Squalene Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 163.46 Million |
| Market Size (2029) | USD 218.33 Million |
| CAGR (2024 - 2029) | 5.96 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Squalene Market Analysis
The Squalene Market size is estimated at USD 163.46 million in 2024, and is expected to reach USD 218.33 million by 2029, growing at a CAGR of 5.96% during the forecast period (2024-2029).
- The growing demand for squalene from the cosmetics sector and pharmaceutical industry is the major factor driving the demand for the market studied.
- However, concerns about shark killing and limitations are likely to restrain the market’s growth.
- Nevertheless, the research and development on squalene for oncology uses is expected to create new opportunities for the market in the coming years.
- Europe accounted for the highest market share and is likely to dominate the market during the forecast period.
Squalene Market Trends
Cosmetics Industry to Dominate the Market
- Squalene, renowned for its moisturizing and rejuvenating properties, is a staple in cosmetic and personal care products. Found in items like anti-aging creams, cosmetics, and sunscreens, squalene boosts the absorption and spreadability of lotions. Its ability to reduce moisture loss, fine lines, and wrinkles solidifies its status as a coveted ingredient in premium skincare.
- Squalene's role extends beyond skin care. It is integral to cosmetics, eye makeup, sunscreens, and foundations. The global cosmetic industry is witnessing rapid growth, driven by heightened consumer demand. As awareness of personal care benefits rises, so does the consumption of cosmetics, not just for beauty but also for protection against harmful UV rays. With rising disposable incomes and purchasing power, the appetite for cosmetics and personal care products continues to surge, propelling market growth.
- As reported in L'Oréal's Universal Registration Document 2023, the global cosmetic market saw an 8% growth in 2023 compared to 2022. In terms of regional contributions, North Asia and North America each accounted for 29% of the global market share in 2023, followed by Europe at 24%, Latin America at 9%, and the Saharan African region at 9%. Skin care products dominated the market with a 40% share, trailed by hair care at 21%, makeup at 17%, fragrance at 12%, and hygiene products at 10%.
- China's cosmetics market has seen rapid development over the past decade, as highlighted by the National Bureau of Statistics of China. In 2023, retail sales from wholesale and retail companies reached approximately CNY 414.17 billion (USD 58.42 billion), marking a modest year-on-year increase.
- As per the data from the United States Food and Drug Administration (FDA), the average American applies 6 to 12 cosmetic products daily, including makeup, nail polish, body wash, haircare items, moisturizers, and skincare treatments. This increase in cosmetic usage highlights a strong market demand.
- To cater to this rising demand, numerous expansion projects are underway in the cosmetics sector. A notable example is South Korea's leading cosmetics manufacturer, Cosmax, which, in September 2023, unveiled a new manufacturing facility in China in collaboration with Yatsen Holding Limited. With a hefty investment of USD 55.5 million, Cosmax targets a production goal of 30 to 40 million units monthly by 2025.
- Given these dynamics, the demand for squalene is poised to rise during the forecast period.
Europe Expected to Dominate Squalene Market
- Europe is the dominant player in the squalene market, driven by a well-established cosmetics industry and burgeoning pharmaceutical sector.
- Countries like Germany and the United Kingdom are witnessing a surge in demand for squalene across various applications, including bath oils, eye makeup, suntan products, nail care, body powders, and moisturizers.
- The European beauty and personal care market boasts a wide array of products, from lip and eye cosmetics to skincare, fragrances, and hair care items. According to Cosmetics Europe - The Personal Care Association, the market achieved a notable volume of approximately USD 60.67 billion in 2023. Key players in this market include Germany, France, Italy, the United Kingdom, Spain, and Poland.
- According to Cosmetics Europe - The Personal Care Association, Germany is the largest European cosmetics market. The leading players, such as L'Oréal Group, Unilever, Procter & Gamble, Beiersdorf AG, Shiseido Company, Revlon, the Estee Lauder Companies Inc., Riverderm AG, Skinceuticals Inc., and Natura & Co., hold the majority of the market share.
- The United Kingdom is home to many pharmaceutical companies such as Allen & Hanburys Ltd, Abbott Laboratories Inc., AstraZeneca UK Limited, GlaxoSmithKline, etc.
- There have been large-scale investments by the government and private sector in the pharmaceutical sector in the United Kingdom, which is likely to propel the demand for squalene during the forecast period.
- For instance, in January 2024, GSK announced an investment of GBP 200 million (~USD 253 million) by 2025 to enhance its supply network in the United Kingdom, including the construction of new facilities and the development of new assembly lines.
