Shift toward sustainable and ethical sourcing practices is a major factor driving the squalene market revenue growth
Vancouver, Sept. 28, 2023 (GLOBE NEWSWIRE) -- The global squalene market size was USD 143.0 Million in 2022 and is expected to register a revenue CAGR of 6.3% during the forecast period, according to latest analysis by Emergen Research. Increasing pharmaceutical applications and rising demand for functional foods and supplements are major factors driving the market revenue growth. Squalene’s potential health benefits are leading to its incorporation into functional foods and dietary supplements. Research on squalene’s role as an antioxidant and potential immune system enhancer has driven interest in its use for promoting overall health and wellness.
End-use industries are significantly investing in customized formulations and rising transparency in the supply chain of products are major factors driving the market revenue growth. With the emphasis on sustainable sourcing, consumers are increasingly interested in the transparency of ingredients sourcing. Market companies are developing customized formulations to cater to specific skin types and concerns. Squalene’s versatility allows it to be incorporated into a wide range of products with varying textures and benefits.
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Environmental concerns and challenges associated with manufacturing squalene-based products are major challenges restraining the market revenue growth. The process of extracting squalene and incorporating squalene into different formulations while maintaining its stability and efficacy can be a challenge. Squalene’s susceptibility to oxidation requires careful formulation and packaging considerations. Cost management and preservation of natural qualities are major challenges restraining the market revenue growth during the forecast period.
Scope of Research
|Market size in 2022||USD 143.0 Million|
|Revenue forecast to 2032||USD 264.7 Million|
|Base year for estimation||2022|
|Quantitative units||Revenue in USD Million and CAGR in % from 2023 to 2032|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Application, type, and region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Country scope||U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA|
|Key companies profiled||Merck KGaA, Amyris, Bruker, Sophim, Kishimoto Special Liver Oil Co., Ltd., Arbee, Otto Chemie Pvt. Ltd., Oleicfat, s.l., CarboMer, and Clariant|
|Customization scope||10 hours of free customization and expert consultation|
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Major Companies and Competitive Landscape
The global squalene market is fairly fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective squalene products. Some major players included in the global squalene market report are:
- Merck KGaA
- Kishimoto Special Liver Oil Co., Ltd.
- Otto Chemie Pvt. Ltd.
- Oleicfat, s.l.
- On 23 August 2021, Amyris, Inc., which is a leading synthetic biotechnology company based in California, U.S., announced the launch of Rose Inc., which is a clean color cosmetics brand. Rose Inc.'s products are multifaceted: they are simple and effective, clean and clinically proven, sensual and long-lasting. Amyris' non-comedogenic formulas are created using proprietary bioengineered and sustainably sourced ingredients such as Squalane, a pure, sustainable, and plant-derived moisturizer that adds weightless hydration, and Hemisqualane, a sustainable and naturally derived alternative to fluid silicones and Cyclomethicone.
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Some Key Highlights From the Report
- The vegetable Source segment accounted for a moderately large revenue share in 2022. Regulatory approval and increasing focus on sustainability are major factors driving revenue growth of this segment. The shift to vegetable-derived squalene is a response to ethical and environmental concerns associated with shark-derived squalene. As consumer awareness of these issues continues to grow, the demand for squalene sourced from sustainable and plant-based origins is likely to increase.
- The pharmaceutical segment accounted for a moderately large revenue share in 2022. Significant investments in vaccine development and increasing focus on enhancing efficacy in vaccines are major factors driving revenue growth of this segment. Squalene has been explored as an adjuvant in vaccine formulations. Adjuvants are added to vaccines to enhance the body’s immune response to the antigen. Squalene’s ability to enhance the immune response is leading to its consideration as a valuable component in vaccine adjuvants. In addition, adding squalene to vaccine formulations can improve the effectiveness of vaccines, especially in cases where a stronger and longer-lasting immune response is required.
- The market in Asia Pacific accounted for a moderately large revenue share in 2022. Rising disposable income and preference for natural ingredients are major factors driving the market revenue growth in this region. The growing middle-class population in many Asian countries is leading to increasing disposable incomes and consumer spending on beauty and wellness products. This is creating a high demand for premium and natural ingredient-based products, including those containing squalene. Consumers in Asia Pacific have shown preference for products made from natural and plant-based ingredients. This aligns with the trend towards sustainable and eco-friendly choices.
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Emergen Research has segmented the global squalene market on the basis of source, end-use, and region:
- Source Outlook (Revenue, USD Million; 2019-2032)
- Animal Source
- Vegetable Source
- End-Use Outlook (Revenue, USD Million; 2019-2032)
- Regional Outlook (Revenue, USD Million; 2019–2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- North America
- Animal Source
- Vegetable Source
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