In terms of value, the squalene industry size is estimated to grow from USD 141 million in 2022 to USD 202 million by 2028, at a CAGR of 6.3%. The squalene market is mainly driven by the growth in R&D activities in pharmaceutical industry. Pharmaceutical companies often engage in R&D to develop new drugs and therapies. Squalene has been studied for its potential health benefits, including its role as an adjuvant in vaccines. If pharmaceutical R&D leads to the development of new medicines or vaccines that incorporate squalene as an ingredient, the demand for squalene could rise.
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Based on source, the squalene market is segmented as animal, vegetable and biosynthetic. Vegetable source accounted for the largest market share, in terms of both value and volume, in 2022. The demand for vegetable source squalene has been on the rise in recent years due to several factors, including consumer preferences for sustainable and plant-based ingredients, restrictions on the use of animal derived squalene and others.
Based on end-use industry, the squalene market is segmented as pharmaceuticals, cosmetics, food and others.Pharmaceuticals is expected to be the fastest growing end-use industry, in terms of value, during the forecast period. The demand for squalene in pharmaceutical applications, particularly as an adjuvant in vaccines and potentially in other therapeutic formulations, has been a notable trend in recent years. It’s crucial to remember that factors including regulatory approvals, the success of clinical studies, the advent of new diseases, and global health objectives may have an impact on the demand for squalene in pharmaceutical applications. As the pharmaceutical industry continues to innovate and address healthcare challenges, squalene may play a vital role in improving vaccine effectiveness and developing new therapeutic approaches.
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Based on region, Europe dominated the squalene market, both in terms of value and volume, in 2022. A significant demand for squalene in Europe can be attributed to a number of variables, including pharmaceutical applications, cosmetic and skincare trends, and environmental sustainability issues. European consumers are often well-informed and health-conscious. They may seek products that include squalene for its potential health and skincare benefits, further driving demand.
The key players profiled in the report include Amyris, Inc (US), SOPHIM (France), Merck KGaA (Germany), Kishimoto Special Liver Oil Co., Ltd. (Japan), Empresa Figueirense De Pesca (Portugal), Arbee (India), Cibus (US), Otto Chemie Pvt. Ltd. (India), Arista Industries (US), and Oleicfat s.l. (Spain). These companies have reliable manufacturing facilities as well as strong distribution networks across key regions, such as North America, Europe, and Asia Pacific. They have an established portfolio of reputable products and services, a robust market presence, and strong business strategies. Furthermore, these companies have a significant market share, products with wider applications, broader geographical use cases, and a larger product footprint.
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