CHICAGO, August 4, 2022 /PRNewswire/ — Squalene Market the size should reach $198 million by 2027, at a CAGR of 6.8% from $143 million in 2022, according to a new report from MarketsandMarkets™. This growth is mainly triggered by the growing demand for cosmetics. The cosmetics industry is expected to be the growing segment, due to growing consumer awareness, as well as increasing consumer purchasing power for natural cosmetics and personal care products. Squalene is found in several moisturizers and face creams due to its immense skin benefits, and it is a leading ingredient in anti-aging creams. Growing consumer demand for natural (especially plant-derived) ingredients, cosmetics and personal care products due to the harmful effects of fossil fuel sources is highly likely to drive the squalene market.
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The plant source is estimated at biggest source type of squalene market in 2021
Plant-derived squalene accounted for the largest share of the global squalene market in 2021. It is more expensive than animal-derived squalene due to lower concentration of squalene. With new technologies and larger centralized production units, prices are expected to drop slightly in the future. Disapproval and regulations restricting shark hunting popularized plant sources for obtaining squalene. Additionally, the growing demand for cosmetics is driving the market for plant-derived squalene.
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Cosmetics are estimated to be the Largest End-Use Industry in Squalene Market in 2021
The cosmetics industry accounted for the largest share of the global squalene market in 2021. The demand for good quality natural cosmetics was the major driver of market growth. The cosmetics industry is generally divided into five main business sectors: skin care, hair care, makeup, fragrances and toiletries. Squalene is used in various skin care products such as creams, shampoos, soaps and other cosmetic products. Rising awareness of the dangers of sun exposure is a key factor contributing to the growth of the market in the skin care segment of the cosmetics industry.
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The Asia Pacific is expected to be the fastest growing market for squalene over the forecast period.
Asia Pacific is expected to be the fastest growing market, in terms of value, over the forecast period. Rising disposable income of the middle class population and awareness about the benefits of squalene on human health are supporting the growth of the market in the region. Additionally, the demand for COVID-19 vaccination in this region is driving the animal-derived squalene market.
Major market players profiled in the report are Amyris, Inc (USA), SOPHIM (France), Merck KGaA (Germany), Kishimoto Special Liver Oil Co., Ltd. (Japan), Company Figueirense De Pesca (Portugal), Arbee (India), Oleicfat SL (Spain), NZ Green Health Ltd. (New Zealand), Otto Chemie Pvt. ltd. (India) and Cibus (USA), among others.
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