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Growth in the cosmetics industry is driving the squalene market

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Growth in the cosmetics industry is driving the squalene market

August 12
07:49 2020
Growth in the cosmetics industry is driving the squalene market

Browse 234 market data Tables and 39 Figures spread through 178 Pages and in-depth TOC on “Squalene Market”
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

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.

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.

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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. Also, the increasing awareness of dangers related to exposure to the sun is another factor contributing to the growth in the squalene market in the skincare sector.

Impact of COVID-19 on squalene market

The countries, including Italy, France, Germany, and Spain, are highly affected by the COVID-19 pandemic. Hence, the negative growth is expected in the personal care industry, which will decline the demand for squalene in 2020.

Due to the lockdown in majority of countries in Europe the sales of beauty products in retail sector has declined tremendously. In Europe the demand for luxury beauty products is very high, due to the closure of retail sector the demand for squalene has declined in Europe. The leading cosmetics manufacturer L’Oréal (France) has announced decline in revenue of about 5% for the first quarter of 2020. According to L’Oréal (France) its strong e-commerce network across the globe is expected to grow its sales in 2021.

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.

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 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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