05.16.16
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 "Squalene Market Type (Animal-Sourced and Vegetable-Sourced) and by End-Use Industry (Cosmetics, Pharmaceuticals & Food) - Global Forecasts to 2021," a new 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 the European and Asia-Pacific regions.
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 has been contributing toward the growth in this market.
Vegetable-sourced squalene, the fastest-growing segment, is expected to witness 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 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 the European and Asia-Pacific regions.
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 has been contributing toward the growth in this market.
Vegetable-sourced squalene, the fastest-growing segment, is expected to witness 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.