Squalene Market Size
|Study Period:||2018 - 2028|
|Fastest Growing Market:||Asia Pacific|
|CAGR:||> 6 %|
*Disclaimer: Major Players sorted in no particular order
Need a report that reflects how COVID-19 has impacted this market and it's growth?
Squalene Market Analysis
The squalene market is projected to register a CAGR of over 6% during the forecast period.
- COVID-19 negatively impacted the market in 2020. Considering the pandemic scenario, manufacturing activities were temporarily stopped during the government-imposed lockdown to curb the spread of new COVID-19 cases, thereby reducing the demand for squalene-based products. However, the need for squalene to produce adjuvants for various COVID-19 vaccines significantly increased, enhancing the demand for the market studied.
- Over the short term, owing to squalene's versatile and favorable chemical properties, its application in the cosmetics and food industries is growing exponentially, consequently propelling the market growth.
- However, stringent regulations employed by the General Fisheries Commission of the Mediterranean (GFCM), North East Atlantic Fisheries Commission (NEAFC), and Commission for Conservation of Antarctic Marine Living Resources (CCAMLR) toward shark killing concerns and fishing limitations are likely to hinder the growth of the studied market.
- The study and development of squalene as an additional therapy in various cancers are projected to generate prospects for the squalene market in the coming years. The Asia-Pacific is the fastest-growing region in the squalene market, owing to the escalating consumption of squalene in cosmetics from countries such as China and India.
Squalene Industry Segmentation
Squalene is a colorless, odorless, non-toxic organic compound commercially extracted from shark liver oil. Owing to the absence of toxicity, it is thus widely used in personal care applications. Squalene oil is utilized in the cosmetics industry to fight free radicals that damage the skin and speed up aging. It is also used as an ingredient in the adjuvants of various vaccines, including influenza and COVID-19 vaccines, to enhance their efficacy.
The squalene market is segmented by source, end-user industry, and geography. By source, the market is segmented into animal sources, vegetable sources, biosynthetic, and other sources. By end-user industry, the market is segmented into cosmetics, food, pharmaceutical, and other end-user industries. The report also covers the market size and forecasts for the squalene market in 15 countries across major regions.
For each segment, market sizing and forecasts have been done based on revenue (USD million).
|Animal Source (Shark Liver Oil)|
|Vegetable Source (Olive Oil, Palm Oil, Amaranth Oil)|
|Biosynthetic (GM Yeast)|
|Other End-User Industries|
Squalene Market Trends
This section covers the major market trends shaping the Squalene Market according to our research experts:
Cosmetics Industry to Dominate the Market
- Cosmetics is the dominating segment, owing to increasing consumer awareness and higher spending power toward natural personal care and cosmetics. There is an increasing demand for long-lasting and waterproof makeup, sun protection makeup with SPF, and vitamin enhancement makeup. This, in turn, offers a lucrative opportunity to the key players in the category to innovate in the facial makeup market.
- The growth of the squalene market is likely driven by consumers' rising demand for natural ingredients, especially those derived from plants, in personal care and cosmetic products due to the adverse effects of fossil fuel sources. Due to the immense benefits of squalene on skincare, it is found in several moisturizers and face creams and is a prominent ingredient in anti-aging creams.
- According to Cosmetics Europe, the European cosmetics and personal care market was valued at about EUR 80 billion (USD 94 billion) in 2021. The largest national markets for cosmetics and personal care products within Europe are Germany (EUR 13.6 billion (USD 16 billion)), France (EUR 12.0 billion (USD 14 billion)), Italy (EUR 10.6 billion (USD 12.2 billion)), the United Kingdom (EUR 9.9 billion (USD 11.8 billion)) and Spain (EUR 7 billion (USD 8 billion)).
- Skincare (EUR 23.2 billion (USD 27 billion)) and toiletries (EUR 20.6 billion (USD 24 billion)) have the biggest market share in Europe, followed by hair-care products, fragrances/perfumes, and decorative cosmetics.
- Mexico is one of the top ten markets in the world for cosmetics and personal care goods, and it is Latin America's second-largest market for beauty products. According to the International Trade Association (ITA), the total local production of cosmetics and personal care products in Mexico in 2021 was about USD 7.15 billion. It was estimated to reach USD 7.19 billion in the year 2022.
- Furthermore, the easy availability of plant-based squalene in various regions, including Europe, Asia-Pacific, and North America, would fuel the market's growth. Therefore, the aforementioned factors are expected to impact the market in the coming years significantly.
