08.01.16
The global market for squalene is projected to reach $211.7 million by 2021 and is projected to register a CAGR of 10.2% between 2016 and 2021, according to a forecast in a new report published by MarketsandMarkets. The major drivers for this market are squalene’s beneficial properties on human health and growth in end-use industries such as cosmetics and pharmaceuticals.
Cosmetics are the largest end-use industry for squalene, where demand for squalene-containing products is primarily driven by European and Asia-Pacific markets.
Rising consumer awareness for using high quality products and willingness to pay premium prices for high quality products are the major factors driving the market.
The increasing spending power of consumers as well as the increasing demand for good quality natural cosmetics contributes toward the growth in this market.
Vegetable-sourced squalene is expected to post the highest growth rate during the forecast period. This is mainly due to its renewable nature, steady availability of raw material, and the “skepticism and regulations” regarding animal-sourced squalene, said the company.
The increasing environmental sustainability concerns, regulations and NGO activities regarding the use of animal-sourced squalene are driving the vegetable-sourced squalene market. Asia-Pacific and North America are expected to witness high growth during the forecast period, according to the market research provider.
Cosmetics are the largest end-use industry for squalene, where demand for squalene-containing products is primarily driven by European and Asia-Pacific markets.
Rising consumer awareness for using high quality products and willingness to pay premium prices for high quality products are the major factors driving the market.
The increasing spending power of consumers as well as the increasing demand for good quality natural cosmetics contributes toward the growth in this market.
Vegetable-sourced squalene is expected to post the highest growth rate during the forecast period. This is mainly due to its renewable nature, steady availability of raw material, and the “skepticism and regulations” regarding animal-sourced squalene, said the company.
The increasing environmental sustainability concerns, regulations and NGO activities regarding the use of animal-sourced squalene are driving the vegetable-sourced squalene market. Asia-Pacific and North America are expected to witness high growth during the forecast period, according to the market research provider.