Squalene Oil Market

Squalene Oil Market Outlook (2023 to 2033)

Newly-released Squalene Oil Market analysis report by Fact.MR reveals that global sales the of Squalene Oil Market in 2023 were held at US$ 209 Million. With 9.3% projected growth from 2023 to 2033, the market is expected to reach a valuation of US$ 510.7 Million by the end of the forecast period.

Synthetic Squalene is expected to be the significant revenue generating segment in the market, projected to grow at a CAGR of over 11.5% from 2023 to 2033. Squalene Oil in Personal Care & Cosmetic by end use is expected to be the highest revenue-generating segment in the market, projected to grow at a CAGR of over 8.7% from 2023 to 2033.

Attributes	Details
Global Squalene Oil Market Size (2023)	US$ 209 Million
Global Squalene Oil Market Size (2033)	US$ 510.7 Million
Global Squalene Oil Market CAGR (2023-2033)	9.3%
U.S. Squalene Oil Market CAGR (2023- 2033)	11%
Key Companies Covered	Sophim Henry Lamotte Oils GmbH Aprinnova Coastal Exports Corporation Arista Industries Inc. Croda International Plc Amyris, Inc. Kishimoto Special Liver Oil Co., Ltd. Matrix Life Science Arbee Biomarine Extracts Pvt. Ltd. Jedwards International Inc.

Revenue of the Squalene Oil Market from 2018 to 2022 Compared to Demand Outlook from 2023 to 2033

As per the Squalene Oil Market research by Fact.MR - a market research and competitive intelligence provider, historically, from 2018 to 2022, the market value increased by around 6.2% CAGR. With an absolute dollar opportunity of US$ 315.7 Million, the market is projected to reach a valuation of US$ 510.7 Million by 2033.

What Key factors are influencing the Market's Expansion?

Squalene is a naturally occurring organic compound that is found in shark liver oil, vegetable oils such as olive oil, and some marine sources. Squalene oil has gained significant attention in various industries due to its potential health benefits and versatile applications.

The cosmetic industry, in particular, has witnessed a surge in the use of squalene oil in skincare products due to its antioxidant and moisturizing properties. Consumer spending on beauty products has been increasing globally that can create positive impact on squalene application in beauty industry.

For instance, The global skincare and cosmetics market in 2022 experienced growth by 16% and generated revenues over US$ 95 Billion. As consumers become more aware of the importance of skincare and seek products with natural and effective ingredients, squalene is expected to find its place in various beauty formulations.

Seasonal vaccinations against influenza viruses contain squalene-based vaccine adjuvants such MF59 (Novartis), AF03 (Sanofi), or AS03 (GlaxoSmithKline Biologicals) and various vaccines against SARS-CoV-2. These vaccines are also currently being tested for their potential uses to tackle potential pandemic threats. As the field of vaccine development continues to advance, squalene-based adjuvants are likely to play a significant role in enhancing the performance of vaccines against infectious diseases.

COVID-19 brought about a heightened focus on health and well-being, leading to increased interest in nutraceuticals. For instance, the sales of dietary supplements prior to COVID increased by 5% in 2019 and reached a value of US$ 345 Mn in 2019. However, the sales spiked by 44% and reached sales of US$ 435 Mn during first wave of the pandemic in 2022.

In the UK, vitamin sales alone increased by 63%, and in France sales grew by approximately 40–60% in March 2020 versus the same period the previous year. The escalating use of nutraceuticals following the COVID-19 pandemic presents an opportunity for the incorporation of squalene oil into these products.

The emergence of cruelty-free labels has played a significant role in paving the way for ethically sourced squalene products. These labels provide assurance to consumers that the squalene used in a product is derived from sustainable and ethical sources, without causing harm to shark populations or supporting inhumane practices.

The "Shark Free Seal" label, for instance, is an initiative developed by environmental organizations and conservation groups. It certifies that the product does not contain squalene derived from sharks and promotes the use of alternative, plant-based sources of squalene.

Which Region is projected to offer Significant Opportunity in Squalene Oil?

Europe held a market size of US$ 64.7 Million in 2022 and is projected to reach a market worth US$ 147.8 Million by 2033.

Norway has been a key exporter of shark liver oil, including squalene, due to its significant fishing industry and access to shark populations. The country's long coastline and rich marine resources contribute to its robust fishing industry, including the extraction and processing of fish oil.

This contributed to exports worth US$ 32.1 Million in 2021. Along with Norway other European countries such as Germany, UK, France and Iceland are also prominent in exports of shark liver oil which significantly influence the natural squalene market extracted from shark liver oil.

Country-wise Analysis :

United States Squalene Oil Market Analysis :

The market in the United States is expected to grow to be worth US$ 38.5 Million by 2033, with an absolute dollar growth of US$ 24.9 Million. The market in the United States has grown at a CAGR of 9.3% from 2018 to 2022 and is expected to grow at a CAGR of 11% from 2023 to 2033.

