(PharmaNewsWire.Com, June 25, 2024 ) The report "Squalene Market by Source (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 2028" The global squalene market size was valued at USD 141 million in 2022 and is projected to reach USD 202 million by 2028, growing at 6.3% during the forecast period.
Based on source, biosynthetic is projected to register highest CAGR, in terms of value, during the forecast period.
Biosynthetic production allows for better control over the quality and purity of squalene. Manufacturers can ensure that the product meets specific quality standards, making it attractive to industries like cosmetics and pharmaceuticals. Biosynthetic squalene is highly stable and pure, which makes it suitable for use in various industries, including cosmetics, skincare, and pharmaceuticals. The growth of biosynthetic squalene is expected to continue, especially as more industries recognize the benefits of sustainable and high-quality squalene sourced through biotechnological methods.
Based on end-use industry, cosmetics was the largest segment for squalene market, in terms of value, in 2022.
Cosmetics end-use industry dominated the squalene market, in terms of both value and volume, in 2022. Antioxidant properties of squalene can aid in shielding the skin from oxidative stress and free radical harm. This makes it a valuable ingredient in anti-aging skincare products, as it can help reduce the appearance of fine lines and wrinkles. Squalene is adaptable and can be blended with other substances in skincare products to increase its potency. It can be found in skincare products that address particular skin issues including hydration, brightness, or acne avoidance. Increasing demand for cosmetic products drives the market for squalene.
“Europe accounted for the largest market share for squalene market, in terms of value, in 2022”
The pharmaceutical industry in Europe may use squalene in the production of vaccines, immunotherapies, and pharmaceutical formulations. The demand for squalene can increase if there is a focus on vaccine development, immunotherapy research, or the use of squalene as an adjuvant in vaccines.The European Union (EU) is home to several pharmaceutical companies and vaccine manufacturers. The development and production of vaccines, especially in response to emerging infectious diseases, can lead to a higher demand for squalene-based adjuvants. Also, the consumers are often well-informed and health-conscious. They may seek products that include squalene for its potential health and skincare benefits, further driving demand in cosmetics end-use industry. All these factors are driving the market for squalene in Europe region majorly in cosmetics and pharmaceutical end-use industries.
Squalene Market Key Players
The key players profiled in the report include Amyris, Inc (US), SOPHIM (France), Merck KGaA (Germany), Kishimoto Special Liver Oil Co., Ltd. (Japan), Empresa Figueirense De Pesca (Portugal), Arbee (India), Cibus (US), Otto Chemie Pvt. Ltd. (India), Arista Industries (US), and Oleicfat s.l. (Spain).among others, these are the key manufacturers that secured major market share in the last few years.
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