Squalene has emerged as the most common choice in several end-use industries owing to surge in popularity and various beneficial properties offered for instance, UV protection, anti-aging effects etc. Moreover, Squalene is also preferred for skin care as it has UV protection and anti-aging properties.
Squalene provides UV protection and is also capable of protecting most sources of oxidative damage. Moreover, this has also fueled the use of squalene in pharmaceutical formulations to reduce its side effects. Besides this, increasing incidence of cancer is also expected to boost shipments of squalene as it is used with various medications and radiation therapies.
High investments in research and development activities are also expected to boost squalene market potential through 2032. Moreover, Biosynthetic squalene is expected to witness high demand as research bolsters over the years to come.
North America & Europe expected to dominate the market
North America leads the global market and is predicted to maintain its value during the forecast period. Moreover, higher consumer spending potential is boosting the sales of cosmetics and personal care products, which in turn drive the sales of squalene in the region.
Moreover, higher demand for dietary and nutritional supplements in the region is expected to boost the consumption of squalene supplements during the forecast period. Also, Europe is expected to be a lucrative opportunity owing to increase in focus on personal care and high spending potential of the population in this region.
Rising consumption of Dietary Supplement Supporting Market Growth
United States is the most dominant region for squalene and is also expected to follow the trend during the forecast period. Moreover, increasing awareness nutritional and dietary supplements are anticipated to offer a bright outlook in the US.
Sales of squalene supplements are anticipated to influence the growth of the market.
Animal-based squalene is preffered over vegetable-based squalene
Squalene is commonly obtained by extraction from shark liver. Moreover, the squalene is obtained through this process is pure in quality and is low priced than plant-based squalene. However, sales have been a declining trend over the past few years.
Animal-sourced squalene is expected to account for a major share during the forecast period. In the meanwhile, demand for vegetable-based squalene is expected to witness highest CAGR during the forecast period.
Consumption of squalene in cosmetic industry is expected to dominate the market
Focus on personal care has increased in the past and this has ultimately led to high demand for cosmetic and the personal care products. Moreover, rising consumer preference for good-quality products and high spending potential owing to higher disposable income are anticipated to drive the demand during the forecast period.
Squalling for skin care applications is anticipated to witness high demand during the forecast period. Moreover, demand fro squalene in pharmaceutical industry is expected to account for a substantial value in 2022.
Key players in the market are deploying innovative strategies to strengthen their market share
Key players in the market are focusing on R&D of new methods to create squalene from plant-based squalene. Moreover, Squalene companies are also adopting innovative strategies to expand their business potential and strengthen their market stance on a global level.
- In October 2020, Amyris, a key squalene supplier across the globe, announced its plans to supply non-shark squalene samples to pharmaceutical companies so that they could use them to manufacture alternative squalene for adjuvants used in the formulation of vaccines.
