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The Squalene Market size is estimated to grow by USD 64.75 million between 2022 and 2027 exhibiting a CAGR of 7.36%.Squalene is a natural 30-carbon triterpene. It is an oily liquid hydrocarbon found in plants and animals. Squalene is largely found in shark liver oil as it contributes approximately one-third of the body weight of the fish. In recent years, squalene has also been derived from renewable plant sources such as rice bran oil, olive oil, wheat germ, and amaranth oil.
The growth of the market depends on several factors, such as increasing acceptance of UVA/B filters in sunscreens and sun protection cosmetics, rising prevalence of chronic diseases, and increasing demand for anti-aging products.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing acceptance of UVA/B filters in sunscreens and sun protection cosmetics is the key factor driving the growth of the market. Over the past few years, the depletion of the ozone layer has become a major problem. This increases UV exposure, which can cause skin cancer and cataracts. Skin cancer is one of the most common types of cancer in the US, with approximately 9,500 people diagnosed with skin cancer each day in the US. To prevent such conditions, dermatologists recommend using a waterproof sunscreen with SPF 30 or higher.
Moreover, it has been found that people who use sun cream daily have 24% less skin cancer. The growing concerns about ozone depletion have increased the demand for sunscreen. Manufacturers of sunscreen products use squalene to increase UV protection and protect the skin from sunburn and damage. Therefore, these benefits will increase the demand for squalene in sunscreen cosmetics, further driving the growth of the global squalene market during the forecast period.
The availability of multifunctional cosmetic products is the primary trend in the market. There is an increasing tendency to integrate various functions into a single cosmetic product. Although these products are expensive, they are in high demand in the market. Products containing both hydrates and antioxidants are popular with consumers, and market players are focusing on these products to meet the growing demand.
Furthermore, squalene, which has various effects such as lubrication, moisturizing, surface activation, and skin conditioning, is used in the production of these multifunctional cosmetics. For example, manufacturers produce night eye creams containing squalene to reduce dark circles and puffiness under the eyes. Moreover, the demand for multifunctional cosmetics is expected to increase during the forecast period, which will have a positive impact on the growth of the squalene market.
Stringent clinical and regulatory policies affect the growth of the squalene market. Squalene products are used in important health-related medical applications. So, healthcare providers should follow both premarket and postmarket reviews of medicines used in the clinic. The European Union has established regulations to monitor the safety and performance of medicines used in clinical processes. For example, many regulators insist that drug distributors register drugs for human use.
Moreover, manufacturers of squalene used for medical applications must comply with these regulations set by regulatory bodies such as the FDA, European Medicines Agency (EMA), and Pharmaceuticals and Medical Devices Agency (PMDA). This is due to the high risk of squalene being used in medical applications. The use of these substances in the human body is a high risk. Hence, these factors will impede the growth of the global squalene market during the forecast period.
This report extensively covers market segmentation by End-user (cosmetic and personal care products, food supplements, and pharmaceutical), Type (vegetable, animal, and biosynthetic), and Geography (Europe, APAC, North America, South America, and Middle East and Africa).
The cosmetics and personal care products segment is estimated to witness significant growth during the forecast period. In the cosmetics and personal care industry, squalene is used to manufacture hair products, bath oils, makeup foundations, lipsticks, eye makeup, moisturizing creams, suntan, sunscreen products, nail products, cleansing creams, body powders, and skincare products. Squalene is used as a lubricant, moisturizer, surface active agent, hair and skin conditioning agent in these products.
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The cosmetics and personal care products segment was the largest segment and was valued at USD 84.79 million in 2017. Skin and hair care products make up a large part of the global cosmetics industry. Demand for premium cosmetics is steadily increasing as consumers increase their spending on quality cosmetics. Similarly, the market for other personal care products such as hair care, nail care, and eye care products is also growing significantly, increasing the demand for squalene. Hence, these factors are expected to grow the demand for squalene during the forecast period.
Based on type, the market is categorized into vegetable, animal, and biosynthetic.
Europe is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The major end-user segments of the squalene market, such as pharmaceuticals and cosmetics, offer great growth opportunities for the European market. The growth of the European healthcare industry is driven by countries such as Germany, France, the Netherlands, and Sweden. These countries have a high concentration of elderly populations, and governments are increasing healthcare budgets to expand healthcare infrastructure. Also, anti-aging products make up the largest segment of the European facial care market. Germany was the largest contributor to the facial care products market in 2022. As new product launches increase, the demand for premium products is growing, and the market in this region is anticipated to grow significantly during the forecast period.
In 2020, the outbreak of COVID-19 boosted the growth of the squalene market in the region. The significant rise in the number of COVID-19 cases propelled the demand for vaccines to contain the spread of the virus. COVID-19 vaccine formulations contain high levels of squalene to ensure efficacy. Thus, the launch of a vaccination campaign in 2021 has increased the demand for squalene. The increasing demand for such drugs is due to their high efficacy in treating chronic diseases. Hence, increasing the use of squalene in the manufacture of vaccines against such chronic diseases will drive the growth of the regional squalene market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Squalene Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Amyris Inc.: The company offers naturally produce sugarcane derived squalene.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
ARISTA INDUSTRIES, BOCSCI Inc., Cibus, Croda International Plc, Evonik Industries AG, Gracefruit Ltd., KISHIMOTO SPECIAL LIVER OIL CO. LTD., KURARAY Co. Ltd., LBB Specialties LLC, MacroCare Tech Ltd., Majestic Mountain Sage Inc., Maruha Nichiro Corp., Maypro Group, Micro Capsule Technologies, New Zealand Green Health Ltd., Parchem Fine and Specialty Chemicals Inc., Seadragon, Sophim, and VESTAN
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The squalene market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Squalene Market Scope |
|
Report Coverage |
Details |
Page number |
164 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.36% |
Market growth 2023-2027 |
USD 64.75 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
6.5 |
Regional analysis |
Europe, APAC, North America, South America, and Middle East and Africa |
Performing market contribution |
Europe at 37% |
Key countries |
US, China, Japan, France, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Amyris Inc., ARISTA INDUSTRIES, BOCSCI Inc., Cibus, Croda International Plc, Evonik Industries AG, Gracefruit Ltd., KISHIMOTO SPECIAL LIVER OIL CO. LTD., KURARAY Co. Ltd., LBB Specialties LLC, MacroCare Tech Ltd., Majestic Mountain Sage Inc., Maruha Nichiro Corp., Maypro Group, Micro Capsule Technologies, New Zealand Green Health Ltd., Parchem Fine and Specialty Chemicals Inc., Seadragon, Sophim, and VESTAN |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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