NEW YORK, April 23, 2024 /PRNewswire/ — The global squalene market size is estimated to grow by USD 64.75 mn from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of over 7.36% during the forecast period. With the ozone layer facing depletion, concerns over UV exposure have reached an all-time high. The consequences of heightened UV exposure are grave, ranging from skin cancer to cataracts. In the United States alone, skin cancer diagnoses are alarmingly common, with approximately 9,500 cases reported daily. To combat these risks, dermatologists advocate for the regular use of sunscreen, preferably with SPF 30 or higher.
Technavio has announced its latest market research report titled Global Squalene Market 2023-2027
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Enter squalene, a key ingredient in sun protection products. Squalene plays a pivotal role in boosting UV protection, shielding the skin from sunburn and damage. Its inclusion in sunscreen formulas not only enhances effectiveness but also addresses growing consumer concerns about sun safety.
The Power of Prevention
Research underscores the importance of daily sunscreen use in preventing skin cancer. Studies reveal that individuals who incorporate sunscreen into their daily skincare routine experience a 24% decrease in skin cancer incidence. This compelling evidence has propelled the demand for sunscreen products, thereby driving the growth of the global squalene market.
Meeting the Demand
Manufacturers of sunscreen and sun protection cosmetics are ramping up production to meet the surging demand. As consumers prioritize sun safety, there is a corresponding increase in the adoption of squalene-infused products. These formulations offer not only effective sun protection but also peace of mind in the face of escalating UV exposure concerns.
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Research Analysis
The Squalene market encompasses various derivatives, including Creams, Serums, Oils, and Masks, used extensively in the Personal care and cosmetics sector for their emollient properties. Squalene, a natural hydrocarbon, is sourced from both Animal-sourced (Shark liver oil) and Plant-based (Olives, Vegetable-sourced) sources. Animal-sourced squalene has raised concerns due to potential impacts on Shark populations. In contrast, Plant-based squalene is a sustainable alternative, gaining popularity among consumers. Squalene functions as an excellent emollient, protecting the Skin from Free radicals and contributing to Anti-aging products. Nutraceutical firms also explore Squalene’s potential benefits in Tobacco crops and Terpene oils. Amaranth oil and Rice bran oil are among the Plant-based sources of squalene, offering a more ethical and eco-friendly alternative to Animal-sourced squalene. The MMPA (Marine Mammal Protection Act) regulates the use of Shark liver oil, ensuring its sustainable sourcing.
Market Research Overview
The Squalene Market refers to the global trade of Squalene, a hydrocarbon compound naturally found in various sources such as shark liver oil, olive oil, and sugarcane. Squalene is a valuable ingredient in the cosmetics industry due to its excellent antioxidant properties and ability to enhance skin hydration. Shark liver oil is the primary source of commercial Squalene production, but alternative sources like sugarcane and olive oil are gaining popularity due to ethical and sustainability concerns. The Squalene market is expected to grow significantly due to increasing demand for natural and eco-friendly cosmetics. Companies like Amarantus, Masks Animal, and Vegetable Oil Industries are major players in the Squalene market. The market is segmented based on source, application, and region. The market is expected to be driven by factors such as rising awareness of health and wellness, increasing disposable income, and growing demand for natural cosmetics. The Squalene market report provides an in-depth analysis of the market size, trends, growth factors, challenges, and opportunities.
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SOURCE Technavio