- In November 2023, Eli Lilly, a United States-based pharmaceutical company, announced its plan to build a manufacturing site in Alzey, Rhineland-Palatinate, Germany, with an investment amount of USD 2.5 billion. This facility aims to enhance the company's worldwide network for parenteral (injectable) products and device manufacturing, catering to the growing demand for the company's diverse range of medicines, including diabetes and obesity.
- However, in 2023, the food and drink manufacturing sector in the United Kingdom saw investments plummet by one-third compared to 2019. This decline was recorded due to the 5% uptick in overall manufacturing investments across the United Kingdom during the same period. Nonetheless, in August 2023, PepsiCo UK made headlines with a GBP 58 million (USD 72.2 million) investment in its Walkers brand facility in Leicester. This investment, the company's largest in a quarter-century, is earmarked for a new manufacturing line, upgraded equipment to bolster sustainability and enhanced facilities for employees.
- Given the rapid expansion of end-user industries across Europe, the demand for squalene is poised for growth in the near future.
Squalene Industry Overview
The global squalene market is consolidated in nature. The major players (not in any particular order) include Amyris Inc., Kishimoto Special Liver Oil Co. Ltd, Sophim, Nucelis, and Oleicfat SL.
Squalene Market Leaders
-
Amyris, Inc.
-
Kishimoto Special Liver Oil Co. Ltd.
-
Sophim
-
Nucelis
-
Oleicfat S.L.
*Disclaimer: Major Players sorted in no particular order
Squalene Market News
- October 2023: Evonik Industries AG introduced PhytoSquene, a GMP-quality, plant-based squalene. With this launch, Evonik aims to meet the growing demand for a reliable commercial supply of squalene, a substance traditionally extracted from shark liver oil, for pharmaceutical uses.
- May 2023: Amyris announced its partnership with Croda International PLC (Croda) to supply biotechnology-derived, pharmaceutical-grade squalene used in adjuvants to boost immune responses.
- June 2022: Amyris announced the inauguration of the production of 13 molecules, including squalene, at its plant in Brazil. The company also stated that it developed a process to produce sugarcane-derived squalene as an alternative to non-sustainable shark-derived squalene.
Squalene Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
-
4.1 Market Drivers
- 4.1.1 Growing Demand from Cosmetics Sector
- 4.1.2 Rising Demand from the Pharmaceutical Industry
- 4.1.3 Other Drivers
-
4.2 Market Restraints
- 4.2.1 Shark Killing Concerns and Limitations
- 4.2.2 Other Restraints
- 4.3 Industry Value Chain Analysis
-
4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Buyers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
-
5.1 By Source
- 5.1.1 Animal Source
- 5.1.2 Vegetable Source
- 5.1.3 Biosynthetic
- 5.1.4 Other Sources
-
5.2 By End-user Industry
- 5.2.1 Cosmetics
- 5.2.2 Food
- 5.2.3 Pharmaceuticals
- 5.2.4 Other End-user Industries
-
5.3 By Geography
- 5.3.1 Asia-Pacific
- 5.3.1.1 China
- 5.3.1.2 India
- 5.3.1.3 Japan
- 5.3.1.4 South Korea
- 5.3.1.5 Malaysia
- 5.3.1.6 Thailand
- 5.3.1.7 Indonesia
- 5.3.1.8 Vietnam
- 5.3.1.9 Rest of Asia-Pacific
- 5.3.2 North America
- 5.3.2.1 United States
- 5.3.2.2 Canada
- 5.3.2.3 Mexico
- 5.3.3 Europe
- 5.3.3.1 Germany
- 5.3.3.2 United Kingdom
- 5.3.3.3 France
- 5.3.3.4 Italy
- 5.3.3.5 Spain
- 5.3.3.6 NORDIC Countries
- 5.3.3.7 Turkey
- 5.3.3.8 Russia
- 5.3.3.9 Rest of Europe
- 5.3.4 South America
- 5.3.4.1 Brazil
- 5.3.4.2 Argentina
- 5.3.4.3 Colombia
- 5.3.4.4 Rest of South America
- 5.3.5 Middle East and Africa
- 5.3.5.1 Saudi Arabia
- 5.3.5.2 Qatar
- 5.3.5.3 United Arab Emirates
- 5.3.5.4 Nigeria
- 5.3.5.5 Egypt
- 5.3.5.6 South Africa
- 5.3.5.7 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share (%)**/ Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
-
6.4 Company Profiles
- 6.4.1 Aasha Biochem
- 6.4.2 Amyris Inc.
