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DUBLIN--(BUSINESS WIRE)--Nov 24, 2022--
The "Global 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 - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The squalene market is estimated to grow to USD 198 million by 2027 from USD 143 million in 2022, at a CAGR of 6.8%.
The growth in the pharmaceutical industry is expected to be a major driver for squalene demand in the future. The increase in pharmaceutical R&D activities has led to a rise in potential applications of squalene in several end-use sectors.
Increasing R&D activities in the oncology segment, along with increasing spending on oncology medicines, are expected to drive the market. For instance, experimental studies have shown that squalene-supplemented diets lead to increased performance of the immune system.
In addition, laboratory studies have confirmed that squalene enhances the function of macrophages (a macrophage is a type of white blood cell that kills microorganisms, eliminates dead cells, and stimulates immune system cells). Furthermore, it exhibits anti-viral, anti-fungal, and anti-bacterial properties that make it suitable for use in the pharmaceutical industry.
Animal-sourced squalene was the second-largest source-type in terms of value, in 2021
According to the National Geographic magazine, at least 5 of 202 COVID-19 vaccines manufactured by different pharmaceutical companies across the globe rely on animal-sourced squalene. According to the New York Times, 68.5% of the global population has received at least one dose of the COVID-19 vaccine. Therefore, the demand for animal-sourced squalene will increase till everyone gets vaccinated, which is expected to be by the end of 2024.
Cosmetics was the largest end-use industry in squalene market, in terms of value, in 2021
The squalene market's sustainability in the cosmetics industry depends on the skincare segment of the industry. Squalene has various applications in all the different categories of the skincare segment, such as facial care, hand & body care, and sun care. The rising consumer awareness of using high-quality products and willingness to pay for premium products are the major factors driving the demand in the region. The growing awareness of dangers related to exposure to the sun is a key factor contributing to the growth of the market in the skincare segment of the cosmetics industry.
North America was the second-largest squalene market, in terms of value, in 2021
The North American squalene market is witnessing moderate growth owing to the maturity of the industrial sector in the region. The rise in consciousness about beauty care and increased availability of advanced products are driving the demand for squalene in the region. The stringent regulations enforced by the governments for environmental protection and skepticism associated with animal-sourced squalene have led to an increase in the demand for biosynthetic squalene.
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INDUSTRY KEYWORD: HEALTH PHARMACEUTICAL
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 11/24/2022 07:04 AM/DISC: 11/24/2022 07:04 AM
http://www.businesswire.com/news/home/20221124005172/en