The global squalene market is expected to grow by USD 55.23 million, exhibiting a CAGR of over 7% during 2021-2025, according to Technavio's latest market report. Based on our research, the specialty chemicals sector witnessed a neutral impact due to the widespread growth of the COVID-19 pandemic. The report also throws light on the pre- and post-impact of COVID-19 on businesses.
The cosmetics and personal care products segment will generate maximum revenue in the squalene market, owing to the increasing use of squalene in the manufacture of hair products, squalene oil, makeup foundations, lipsticks, eye makeup, moisturizing creams, and others. In terms of geography, Europe will present significant opportunities for market vendors due to the factors such as the high concentration of the aged population and the rising healthcare budget to develop the medical infrastructure.
Squalene Market: Major Growth Drivers
The following factors are expected to drive the growth of the market during the forecast period:
Increasing acceptance of UVA/B filters in sunscreens and sun protection cosmetics
Rising prevalence of chronic diseases
Increasing demand for anti-aging products
In addition, the report identifies the increasing availability of multifunctional cosmetic products as a major trend in the squalene market. The market is witnessing a high preference for multifunctional cosmetic products such as squalene oils and squalene moisturizers. This is because they serve as both hydrates and antioxidants. Such benefits have increased their demand among consumers, which is positively influencing the market growth.
The report helps businesses create strategies to make the most of future growth opportunities.
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