Plant-based Squalene Market

Plant-based Squalene Market Outlook (2022-2032)

Newly-released report on the plant-based squalene market reveals that the global market experienced year-on-year (YoY) growth of 1.5% to reach US$ 82.4 million at the end of 2021. However, between 2022 and 2032, worldwide demand for plant-based squalene is expected to surge at 8.5% CAGR.

Liquid plant-based squalene sales increased 1.8% to reach US$ 47.6 million in 2021, while demand for plant-based squalene from the personal care & cosmetics industry was up 2.2% and reached US$ 48.6 million.

Report Attributes	Details
Plant-based Squalene Market size (2021A)	US$ 82.4 Million
Estimated Market Value (2022E)	US$ 89.1 Million
Forecasted Market Value (2032F)	US$ 202.1 Million
Global Market Growth Rate (2022-2032)	8.5% CAGR
North America Market Share (2021)	~19.2%
North America Market Growth Rate (2022-2032)	8.9% CAGR
U.S. Market Growth Rate (2022-2032)	9.2% CAGR
Market Share of Top 5 Companies	~34%
Key Companies Profiled	Amyris ARISTA INDUSTRIES Caribbean Natural Products Inc. Charkit Chemical Company LLC Clariant EPF Biotek Jedwards International, Inc. Lotioncrafter Nucelis Spohim SynShark The Ordinary Wilshire Technologies

As per the research report by Fact.MR, the global plant-based squalene market value is set to touch US$ 202.1 million by 2032.

Plant-based squalane is a bioidentical hydrator that is mostly made from sustainably grown sugarcane and is a molecular match for the moisture that is already present in human skin. Sourcing from plants helps preserve 2 million sharks annually, which were previously poached for their squalene-enriched livers.

Sales Analysis of Plant-based Squalene (2017-2021) Vs. Market Outlook (2022-2032)

According to the latest market study by Fact.MR, a market research and competitive intelligence provider, the market value for plant-based squalene increased at a CAGR of 2.9% between 2017 and 2021.

The principal uses of plant-based squalene, such as anti-ageing and moisturising creams and emollients, are most likely to see revenue increase. Lotions, creams, ointments, and lipsticks are frequently sought-after for their anti-inflammatory and anti-oxidant properties.

When compared to other vegetable sources, shark liver oil contains the largest quantity of squalene - 30% - and has historically catered to a majority of the market's needs. Numerous regulatory and environmental organisations are calling for a restriction on deep ocean fishing due to excessive shark killing for their liver oil. Over the previous ten years, this has resulted in greater than 60% decrease in global consumption.

• Short Term (2022 Q2 to 2025): Rising concerns related to sharks becoming extinct to prove beneficial for plant-based squalene producers.
• Medium Term (2025-2028): Asia Pacific anticipated to witness high demand due to growing cosmetics sector and rising per capita expenditure on cosmetics manufactured using sustainably-sourced ingredients.
• Long Term (2028-2032): Price stabilization to remain focus of manufacturers. Besides, increase in use of plant-based squalene for keeping the skin moisturized and having commercially replaced shark liver-derived squalene to augment sales.

Overall, demand for plant-based squalene for use across diverse end-use verticals such as personal care & cosmetics, food supplements, and pharmaceuticals is poised to surge and create an absolute dollar opportunity of US$ 119.7 million by 2032.

Which Factors are Leading to High Demand for Plant-based Squalene?

“Concerns Raised by Marine Animal Protection Authorities to Positively Impact Plant-based Squalene Sales”

Since shark fin oil is the main source of squalene, the supply of this substance has been restricted due to legislation aimed at protecting marine life. The International Trade of Endangered Species reported that approximately five species of sharks are in danger of going extinct. This is anticipated to significantly reduce squalene supply, which will limit shark-derived squalene in the short term.

However, at a macro-economic level, it is expected to act as a driver for the plant-based squalene market as manufacturers have started to look for alternatives such as sugarcane and olive oil, which have become the most vital sources of extracting squalene in recent times.

“Rising Demand for Cosmetic Products Manufactured Using Sustainably-sourced Ingredients”

Demand for various cosmetic goods has increased as a result of increased awareness of hygiene and personal grooming practices. Squalene is widely used in the production of creams and lotions to improve their spreadability and absorption. This serves as one of the major catalysts for the squalene market's expansion.

Consumers have started preferring products that are manufactured using sustainably-sourced ingredients. They are also willing to pay a premium price when it comes to product suitability and meeting their custom skin care needs.

“Escalating Usage of Nutraceuticals in Aftermath of COVID”

Due to its potential to lower cholesterol levels, normalise plasma sterol levels, and boost general immunity, squalene supplementation has also demonstrated favourable effects in people. Squalene's use in nutraceuticals has increased as a result of this, and is propelling squalene market expansion.

Moreover, to treat leukaemia, avoid radiation sickness from Cancer X-ray therapy, and treat common cold, flu, and swine flu, squalene has been used in common cancer medications in recent times. Owing to this, pharmaceutical applications have emerged as one of the fastest-growing end uses in recent times.