The dietary supplements market in the United States has experienced significant growth over the years. The market has grown from US$ 40.6 Bn in 2019 to US$ 52.5 Bn in 2022 due to increasing consumer awareness and interest in health and wellness, and the prevalence of chronic diseases. COVID-19 has also had an impact on the market, with consumers showing a greater interest in supplements to support immune health and overall well-being. Squalene, being a natural compound with potential health benefits, can tap into this expanding market.

As it is known for its antioxidant properties and potential immune-boosting effects. It is also believed to have positive effects on skin health and cholesterol management. These benefits make it an appealing ingredient for inclusion in dietary supplements.

United Kingdom Squalene Oil Market Analysis :

The market in the United Kingdom is expected to grow to be worth US$ 22.9 Million by 2033, with an absolute dollar growth of US$ 13.5 Million. The market in the country has grown at a CAGR of 6.5% from 2018 to 2022 and is expected to grow at a CAGR of 8.5% from 2023 to 2033.

United Kingdom has a strong presence of cosmetic and personal care industries that emphasize natural and organic ingredients. British beauty brands such as Pai Skincare, Neal's Yard Remedies and Lumene use squalene which is saturated form of squalene oil as a key ingredient in their beauty products. This is expected to gain more recognition for squalene in the UK market.

UK is also prominent in vegan population with an estimated 1.5% of the population following veganism in the country. This leads to consumers preference towards cruelty-free vegan products in their daily lives. This consumer tendency can also influence the plant-based squalene market in the country.

Spain Squalene Oil Market Analysis :

The market in Spain is expected to grow to be worth US$ 39.3 Million by 2033, with an absolute dollar growth of US$ 21.5 Million. The market in Spain has grown at a CAGR of 4.8% from 2018 to 2022 and is expected to grow at a CAGR of 7.6% from 2023 to 2033.

Spain is prominent producer of olive oil globally and has a long-standing tradition of olive cultivation. In 2020 - 21 the olive oil production in Spain was held at around 1.3 million tons which grew from 1.1 million tons in the previous year. Squalene can be extracted from olive oil as a by-product of the refining process. Spain's strong presence in the olive oil industry contributes to its potential role in the market.

South Korea Squalene Oil Market Analysis :

The market in South Korea is expected to grow to be worth US$ 39.7 Million with an absolute dollar growth of US$ 26 Million. The market in the country has grown at a CAGR of 6.5% from 2018 to 2022 and is expected to grow at a CAGR of 10.3% from 2023 to 2033.

South Korea is globally renowned for its beauty and skincare industry, often referred to as K-beauty. The industry has experienced significant growth and has become a major player in the global beauty market. This industry can be leveraged by squalene oil suppliers as squalene is prominently used in skincare products due to its moisturizing properties that can be used in anti-ageing products.

Category-wise Insights

Which Source Type in Squalene Oil is projected to Witness Securely Growth?

Synthetic squalene as a source type in the market is projected to witness significant growth as it has grown at a CAGR of 6.6% from 2018 to 2022 and is expected to grow at a CAGR of 11.5% from 2023 to 2033.

Shark liver oil has historically been a common source of squalene due to its high squalene content. However, overfishing of sharks and the impact on shark population and marine ecosystems have led to restrictions and regulations in many countries.

This has influenced a shift towards more sustainable alternatives such as plant sources for squalene extraction. With advancements in extraction procedures the synthetic squalene is expected to become more cost effective during the forecast period that can significantly influence its growth.

Competitive Analysis :

Key players in the market are Sophim, Henry Lamotte Oils GmbH, Aprinnova, Coastal Exports Corporation, Arista Industries Inc., Croda International Plc, Amyris, Inc., Kishimoto Special Liver Oil Co., Ltd., Matrix Life Science, Arbee Biomarine Extracts Pvt. Ltd., and Jedwards International Inc. Companies are taking up the challenge and designing strategies to maintain growth in the squalene oil sector and which will lead to the market growth.

Some of the recent developments in the market are :

• In May 2023, Amyris a synthetic biotechnology company signed an agreement with Croda International Plc. This agreement aims to supply sustainable squalene to Croda International Plc. Amyris develop squalene, an adjuvant based on biofermentation on its unique Lab-to-Market technology platform.
• In February 2023, Croda International Plc acquired Solus Biotech, a biotechnology company that produces beauty actives. The objctive behind this acquisition is to provide access to Solus’ developed ceramide and phospholipid technologies and its emerging technologies in natural retinol. The solus will help Croda to expand its Asian manufacturing capabilities and develop new R&D hub in the region.
• In February 2023, Amyris signed an agreement with Givaudan, a cosmetic company to supply cosmetic ingredients like Neossanace Squalene, Neossance Hemisqualene, and CleanScreen.

Segmentation of the Global Squalene Oil Market :

• By Source Type :

  • Natural Squalene
    • Less than 98% purity
    • 98% and above purity
  • Synthetic Squalene
    • Less than 98% purity
    • 98% and above purity

• By End Use :

  • Personal Care & Cosmetics
  • Neutraceuticals
  • Pharmaceuticals