To understand key trends, Download Sample Report
Asia-Pacific Region to be the Fastest Growing
- The Asia-Pacific region stands to be the fastest-growing market for the personal care and food industry. Factors such as strengthening the immune system, anti-aging, anti-oxidation, and UV protection properties of squalene will likely drive market growth.
- The increasing application of squalene in bath oils, eye makeup, suntan, nail products, body powders, cleansing, moisturizing, etc., and the growing demand from the cosmetic and personal care industries in countries like China and India are expected to provide thrust to the squalene market.
- China is one of the major consumers of cosmetics. In 2022, wholesale and retail companies' retail sales of cosmetics in China totaled about 393.6 billion yuan (USD 57 billion). This, though, indicated a slight decrease compared to the previous year, which had a total retail sale of about 402.6 billion yuan (USD 58.6 billion).
- China is one of the largest and fastest-growing pharmaceutical markets in the world. According to the National Bureau of Statistics (NBS) of China, in August 2022, the retail sales figure amounted to about CNY 51.92 billion (USD 7.5 billion) in China.
- India is home to one of the largest pharmaceutical industries in the world. There are more than 3000 pharma companies with over 10,500 manufacturing facilities. In 2021, India's domestic pharmaceutical market was estimated at around USD 42 billion; it is expected to reach USD 65 billion by 2024 and USD 120-130 billion by 2030. Pharmaceuticals and drugs exports from India stood at USD 24.44 billion in 2021.
- India's cosmetics and personal care segment accounts for about 51% of the total FMCG sector of the country. Due to the growing demand for the products, many companies have come up with several strategies, including expansion and product innovation, to have a strong foothold in the country. For instance, In July 2022, Godrej Consumer Products unveiled Godrej Magic Bodywash, India's first ready-to-mix body wash at just INR 45 (USD 0.57)
- Therefore, the aforementioned factors are expected to impact the market of squalene in the coming years significantly.
To understand geography trends, Download Sample Report
Squalene Industry Overview
The global squalene market is consolidated in nature, with the presence of a few large-sized players and some small players in the market. Some major companies include Amyris, Sophim, Nucelis, Vestan S.A., and Arista Industries.
Squalene Market Leaders
*Disclaimer: Major Players sorted in no particular order
Squalene Market News
- December 2022: Evonik Industries AG launched non-animal-derived squalene suitable for vaccines and other pharmaceutical applications. PhytoSquene is the first known amaranth oil-derived squalene on the market for use in adjuvants in parenteral dosage forms. It meets the demand for a secure commercial supply of non-animal-derived squalene.
- June 2022: Amyris, a US-based synthetic biotechnology ingredients firm, announced the inauguration of the production of 13 molecules, including squalene, at its plant in Brazil. The company also stated that it developed a process to produce sugarcane-derived squalene as an alternative to non-sustainable shark-derived squalene.
Squalene Market Report - Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Growing Cosmetics Industry
4.1.2 Growing Demand from the Food Industry
4.2.1 Shark Killing Concerns and Fishing Limitations
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
5.1.1 Animal Source (Shark Liver Oil)
5.1.2 Vegetable Source (Olive Oil, Palm Oil, Amaranth Oil)
5.1.3 Biosynthetic (GM Yeast)
5.1.4 Other Sources
5.2 End-User Industry
5.2.4 Other End-User Industries
18.104.22.168 South Korea
22.214.171.124 Rest of Asia-Pacific
5.3.2 North America
126.96.36.199 United States
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
5.3.4 South America
220.127.116.11 Rest of South America
5.3.5 Middle-East and Africa
18.104.22.168 Saudi Arabia
22.214.171.124 South Africa
126.96.36.199 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis**/ Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.3 ARISTA INDUSTRIES
6.4.4 Evonik Industries AG
6.4.5 Gracefruit Limited
6.4.6 Kishimoto Special Liver Oil Co. Ltd
6.4.10 Vestan S.A.
6.4.11 Wilshire Technologies
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Research and Development on Squalene for Oncology Uses
7.2 Other Opportunities
Squalene Market Research FAQs
What is the study period of this market?
The Squalene Market is studied from 2018 - 2028.
What is the growth rate of Squalene Market?
The Squalene Market is growing at a CAGR of >6% over the next 5 years.
Which region has highest growth rate in Squalene Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Squalene Market?
Europe holds highest share in 2022.
Who are the key players in Squalene Market?
Amyris, SOPHIM, Nucelis, Vestan S.A., ARISTA INDUSTRIES are the major companies operating in Squalene Market.
Squalene Industry Report
Statistics for the 2023 Squalene market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Squalene analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.