Allied Market Research published a report, titled, “Squalene Market by Source (Animal, Vegetable, and Synthetic Biotechnology), End Use Industry (Cosmetics, Nutraceuticals, and Healthcare): Global Opportunity Analysis and Industry Forecast, 2021–2030.” According to the report, the global squalene industry generated $114.5 million in 2020, and is estimated to reach $241.6 million by 2030, witnessing a CAGR of 7.8% from 2021 to 2030.
Drivers, Restraints, and Opportunities
Rise of the cosmetics industry, surge in value and potential of dietary supplements, and usage of squalene as a chemo-preventive agent drive the growth of the global squalene market. However, stringent government rules and regulations restrain the market growth. On the other hand, usage as an anti-oxidant and immune system support present new opportunities in the coming years.
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Covid-19 Scenario
- Owing to disruptions in manufacturing activities in the cosmetics sector, the demand for squalene reduced considerably during lockdown restrictions imposed by governments of various countries.
- However, the demand from the healthcare and pharmaceutical sectors for squalene is estimated to recover the market soon post-pandemic.
The animal segment to maintain its dominant share in terms of revenue during the forecast period
Based on source, the animal segment held the largest market share in 2020, accounting for more than two-thirds of the global squalene market, and is projected to maintain its dominant share in terms of revenue during the forecast period. This is due to rise in the utilization of animal-based squalene in sectors such as cosmetics, pharmaceuticals, nutraceuticals, and others. However, the vegetable segment is estimated to witness the highest CAGR of 9.5% from 2021 to 2030, since most of the squalene producers are shifting to vegetable sources rather than an animal with the restrictions imposed by various governmental agencies.
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The cosmetics segment to maintain its lead position throughout the forecast period
Based on end use industry, the cosmetics segment accounted for the highest market share in 2020, holding more than four-fifths of the global squalene market, and is projected to maintain its lead position throughout the forecast period. This is attributed to increase in awareness for personal grooming activities along with rise in production of various beauty creams and lotions. However, the healthcare segment is estimated to manifest the largest CAGR of 8.2% from 2021 to 2030, owing to rise in the severity of diseases in which squalene is used as pharmaceutical ingredient.
Europe, followed by Asia-Pacific and North America, to maintain its leadership status by 2030
Based on region, Europe, followed by Asia-Pacific and North America, contributed to the highest market share in terms of revenue in 2020, accounting for nearly two-fifths of the global squalene market, and is expected to maintain its leadership status by 2030. This is due to rise in demand for squalene from cosmetics and healthcare industry along with rise in awareness for healthy lifestyles. However, Asia-Pacific is expected to portray the fastest CAGR of 8.7% during the forecast period, owing to cheap labor cost, low cost of setting up manufacturing units, and low cost of squalene in the region.
Leading Market Players
- Amyris, Inc.
- Arista Industries Inc.
- Empresa Figueirense De Pesca, Lda
- Gracefruit Limited
- Kshimoto Special Liver Oil Co., Ltd.
- New Zealand Green Health Ltd.
- Nucelis LLC
- Otto Chemie Pvt. Ltd.
- Seadragon Marine Oils Limited
- Sophim Iberia S.L.