CHICAGO, Aug. 23, 2019 /PRNewswire/ -- According to the new market research report "Squalene Market by Source Type (Animal Source (Shark Liver Oil), Vegetable Source (Olive Oil, Palm Oil, Amaranth Oil), Biosynthetic (GM Yeast]), End-use Industry (Cosmetics, Food, and Pharmaceuticals), and Region - Global Forecast to 2024" published by MarketsandMarkets™, the squalene market is projected to reach USD 204 million by 2024, at a CAGR of 7.8% from USD 140 million in 2019.
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The growth of the squalene market is primarily triggered by the growth in cosmetics and pharmaceuticals industry. Rising R&D in the oncology segment along with increasing spending on oncology medicines is expected to drive the market for squalene in the coming years. The global pharmaceuticals sales were USD 916 billion in 2016, and it has increased to USD 982 billion in 2018.
Growth in the cosmetics industry is also a driver for the squalene market. The growing cosmetics industry in emerging markets such as Brazil, China, and India; increasing consumer awareness of the usage of high-quality cosmetic products; and willingness to pay premium prices are driving the cosmetics industry at the global level. Collectively, all these reasons will support the demand for squalene in the coming years.
Animal sourced squalene is the largest segment of the squalene market.
Animal sourced squalene estimated to lead the squalene market, in terms of value, in 2019. This dominance is mainly due to low cost, high squalene content, and superior purity & efficiency in every end-use industry. The growth is expected to be the highest in the market in APAC due to the high potential of squalene demand in various end-use industries.
Cosmetics is estimated to be the largest end-use industry of the squalene market during the forecast period.
The cosmetics segment is estimated to be the largest application of squalene during the forecast period. In cosmetics, squalene has various applications in all the segments of the industry such as facial care, hand & body care, and sun care. The demand for squalene-containing products is primarily driven by the APAC market. The variables driving demand in the sector are increasing customer consciousness, risks associated with sun exposure, and readiness to pay premium rates.
Europe is estimated to be the largest market for squalene during the forecast period.
Europe is the largest market for squalene, followed by APAC and North America. Demand for high-quality cosmetic, food supplement, and end-use pharmaceutical products drives the regions squalene market. In the previous few years, the market has experienced a change from animal squalene to the vegetable sourced product. High-spending power of consumers and the increasing demand for luxury products will continue to drive the squalene market in the region during the forecast period.
The key Squalene Market players profiled in the report include as Kishimoto Special Liver Oil Co. Ltd. (Japan), Amyris (US), Sophim (France), SeaDragon Marine Oils Limited (New Zealand), Empresa Figueirense De Pesca, Lda (Portugal), Nucelis LLC (US), Arista Industries Inc. (US), Ekiz Olive Oil & Soap Inc. (Turkey), New Zealand GreenHealth Limited (New Zealand), and Arbee BiomarineExtracts Pvt. Ltd. (India).
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