The global squalene market was valued at USD 149.4 million in 2023 and is projected to expand at a compound annual growth rate (CAGR) of 10.9% from 2024 to 2030. The increasing use of natural ingredients in personal care and cosmetic products is a primary driver behind this growth. Squalene, a natural organic compound, is highly valued in these industries due to its translucency, minimal odor, and strong moisturizing properties. These characteristics make it one of the most widely used emollients in skincare. Moreover, squalene’s non-toxic nature has further expanded its applications, making it ideal for use in various personal care products. In cosmetics, squalene oil is especially valued for its role in combating free radicals that damage skin cells and accelerate aging.

The European Union has banned shark oil-based products in cosmetics, which has pushed manufacturers to seek plant-based and synthetic alternatives for squalene production. Concern over shark population decline and the environmental impact of harvesting shark oil has led to increased demand for plant-derived squalene, primarily extracted from sources like olive oil, rice bran, and amaranth oil. Currently, about 65% of the world’s olive oil is produced, consumed, and exported within the European Union, making it a key region for squalene derived from plant-based oils.

Squalene-based adjuvants have been used in influenza vaccines for over 20 years due to their capacity to improve immune response, boost antibody production, and allow for lower doses of the main antigen. This ingredient has been widely recognized for its role in health emergencies, such as influenza outbreaks, due to its effectiveness as an immune enhancer. The COVID-19 pandemic further underscored its utility, as animal-derived squalene was included in COVID-19 vaccines for its immunity-boosting properties. Companies like GlaxoSmithKline (GSK) have established partnerships with other firms, including Sanofi S.A. and CureVac N.V., to facilitate the use of squalene in vaccine production.

Gather more insights about the market drivers, restrains and growth of the Squalene Market

Regional Insights:

Asia Pacific Squalene Market Trends:

Asia Pacific is anticipated to witness significant market growth due to the region’s access to raw materials, lower labor costs, reduced manufacturing costs, and the expansion of industries such as personal care, cosmetics, pharmaceuticals, nutraceuticals, and food and beverages. Countries like India, China, and Japan, which are abundant in raw materials like shark liver oil and olive oil, are emerging as leading producers of squalene for the market.

Europe Squalene Market Trends:

Europe led the squalene market in 2023 with a revenue share exceeding 32.8%, followed closely by the Asia Pacific region. The high share of the European market is largely due to the extensive production of olive oil, which is a primary plant-based source of squalene. Demand for squalene in Europe is particularly high in key economies like Germany, France, the UK, Italy, and Spain. Among European nations, Spain holds a significant portion of the region’s olive groves, which positions it as a major supplier for plant-based squalene. Consequently, European squalene manufacturers are shifting away from shark-based squalene toward plant-based sources.

France

In France, the pharmaceutical industry is notably influential in this market shift. According to the European Federation of Pharmaceutical Industries and Associations (EFPIA), the pharmaceutical sector in France had one of the largest R&D budgets in 2021, with R&D spending representing 9.8% of total pharmaceutical revenue. Pharmaceutical companies in France are increasingly investing in research and development focused on creating eco-friendly medicines that utilize bio-based ingredients, a trend that is expected to increase the demand for plant-based squalene in the country’s pharmaceutical industry over the forecast period.

Germany

Germany also demonstrates strong demand for plant-based squalene. In 2020, the country imported approximately 85 tons of olive oil, driven by rising health-consciousness among consumers and the preference for plant-derived ingredients across various sectors. Major companies like L’Oréal in Germany have transitioned from animal-based to plant-based squalene in their formulations, aligning with consumer demand for sustainable and eco-friendly products.

Browse through Grand View Research's Category Food Additives & Nutricosmetics Industry Research Reports.

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Key Companies & Market Share Insights:

The squalene market is highly fragmented and competitive, with major players concentrated in Europe and North America. However, numerous smaller players operate in the Asia Pacific region, where they benefit from proximity to raw materials, particularly shark liver oil and olive oil, which are essential for squalene production.

To extend their reach, major players are adopting partnership strategies. By collaborating with companies in different regions, they can leverage established networks to distribute their products more broadly. For example, in May 2023, Amyris announced a partnership with Croda International Plc. This collaboration aims to supply pharmaceutical-grade squalene for use in vaccine adjuvants, enhancing immune response. Such partnerships demonstrate the strategic moves by leading companies to expand their market presence while meeting the growing demand for high-quality squalene in various applications, from personal care to pharmaceuticals.

Key Squalene Companies:

• Amyris, Inc.
• Sophim SAS
• Henry Lamotte Oils GmbH
• efpbiotek
• Vestan Limited
• Kuraray Co., Ltd.
• Croda International Plc
• AASHA BIOCHEM
• Arbee
• Oleicfat, s.l.
• Kishimoto Special Liver Oil Co., Ltd.

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