Global Squalene Market Size Worth $198 million by 2027- Exclusive Report by MarketsandMarkets™
The global squalene market size will grow to USD 198 million by 2027, at a CAGR of 6.8% from USD 143 million in 2022. Squalene is a natural chemical that is present in human skin, plants, and animals. It has been sourced traditionally from shark liver oil, which is known to contain 40%–60% of squalene. It is also sourced from vegetable oils such as olive oil, rice bran oil, wheat germ oil, and amaranth oil. New techniques for deriving squalane from sugarcane and other sugar sources have also been developed. The growth in cosmetics and pharmaceuticals industry coupled with the rising awareness regarding health benefits of squalene, globally are driving the growth of the squalene market.
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There are three source types for the squalene production that are commercially available; they are animal, vegetable, and biosynthetic. The animal source type accounted for the largest share, in terms of value, in 2019. Shark liver oil is the rich source of squalene followed by vegetable including olive oil, amaranth oil, palm oil, among others. Recently, squalene is also produced using sunflower and soybean oils. Vegetable sourced squalene is the second largest segment in terms of value and volume in 2019. Biosynthetic squalene is produced using genetically modified yeast and sugarcane. The skepticism over shark fishing and high cost associated with the extraction of squalene using the vegetable source, the demand for biosynthetic squalene is expected to increase during the forecast period. The availability of new renewable vegetable source such as soybean and sunflower the demand for vegetable-based squalene is expected to remain high between 2020 and 2025.
The cosmetics segment accounted for the largest share of the market in 2019. The sustainability of squalene market depends upon the skincare segment of the cosmetic industry. Squalene has various applications in all the different categories of skincare segment such as facial care, hand & body care, and sun care. Facial care accounts for two-third sales of the skincare segment, which justifies the excessive demand of squalene in the market. The demand for squalene containing products is primarily driven by the APAC market. 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. Rising awareness of dangers related to exposure to the sun is another factor contributing to the growth in the skincare sector.
Europe is estimated to be the largest market for squalene during the forecast period, in terms of value and volume. This is due to vast potential that can be realized in the near future and the growth of various end-use industries in the developed economies of Europe, such as the UK, Germany, and France. Vegetable-sourced squalene will dominate the European market accounting for almost two-thirds of the market share.
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Kishimoto Special Liver Oil Co. Ltd. (Japan), Sophim (France), Amyris (US), SeaDragon Marine Oils Limited (New Zealand), Nucelis LLC (US), Arista Industries Inc. (US), Ekiz Olive Oil & Soap Inc. (Turkey), Empresa Figueirense De Pesca, Lda (Portugal), New Zealand GreenHealth Limited (New Zealand), and Arbee BiomarineExtracts Pvt. Ltd. (India) are leading players in the squalene market. These players have a strong foothold in the global squalene market as well as a strong distribution network across the globe.
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