal Source (Shark Liver Oil), Vegetable Source (Olive Oil, Palm Oil, Amaranth Oil), Biosynthetic (GM Yeast), End-use Industry (Cosmetics, Food and Pharmaceuticals) and Region - Global Forecast to 2027"
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This growth is primarily triggered by the growing demand for cosmetic products. The cosmetics industry stands to be the growing segment, owing to the increasing consumer awareness, along with higher consumer spending power for natural cosmetics and personal care products. Squalene is found in several moisturizers and face creams due to its immense benefits for the skin, and it is a prominent ingredient in anti-aging creams. The growing demand for natural ingredients (especially plant-derived), for cosmetic and personal care products by consumers because of the harmful effects of fossil fuel sources is most likely to drive the squalene market.
Vegetable-source is estimated to be the largest source type of squalene market in 2021
Vegetable-sourced squalene accounted for the largest share of the global squalene market, in 2021. It is costlier than animal-sourced squalene due to the lower concentration of squalene. With new technologies and bigger centralized production units, the prices are expected to decrease marginally in the future. The disapproval and regulations restraining the hunting of sharks have popularized the vegetable sources for obtaining squalene. Also, the increasing demand for cosmetic products is driving the market for vegetable-sourced squalene.
Cosmetics is estimated to be the largest end-use industry of squalene market in 2021
The cosmetics industry accounted for the largest share of the global squalene market, in 2021. The demand for good quality natural cosmetics has been the main driver for the growth of the market. The cosmetics industry is usually divided into five main business segments: skincare, haircare, makeup, fragrances, and toiletries. Squalene is used in various skin care products such as creams, shampoos, soaps, and other cosmetic products. The growing awareness of dangers related to exposure to the sun is a key factor contributing to the growth of the market in the skincare segment of the cosmetics industry.
Asia Pacific is projected to be the fastest growing market for squalene during the forecast period.
Asia Pacific is projected to be the fastest-growing market, in terms of value, during the forecast period. Increasing disposable income of the middle-class population and awareness regarding the benefits of squalene on human health are supporting the growth of the market in the region. Also, the demand for COVID-19 vaccination in this region is driving the market for animal-sourced squalene.
The key market players profiled in the report include Amyris, Inc (US), SOPHIM (France), Merck KGaA (Germany), Kishimoto Special Liver Oil Co., Ltd. (Japan), Empresa Figueirense De Pesca (Portugal), Arbee (India), Oleicfat S.L. (Spain), NZ Green Health Ltd. (New Zealand), Otto Chemie Pvt. Ltd. (India) and Cibus (US), among others.
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