Growth in pharmaceutical and cosmetic industries driving the Squalene Market
The squalene market is projected to reach USD 184 million by 2025, at a CAGR of 7.3% from USD 129 million in 2020. 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 1,000 billion in 2019, it is expected to further grow with 6-7% during the forecast period.
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The growth in the pharmaceutical industry is expected to be a major driver for squalene demand in the future. Increasing R&D in the oncology segment, along with increasing spending on oncology medicines, is expected to drive the market. The global pharmaceuticals sales was around USD 1000 billion in 2019, and it is expected to further grow with 6-7% during the forecast period. An additional sale of pharmaceuticals from orphan drugs is expected by 2025. The future spending on oncology medicines in the next five years is expected to be in the range of 6.0–8.0%, which is likely to boost the squalene market.
In addition, the rising cosmetic industry in emerging markets such as Brazil, China, and India; increasing consumer awareness about the usage of high-quality cosmetic products; and willingness to pay premium prices are driving the cosmetic industry at the global level. Therefore, squalene has wide usage in this industry.
Recent Developments
1. In February 2017, Amyris announced the availability of its consumer beauty brand Biossance at various locations across Canada. This product expansion helped the company to capture market share in Canada.
2. In February 2016, Amyris launched new weightless gel probiotic moisturizer, which is rich in squalane oil. It is mainly designed to fight against stress and maintain healthy skin.
Europe is expected to account for the largest market share in squalene during the forecast period, in terms of value. This is owing to the increasing demand for squalene from pharmaceuticals and nutraceutical segments in the country. Moreover, the high spending power of consumers in the region, as well as the growing demand for natural cosmetics with good quality products, has been driving the growth of squalene in Europe.
The key market players profiled in the report include as Sophim (France), Amyris (US), Arista Industries Inc. (US), SeaDragon Marine Oils Limited (New Zealand), Nucelis LLC (US), Ekiz Olive Oil & Soap Inc. (Turkey), Kishimoto Special Liver Oil Co. Ltd. (Japan), Empresa Figueirense De Pesca, Lda (Portugal), Arbee BiomarineExtracts Pvt. Ltd. (India), and New Zealand GreenHealth Limited (New Zealand).
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