Squalene Market Analysis Europe, APAC, North America, South America, Middle East and Africa - China, US, France, Germany, Japan - Size and Forecast 2024-2028

Squalene Market Size 2024-2028

The squalene market size is forecast to increase by USD 62.9 million, at a CAGR of 6.79% between 2023 and 2028.  The market's expansion hinges on several factors, including the growing embrace of UVA/B filters in sunscreens and sun protection cosmetics, the escalating incidence of chronic diseases, and the rising demand for anti-aging products.

These factors collectively drive the market's trajectory, indicating a shift in consumer preferences towards products offering enhanced sun protection and anti-aging benefits. As awareness regarding skin health and the detrimental effects of UV radiation grows, the demand for effective sun protection solutions is expected to rise. This trend, coupled with the increasing focus on preventive healthcare and the pursuit of youthful skin, is likely to fuel the market's growth in the coming years. It also includes an in-depth analysis of drivers, trends, and challenges. Our squalene market report examines historic data from 2018 - 2022, besides analyzing the current market scenario.

What will be the Squalene Market Size During the Forecast Period?

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Market Definition 

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.

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Squalene Market Dynamics

The market is a significant segment of personal care and cosmetic skin care, with key products including creams, serums, oils, and masks. Squalene, a colorless and odorless liquid, is a popular emollient due to its ability to mimic the skin's natural oils. It can be sourced from both animal (shark liver oil) and vegetable sources (olives, nutraceutical firms producing plant-based squalene). Animal-sourced squalene has faced controversy due to concerns over shark populations. In response, the cosmetics industry has shifted towards vegetable-sourced squalene. Squalene's role in skincare is multifaceted. It helps protect the skin from free radicals, aiding in the anti-aging process. Emollients like squalene are essential in personal care products as they help maintain skin moisture and elasticity. Other emollients, such as terpene oils (amaranth oil, rice bran oil), also contribute to this market's growth. Despite the benefits, it is crucial to ensure the safety and toxicity levels of these products, adhering to regulations like the Marine Mammal Protection Act (MMPA). Our researchers analyzed the market research and growth data with 2023  as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage. 

Key Squalene Market Driver

Increasing acceptance of UVA/B filters in sunscreens and sun protection cosmetics is the key factor driving the growth of the market.  The depletion of the ozone layer has led to an increase in ultraviolet radiation, resulting in skin cancer and cataracts. Skin cancer is a common diagnosis in the US, with approximately 9,500 new cases daily. Exposure to tanning beds, particularly for women under 45, increases the risk of skin cancer. To prevent these diseases, dermatologists recommend using water-resistant sunscreen with an SPF of 30 or higher. Squalene, a valuable ingredient in personal care products such as creams, serums, oils, and masks, is derived from both animal-sourced, like shark liver oil, and renewable sources, such as sugarcane, olives, and rice bran. Squalene and its derivative, squalane, act as emollients, providing moisture and cleansing properties.

However, animal-sourced squalene raises concerns regarding shark meat consumption and toxicity from contaminants. Vegetable-sourced squalene is a viable alternative, reducing the reliance on animal sources. Squalene is used in various personal care products, including lotions, hair conditioners, bath oils, lipsticks, foundations, and vaccines, where it enhances immunogenicity and adjuvant properties. Squalene's antioxidant properties help protect the skin from free radicals and the aging process. In addition to cosmetics, squalene is used in nutritional supplements and fish oil for its immune response benefits. Therefore, these benefits will increase the demand for squalene in sunscreen cosmetics, further driving the growth of the market during the forecast period. 

Significant Squalene Market Trends

The squalene derived from renewable resources is the primary trend in the market.  Squalene, a natural hydrocarbon, is a valuable ingredient in various personal care products, including creams, serums, oils, and masks. Traditionally sourced from shark liver oil, concerns over animal welfare and sustainability have led to the exploration of renewable sources. Olive oil, rich in squalene, is a popular vegetable-sourced alternative. Other raw materials include sugarcane and rice bran. Squalene is used for its emollient properties, aiding in moisturizing, cleansing, and protecting the skin from free radicals during the aging process. It is also found in lotions, hair conditioners, bath oils, lipsticks, foundations, and vaccines as an adjuvant, enhancing immunogenicity and heterologous antibody responses.

Further, animal-sourced squalene from shark liver oil has faced criticism due to its potential toxicity and impact on shark populations. Vegetable-sourced squalene, such as squalane derived from sugarcane, offers improved purity and sustainability. Squalene is also used in nutritional supplements and fish oil for its immune response benefits. Moreover, the demand is expected to increase during the forecast period, which will have a positive impact on the growth of the market.

Major Squalene Market Challenge

Stringent clinical and regulatory policies affect the growth of the market.  Stringent regulations regarding the sourcing and use of squalene pose a challenge for the personal care and cosmetics sector. The industry is facing pressure to shift away from animal-sourced squalene, particularly from shark liver oil, due to concerns about its impact on shark populations.