- 6.4.3 Arbee
- 6.4.4 Efpbiotek
- 6.4.5 Evonik Industries AG
- 6.4.6 Gihi Chemicals Co. Limited
- 6.4.7 Gracefruit Limited
- 6.4.8 Kishimoto Special Liver Oil Co. Ltd
- 6.4.9 Kuraray Co. Ltd
- 6.4.10 Nucelis
- 6.4.11 Oleicfat SL
- 6.4.12 Sophim
- 6.4.13 Unilong Industry Co. Ltd
- 6.4.14 Vestan SA
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Research and Development on Squalene for Oncology Uses
- 7.2 Other Opportunities
Squalene Industry Segmentation
Squalene, a colorless and odorless organic compound, is commercially extracted from shark liver oil and is non-toxic. Due to its non-toxic nature, squalene has extensive applications in personal care. In the cosmetics industry, squalene oil combats free radicals, which are known to damage the skin and accelerate aging. Furthermore, squalene serves as an ingredient in adjuvants for various vaccines, such as those for influenza and COVID-19, boosting their efficacy.
The squalene market is segmented by source, end-user industry, and geography. By source, the market is segmented into animal source, vegetable source, biosynthetic, and other sources. By end-user industry, the market is segmented into cosmetics, food, pharmaceuticals, and other end-user industries. The report also covers the market size and forecasts for the squalene market in 27 countries across major regions. For each segment, the market size and forecasts are provided on the basis of value (USD).
| By Source | Animal Source | |
| Vegetable Source | ||
| Biosynthetic | ||
| Other Sources | ||
| By End-user Industry | Cosmetics | |
| Food | ||
| Pharmaceuticals | ||
| Other End-user Industries | ||
| By Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Malaysia | ||
| Thailand | ||
| Indonesia | ||
| Vietnam | ||
| Rest of Asia-Pacific | ||
| By Geography | North America | United States |
| Canada | ||
| Mexico | ||
| By Geography | Europe | Germany |
| United Kingdom | ||
| France | ||
| Italy | ||
| Spain | ||
| NORDIC Countries | ||
| Turkey | ||
| Russia | ||
| Rest of Europe | ||
| By Geography | South America | Brazil |
| Argentina | ||
| Colombia | ||
| Rest of South America | ||
| By Geography | Middle East and Africa | Saudi Arabia |
| Qatar | ||
| United Arab Emirates | ||
| Nigeria | ||
| Egypt | ||
| South Africa | ||
| Rest of Middle East and Africa |
Squalene Market Research FAQs
How big is the Squalene Market?
The Squalene Market size is expected to reach USD 163.46 million in 2024 and grow at a CAGR of 5.96% to reach USD 218.33 million by 2029.
What is the current Squalene Market size?
In 2024, the Squalene Market size is expected to reach USD 163.46 million.
Who are the key players in Squalene Market?
Amyris, Inc., Kishimoto Special Liver Oil Co. Ltd., Sophim, Nucelis and Oleicfat S.L. are the major companies operating in the Squalene Market.
Which is the fastest growing region in Squalene Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Squalene Market?
In 2024, the Europe accounts for the largest market share in Squalene Market.
What years does this Squalene Market cover, and what was the market size in 2023?
In 2023, the Squalene Market size was estimated at USD 153.72 million. The report covers the Squalene Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Squalene Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Squalene Industry Report
The squalene market is segmented by source, including animal source, vegetable source, biosynthetic, and other sources. It is also segmented by end-user industries such as cosmetics, food, pharmaceuticals, and others. The market spans across various geographies including Asia-Pacific, North America, Europe, South America, and the Middle East and Africa.
The market size and market share of squalene are key indicators of its market growth. Detailed market analysis and market research reveal that squalene has a significant market value and market trends that are shaping its future. The market report provides a comprehensive market forecast and market outlook, highlighting the market segmentation and market leaders in the industry.
Industry analysis shows that the squalene market has a robust industry outlook and industry size, with industry trends indicating continuous growth. Industry reports and industry research provide valuable industry information and industry statistics that are essential for understanding market dynamics.
The market data and market review offer insights into the market predictions and market overview, making it easier to understand the market segmentation and market value. The report example and report pdf provide a detailed analysis of the market, including growth rate and industry sales. Research companies play a crucial role in compiling this data, ensuring the accuracy and reliability of the market forecast and market predictions.
Overall, the squalene market is poised for substantial growth, driven by increasing demand across various end-user industries. The comprehensive industry analysis and market research provide a clear picture of the market trends and market outlook, making it a valuable resource for stakeholders.
