Plant-based Trend Sensitized Cosmetic Industry Too; Resultantly Demand for Plant-based Squalene to Witness New Heights, Says Fact.MR
FACT.MR
8 min read
FACT.MR
East Asia Is Poised To Remain the Largest Consumer of Squalene-Based Cosmetics, With Rising Geriatric Population Playing a Vital Role in Driving Sales, And China Leading From the Front
Seoul, South Korea, July 18, 2022 (GLOBE NEWSWIRE) -- According to Fact.MR’s latest released report on plant-based squalene, the global market has reached a size of US$ 89.1 million and is expected to surge ahead at a CAGR of 8.5% between 2022 and 2032.
Squalene, a chemical that gives human skin extraordinary hydration for aeons, was added to cosmetics at the expense of millions of sharks whose livers were needed for their squalene-rich content. To create a vegan, more ethical, and purer hydrator, experts have been looking for alternative ways of producing squalene and have come up with several sources, namely, sugarcane and olive oil, among others. These have been used over the past half-decade for extracting squalene.
With growing concerns about planet health, bio-diversity, and declining unique species count, people are moving towards products that are both, organically grown and sustainably sourced. This has compelled manufacturers to invest in products that are made from organically-sourced ingredients.
Being completely chemical-free and formulated with additives that help keep the skin moisturized, demand for plant-based squalene will rise in the future and the market is set to reach US$ 202.1 million by the end of 2032.
Which Factors are Leading to High Demand for Plant-based Squalene?
“Concerns Raised by Marine Animal Protection Authorities to Positively Impact Plant-based Squalene Sales”
Since shark fin oil is the main source of squalene, the supply of this substance has been restricted due to legislation aimed at protecting marine life. The International Trade of Endangered Species reported that approximately five species of sharks are in danger of going extinct. This is anticipated to significantly reduce squalene supply, which will limit shark-derived squalene in the short term.
However, at a macro-economic level, it is expected to act as a driver for the plant-based squalene market as manufacturers have started to look for alternatives such as sugarcane and olive oil, which have become the most vital sources of extracting squalene in recent times.
Key Segments Covered in the Plant-based Squalene Industry Survey
Plant-based Squalene Market by Form :
Powder Plant-based Squalene
Liquid Plant-based Squalene
Plant-based Squalene Market by Source :
Sugarcane
Olive Oil
Corn
Amaranth
Others
Plant-based squalene Market by End Use :
Pharmaceuticals
Personal Care & Cosmetics
Food Supplements
Others
Plant-based Squalene Market by Region :
North America
Latin America
Europe
East Asia
South-East Asia & Oceania
Middle East & Africa
Competitive Landscape
Amyris, Arista Industries, Caribbean Natural Products Inc., Charkit Chemical Company LLC, Clariant, EPF Biotek, Jedwards International, Lotioncrafter, Nucelis, Spohim, SynShark, The Ordinary, and Wilshire Technologies are leading manufacturers of plant-based squalene.
A boost in R&D efforts has increased the number of end-use industries where squalene find usages. For instance, research has indicated that diets fortified with squalene improve the function of the immune system. Additionally, research in labs has demonstrated that squalene improves macrophage performance.
Market Development
The present strategy of market participants in the plant-based squalene market has been to expand their product lines and start manufacturing products using ingredients derived from alternative plant-based sources such as sugarcane and olive oil.
Additionally, tier-1 firms have been investing in the research and development of innovative and skin-friendly products made from sustainable sourced ingredients and specifically customized to fulfill the demand from customers.
Key Takeaways from Plant-based Squalene Market Study
By form, the liquid segment is projected to provide an absolute $ opportunity of US$ 76.7 million by 2032.
By source, the sugarcane segment accounts for 33.2% market share in 2022 and is expected to expand at a CAGR of 9.1% over the forecast period (2022-2032).
Among the end uses, demand from the cosmetics & personal care sector is projected to surge at 9.2% CAGR to reach US$ 127.2 million by 2032.
East Asia is predicted to hold around 25.4% of the global market share and reach a value of US$ 51.3 million by 2032
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