As such, plant-based squalene demand for use in food supplements is set to increase at a CAGR of 8.5% from 2022 to 2032.

Country-Wise Analysis

Will High Regards for Animal Care Drive the U.S. Plant-based Squalene Market?

The U.S. continues to be the world's largest consumer of plant-based squalene cosmetics and personal care products, with a market value of US$ 88 billion projected by 2022-end.

The U.S. continues to remain a vital consumer of squalene as people have historically been very active in adopting lifestyle changes and moving away from goods that harm animals during the manufacturing process.

This is anticipated to lead to an increase in demand for shampoos and conditioners from U.S. consumers, who now spend between US$ 240 and US$ 360 annually on cosmetic products. In addition, growing knowledge about the product's detoxifying, moisturising, and emollient properties is set to drive industry growth in the years to come.

Major firms in the cosmetics and personal care industries, including Elizabeth Arden, L’Oréal, Avon, Estee Lauder, Johnson & Johnson, Proctor & Gamble, and Mary Kay, will also drive demand for the product due to its antibacterial qualities. Moreover, the ever-growing pharmaceutical industry in the country continues to find newer use cases for plant-based squalene across diverse end-usage across the country.

Will the China Plant-based Squalene Market be Lucrative for Manufacturers?

The personal care and food sectors are growing rapidly in the Asia Pacific region, with China leading from the front. Squalene's anti-ageing, anti-oxidation, UV protection, and immunity-boosting characteristics, among other things, are anticipated to spur its usage in these end-use sectors.

Squalene is utilised as a food supplement in the food business, and market growth is predicted to be driven by the expansion of the food sector in China. Demand for squalene is anticipated to be boosted by the quick expansion of the food processing sector in China and other Asian countries.

The Chinese food and beverage market was estimated at US$ 98 billion in 2021. At a CAGR of 15%-18%, it is predicted to easily cross US$ 202 billion by 2025-end.

Besides, China’s pharmaceutical sector has been experiencing exponential growth in the aftermath of the pandemic, and, in turn, is poised to boost the demand for squalene being used in common cancer drugs across the country.

Category-Wise Analysis

Why is Application of Plant-based Squalene Highest in Cosmetics?

The personal care & cosmetics industry in developing regions has remained the flag-bearer in terms of overall sales in the market. Due to rising consumer knowledge and increased purchasing power on natural personal care and cosmetics, cosmetics end use is expected to dominate this market.

Squalene is a common ingredient in face creams, moisturisers, and anti-ageing products due to its extensive benefits for skincare. Because squalene is high in omega 2 and has anti-inflammatory, detoxifying, moisturising, and antioxidant properties, it is widely used in cosmetics such as lotions, creams, ointments, lipsticks, and others.

Demand increase of squalene will be fueled by customers' rising demand for natural components, particularly those derived from plants, in personal care and cosmetic goods due to the negative consequences of petrochemical-based cosmetics.

The squalene market is anticipated to experience growth, especially due to rising demand from the cosmetics and personal care industries in China and India as well as the expanding use of squalene in bath oils, eye makeup, suntan, nail products, body powders, cleansing, and moisturising, among other products.

Which Source Has Emerged As the Go-to Alternative Squalene Manufacturers?

Due to the restrictions being imposed by marine animal protection agencies, shark liver dependence on squalene manufacturing has gone down by quite a bit. However, to meet the growing need for squalene-based cosmetics products, manufacturers have started to use sugarcane and olive oil for extracting squalene.

Out of the sources considered in the scope, manufacturers have preferred using sugarcane as a viable source of extracting squalene, due to its easier availability across geographies over olive oil, which is comparatively available at a higher price in developing countries.

Owing to this, demand for sugarcane-derived squalene is anticipated to surge at a high CAGR of 9.1% to reach a value of US$ 69.8 million by 2032.

Competition Landscape

Amyris, Arista Industries, Caribbean Natural Products Inc., Charkit Chemical Company LLC, Clariant, EPF Biotek, Jedwards International, Lotioncrafter, Nucelis, Spohim, SynShark, The Ordinary, and Wilshire Technologies are leading manufacturers of plant-based squalene.

A boost in R&D efforts has increased the number of end-use industries where squalene find usages. For instance, research has indicated that diets fortified with squalene improve the function of the immune system. Additionally, research in labs has demonstrated that squalene improves macrophage performance.

Fact.MR has given in-depth information about the various strategies used by the players in the plant-based squalene market, along with detailed sales analysis of plant-based squalene, top plant-based squalene manufacturers, top powder/liquid plant-based squalene suppliers, including SWOT analysis and sales generated by top plant-based squalene manufacturers positioned across geographies.

Segmentation of Plant-based Squalene Industry Research

• By Form :

  • Powder Plant-based Squalene
  • Liquid Plant-based Squalene

• By Source :

  • Sugarcane
  • Olive Oil
  • Corn
  • Amaranth
  • Others

• By End Use :

  • Pharmaceuticals
  • Personal Care & Cosmetics
  • Food Supplements
  • Others

• By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South-East Asia & Oceania
  • Middle East & Africa