PORTLAND, Oregon and PUNE, India, January 23, 2017 /PRNewswire/ --
A new report published by Allied Market Research, titled, "Squalene Market by Source, and By End-Use Industry - Global Opportunity Analysis and Industry Forecast, 2014 - 2022" projects that the global squalene market was valued at $110 million in 2015, and is expected to reach $214 million by 2022 growing at a CAGR of 10.1% during the forecast period. Cosmetics segment was the largest contributor for global squalene market in 2015. Europe held the leading position in 2015, while Asia-Pacific is expected to be the highest growing market throughout the study period.
Summary of the Squalene Market Report can be accessed on the website at: https://www.alliedmarketresearch.com/squalene-market
Growth of the end-use industries such as cosmetics, nutraceuticals, and healthcare industry is expected to fuel the market growth during the forecast period. Growth in use of squalene as a chemo-preventive agent, and the increase in value and potential of dietary supplements derived from squalene drives the global squalene market. Government regulations to stop shark killing for squalene extraction is expected to affect the growth of the world squalene market during the forecast period.
According to Eswara Prasad, Team Lead Chemicals & Materials at Allied Market Research, "The rapidly growing cosmetics industry and increased awareness about the health benefits of squalene are expected to offer major opportunities to the world squalene market."
Food supplement is the fastest growing market due to rise in demand of the squalene products. The leading market players such as Amyris, Inc., and Croda International plc exhibit a strong brand image because of their diverse product offerings and hence, there is a low threat of new entrants in this market. In addition, requirement of high capital investment and difficulties in availability of raw material due to ban on shark fishing by government indicate a low threat of new entrants. These dominant players have captured major market share, thereby benefiting from the economy of scale. Furthermore, there is high cost of squalene produced from vegetable and there is high cost in research and development of synthetic biotechnology.
The demand for squalene from vegetable sources are projected to witness significant growth owing to the stringent government regulation regarding the ban on killing of shark. More and more companies are shifting towards organic sources to reduce the shark liver oil usage. Olives account for the highest share in the market while amaranth seeds are also good alternatives to olives.
Key findings of the study
- Squalene in cosmetics application segment occupied the highest share in 2015, and is expected to grow at a CAGR of 9.8% in terms of value during the forecast period.
- Japan is the leading consumer of squalene accounting for more than one-third share of the Asia-Pacific market, followed by China.
- The synthetic bio-technology sourced squalene segment is expected to expand with the highest CAGR of 11.7% in terms of value during the forecast period.
- Vegetable sourced squalene segment accounted for approximately half of the global squalene market in 2015.
- U.S. is the leading market for squalene in the North American region, growing at a CAGR 6.4% in terms of value during the forecast period.
Europe accounted for the largest share in the global squalene market in 2015, while Asia-Pacific is projected to be the highest growing market for squalene during the forecast period. This is attributable to increase in cosmetics segment and rise in health concerns in the region. India is the fastest growing country of the region for the consumption of squalene, which is expected to continue this dominance.
In response to the rise in need of squalene based products Amyris, Inc. (February 2014), made an agreement with Dowell C&I Co., Ltd., to distribute and expand personal care business in Asia. Dowell has become a distributor of Neossance in Korea. This agreement led to the expansion of business in the Asia-Pacific region. The prominent players profiled in this report include Seadragon Marine Oils Limited, Arista Industries Inc., Maruha Nichiro Corporation, Gracefruit Limited, Kishimoto Special Liver Oil Co. Ltd., Amyris Inc., New Zealand Green Health Ltd., Carbomer, Asha Biochem, and Croda International PLC.
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SOURCE Allied Market Research