The personal care industry is expected to drive a more than threefold increase in the global squalene, according to a market survey by Fact.MR.
Revenue from sales of squalene, which is widely used as an emollient in cosmetic products, is forecast to rise to $66.36 billion by the end of 2032 – a 314% rise on the current market value of $21.12 billion.
The Squalene Market Outlook (2022-2032) report notes a heightened focus on personal care across the world has significantly increased the demand for squalene; the cosmetics industry is expected to lead the consumption of squalene over the coming years.
The squalene market is consolidated and a few major players such as Amyris and Sophim account for major revenue shares, along with other players in the industry.
Squalene vendors are expected to deploy various innovative strategies to meet the high demand from several industry verticals.
However, it adds, bans on shark fishing and high costs associated with the production of squalene from plants are expected to have a restraining effect on market expansion.
“Squalene manufacturers are increasing their investments in research and development activities to advance their product offerings and increase overall revenue generation capacity,” said a Fact.MR analyst.
“Squalene manufacturers are focusing on the development of new techniques that will allow extraction of high-purity squalene through plant and vegetable sources,” he added.