DUBLIN--(BUSINESS WIRE)--The "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 2024" report has been added to ResearchAndMarkets.com's offering.
The squalene market is estimated to grow from USD 140 million in 2019 to USD 204 million by 2024, at a CAGR of 7.8%.
The squalene market is driven mainly by increasing sales of cosmetics and pharmaceuticals. The growing cosmetics industry in emerging markets such as Brazil, China, and India; increasing consumer awareness of the usage of high-quality cosmetic products; and willingness to pay premium prices are driving the cosmetics industry at the global level.
The growth in the pharmaceuticals industry will be a major driver for the demand for squalene in the future. Increasing R&D in the oncology segment along with increasing spending on oncology medicine is expected to drive the market for squalene in the coming years. Additionally, the rising awareness about the beneficial properties of squalene such as anti-oxidation, anti-aging, strengthening of the immune system, and UV protection is driving the growth of the market.
Biosynthetic expected to be the fastest-growing segment of the squalene market, in terms of value, between 2019 and 2024
The biosynthetic segment is expected to witness the highest growth in terms of value during the forecast period. With skepticism about the shark liver oil sourced from sharks and low concentration of squalene in vegetable sources, the supply is fluctuating, keeping the prices volatile. As several limitations are introduced for shark fishing, the supply of squalene has been majorly affected. While in the vegetable sources, squalene content is very low.
Therefore tons of olives and amaranth are required to produce a small quantity of squalene. Collectively, these reasons have led to high squalene retail prices. Hence, sugarcane and other sugar-containing bio-materials have been identified as a source for producing squalene. This biosynthetic squalene is available at relatively lower prices; thus, the market for biosynthetic squalene is expected to grow at a high rate during the forecast period.
The cosmetics industry is estimated to account for the largest share of the overall squalene market, in terms of value, between 2019 and 2024
Cosmetics is the largest end-use industry of squalene due to its increasing usage in skincare products manufacturing. The demand for natural cosmetics with good quality has been the main driver for the growth of the market. The various beneficial properties and the natural occurrence of squalene is another factor responsible for the growth of this market.
APAC primarily drives the growth of squalene containing products. The rising consumer awareness of using high-quality products and willingness to pay a premium price for the products are the major factors driving the demand.
Strong foothold of cosmetics manufacturers in France to drive the demand for squalene in Europe
Europe squalene market is estimated to be the largest during the forecast period. Due to the strong foothold of the key cosmetics product manufacturers and high demand for premium beauty products. The demand for high-quality products from cosmetic, food supplement and pharmaceuticals end-use industries is driving the squalene market in the region. The market witnessed a shift from animal-sourced squalene to vegetable-sourced squalene in the past years. The trend is anticipated to remain the same in the forecast period.
France accounted for the largest share in the region, followed by Germany, the U.K., Italy, and Spain. High-spending power of consumers and the increasing demand for luxury products will continue to drive the squalene market in the region during the forecast period.
- Beneficial Properties of Squalene for Human Health
- Growth in Pharmaceutical & Cosmetic Industries
- Consumer Skepticism About Animal-Sourced Products & Limitations on Shark Fishing
- Volatile Supply of Raw Materials
- New Renewable Sources for Squalene Production
- Seadragon Marine Oils Limited
- Arbee Biomarine Extracts Pvt. Ltd.
- Kishimoto Special Liver Oil Co. Ltd.
- Empresa Figueirense De Pesca, LDA
- Nucelis LLC
- Arista Industries
- EKIZ Olive Oil & Soap Inc.
- New Zealand Green Health Ltd.
- Other Key Players
- RLR Squalene
- Cabomer Inc.
- Blueline Foods Pvt. Ltd.
- Coastal Aquatic Proteins
- CN Lab Nutrition
- Isho Genki International
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