Global Squalene Market Size
Squalene market was valued at USD 172.5 million in 2024 and is expected to reach USD 435.69 and is expected to grow at a CAGR of 10.7% during the forecast period.
Squalene is a naturally occurring chemical substance mainly extracted from shark liver oil for commercial use. Squalene is a metabolic intermediate produced by all plants and animals, including humans. The main factors driving the growth of the squalene market are rising consumer awareness of the health benefits of squalene and expansions in the cosmetics and pharmaceutical industries. The pharmaceutical industry generated US$ 1.25 trillion in revenue in 2019 and is expected to increase 7-8% in the coming years. Throughout the projected period, rising R&D in the oncology segment and rising spending on oncology drugs are expected to fuel market expansion. Squalene is a naturally occurring chemical substance mostly extracted from shark liver oil for commercial use. Squalene is produced by all plants and animals, including humans, as a transitional metabolic state. The main factors driving the growth of the squalene market are rising consumer awareness of the health benefits of squalene and expansions in the cosmetics and pharmaceutical industries. The pharmaceutical sector generated US$ 1.25 trillion in revenue in 2019 and is expected to increase 7-8% in the coming years. Over the course of the projected period, rising R&D in the oncology segment and rising spending on oncology drugs are expected to fuel market expansion.
COVID-19's Effect on the Industry:
Numerous companies are leading the fight against the COVID-19 epidemic. The pandemic has hampered both the manufacturing sector and the industrial supply chain. Governments have implemented strict lockdowns everywhere to stop the spread of illness. However, despite the current chaotic scenario, growing investments from well-known players and other industries have generated growth potential to meet supplier demand. But the personal care sector is also increasing negatively, which means that by 2020, there will be less demand for squalene. Squalene demand has decreased because of the shutdown, notwithstanding the high demand for luxury beauty products in Europe. Leading cosmetics producer L'Oréal (France) has reported a drop in revenue of roughly 5% for 2020's first quarter. The impact of the pandemic on the squalene market will be measured in this paper.