Squalene Market Analysis | 2023-2028

Market Insights

The squalene market was estimated at USD 158.05 million in 2023 and is likely to grow at a CAGR of 7.49% during 2023-2028 to reach USD 226.87 million in 2028.

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Market Dynamics

Introduction

Squalene is a naturally obtained organic compound and is used as a biochemical precursor to the whole family of steroids. Squalene is also used as an adjuvant in vaccines. It is mainly obtained from shark liver oil for commercial purposes. However, plant sources (such as amaranth seed, rice bran, wheat germs, and olives) and biosynthetic sources (such as genetically engineered yeast cells) are also used nowadays to meet the growing demand for squalene.

Market Drivers

Driver: Surge in demand for cosmetic products

The cosmetics industry is embracing diversity by expanding makeup shade ranges, leveraging online shopping convenience, and introducing personalized cosmetics. This shift in consumer preferences and demand for products that cater to all ethnicities is driving the market for squalene in cosmetics.

Restraints: Stringent Regulations

Shark liver oil, a traditional source of squalene, is facing restrictions due to overfishing and shark population conservation. Regulatory bodies like NEAFC, NEAFC, and NAFO have imposed quotas, leading to a supply shortage and potential market restrictions for animal-sourced squalene.

Opportunities: Emerging renewable sources for production

Shark liver oil supply is volatile due to restrictions and the low squalene content of vegetable oils. High retail prices affect regions. Low squalene content requires olives and amaranth, leading to high squalene retail prices. New technologies for squalene production, such as sugarcane, are emerging.

Challenges: Unstable raw material costs

Regulations have led to a decline in shark fishing activities, affecting shark liver and fin supply. As a result, companies are shifting to vegetable-sourced squalene, particularly in Europe. However, irregular olive supply and fluctuating raw material prices affect the squalene market, potentially hindering industry growth and causing alternative product development.

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Key Players

The following are the key players in the squalene market:

• Arista Industries Inc.
• Ekiz Olive Oil & Soap Inc.
• Empresa Figueirense De Pesca,
• Kishimoto Special Liver Oil Co. Ltd.
• Lda, Arbee Biomarine Extracts Pvt. Ltd.
• Nucelis LLC
• New Zealand Green Health Limited
• Sophim,Amyris
• SeaDragon Marine Oils Limited

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Source Type

"Animal source segment held the largest share of the market in 2022"

The market is segmented asintonimal source, vegetable source, and biosynthetic source. The animal source segment held the largest share of the market in 2022 and is expected to remain dominant during the forecast period. Squalene obtained from animal sources is far less economical than that obtained from vegetable and biosynthetic sources. It is the prime factor behind the dominance of animal sources in the global squalene market.

By End-Use Industry Type

"Cosmetics segment holds the largest share of the market during the forecast period"

The squalene market is segmented as cosmetics, food & beverage, pharmaceuticals, and others. The cosmetics segment holds the largest share of the market and is also expected to witness healthy growth during the forecast period. Strong demand from the cosmetics and skin care industry, owing to the growing demand for high-quality products is the major factor behind the dominance of the segment.

Regional Analysis

"Europe held more than 25% of the market share in 2022"

Europe held more than 25% of the market share in 2022. whereas Asia-Pacific is expected to witness the highest growth during the same period. Growing demand for natural cosmetics, the high spending power of consumers, and increasing demand from the healthcare and cosmetics industries are the prime factors behind the dominance of Europe in the global squalene market.

Significant economic development in the Asia-Pacific region, the growing spending power of consumers, rapid urbanization, and a growing presence of major pharmaceutical and cosmetic manufacturers in the region are the major factors driving the growth of the Asia-Pacific’s squalene market. North America is also expected to offer significant growth opportunities during the forecast period.

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Research Methodology

• This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s squalene market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The squalene market is segmented into the following categories:

By Source Type

• Animal Source 
• Vegetable Source 
• Biosynthetic Source 

By End-Use Industry Type

• Cosmetic 
• Food & Beverage 
• Pharmaceuticals 
• Others 

By Region

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the end-use industry types by source type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.