Additionally, regulations also focus on the sustainability of raw materials, pushing companies to use renewable sources like olives, sugarcane, and rice bran. Meeting these regulatory requirements while ensuring product efficacy and consumer safety is a complex challenge for the industry. Hence, these factors will impede the growth of the market during the forecast period.

Segmentation by End-User, Type, and Geography 

By End-User 

The cosmetics and personal care products segment is estimated to witness significant growth during the forecast period. Squalene is a valuable component in the cosmetics and personal care sector, particularly in the production of creams, serums, oils, and masks. Traditionally sourced from shark liver oil, animal-sourced squalene has raised concerns regarding shark populations and sustainability. 

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The cosmetics and personal care products segment was the largest segment and was valued at USD 89.00 million in 2018. To address this, renewable sources such as sugarcane, olives, and rice bran have emerged as alternatives. Squalene and its derivative, squalane, serve as emollients, moisturizers, and surface active agents in various personal care products, including lotions, hair conditioners, bath oils, lipsticks, foundations, and cleansing creams. In addition, squalene is used in vaccines as adjuvants to enhance immune response and in nutritional supplements for its antioxidant properties against free radicals, contributing to skin health and the anti-aging process. Vegetable-sourced squalene from olive oil, rice bran, and amaranth olive is gaining popularity as a sustainable alternative to animal-sourced squalene.

By Type 

Based on type, the market is categorized into vegetable, animal, and biosynthetic. osmetics, nutraceuticals, and healthcare. It is abundant in animal oil and can be sourced from vegetables and synthetic biotechnology. Amaranth oil is a significant vegetable source. The cosmetics sector's expansion, nutritional supplements' growing popularity, and prevalence of cancer and cardiovascular disorders drive the vegetable segment's growth in the market. Companies like GlaxoSmithKline and Sanofi S are exploring squalene for antigen dosage sparing in oncology. CureVac N and other nutraceutical firms use squalene for anti-aging products. Plant-based squalene from terpene oils in tobacco crops and Amaranth oil, Rice bran oil, and synthetic squalene are alternative sources. The plant segment's growth is attributed to renewable sources and marketing strategies.

Region Analysis

APAC is estimated to contribute 41% to the growth of the global market during the projection period.
Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the projection period.

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Another region offering significant growth opportunities to companies  is Europe. The European market holds the largest share in 2022, driven by the pharmaceutical and cosmetics industries. Key contributors include GlaxoSmithKline and Sanofi S in the pharmaceutical sector, while CureVac N focuses on the oncology segment. In the cosmetics sector, the anti-aging trend fuels demand for plant-based squalene from nutraceutical firms. Squalene is derived from tobacco crops, terpene oils, amaranth oil, rice bran oil, and synthetic sources. The plant segment is expected to witness notable growth due to the increasing preference for natural skin care products and sustainable ingredients. European Union regulations support the market's expansion, particularly in the healthcare sector, which prioritizes antigen dosage sparing and advanced medical technologies.

Key Companies

Companies are implementing various market growth and forecasting strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.

• Amyris Inc.: The company offers naturally produced sugarcane-derived squalene.

The squalene market industry 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.

Segment Overview

The squalene market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments

• End-user Outlook
  • Cosmetic and personal care products
  • Food supplements
  • Pharmaceutical
• Type Outlook 
  • Vegetable
  • Animal
  • Biosynthetic
• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Chile 
    • Brazil 
    • Argentina
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Analyst Overview

The market is a significant sector in the global Olive oil industry. Squalene is a hydrocarbon compound, primarily found in olive oil, shark liver oil, and amaranth oil. It is known for its unique properties, including its ability to act as a potent antioxidant and anti-inflammatory agent. The demand for Squalene is driven by its various applications in the cosmetics and pharmaceutical industries. In cosmetics, it is used as a moisturizer, anti-aging agent, and sunscreen. In pharmaceuticals, it is used in the treatment of various diseases, including cancer, cardiovascular diseases, and neurodegenerative disorders.

Furthermore, the market for Squalene is expected to grow significantly due to the increasing awareness of its health benefits and the rising demand for natural ingredients in personal care products. The primary sources of Squalene are olive oil and shark liver oil, with olive oil being the most popular source due to its availability and sustainability. The market is competitive, with key players including Olives oil producers, shark liver oil producers, and manufacturers of Squalene-derived products.

Additionally, the market is also witnessing the entry of new players, driven by the growing demand for natural ingredients and the increasing awareness of the health benefits of Squalene. The market for Squalene is expected to be driven by the increasing demand for natural ingredients in personal care products, the rising awareness of the health benefits of Squalene, and the sustainability of olive oil as a source of Squalene. The market is also expected to be influenced by the increasing research and development activities in the field of Squalene and its derivatives.

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What are the Key Data Covered in this Squalene Market Research Report?

• CAGR of the market forecast during the forecast period
• Detailed information on factors that will drive the growth of the market  between 2024 and 2028
• Precise estimation of the market size and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market across Europe, APAC, North America, South America, and Middle East and Africa
• Thorough market analysis and report of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

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