Global Squalene Market Size, Share, Analysis Report By Source (Plants, Animal, Synthetic), Extraction Method (Supercritical Fluid Extraction (SFE), Molecular Distillation, Counter Current Chromatography (CCC)), End-Use (Personal Care & Cosmetics, Pharmaceuticals, Food Supplements, Others), Region and Key Players - Industry Segment Overview, Market Dynamics, Competitive Strategies, Trends and Forecast 2025-2034

Report Overview

The Squalene Market size is expected to be worth around USD 381.51 Million by 2034, from USD 166.89 Million in 2024, growing at a CAGR of 8.62% during the forecast period from 2024 to 2034.

Squalene is a naturally occurring triterpene hydrocarbon predominantly found in shark liver oil, as well as in plant sources like olives, amaranth seeds, and sugarcane. Renowned for its exceptional moisturizing, antioxidant, and emollient properties, squalene has become a vital ingredient in various industries, including cosmetics, pharmaceuticals, and nutraceuticals. The global squalene market has witnessed significant growth, driven by increasing consumer demand for natural and sustainable products, advancements in extraction technologies, and expanding applications across multiple sectors.

This growth is primarily attributed to the rising consumption of natural ingredients in the personal care and cosmetics sector, where squalene is favored for its non-toxic and moisturizing properties. The shift towards plant-based and synthetic sources, driven by environmental concerns and regulatory frameworks, has further propelled market expansion.

Europe dominated the global squalene market in 2023, this dominance is attributed to the region's robust cosmetics and pharmaceutical industries, stringent regulations promoting sustainable sourcing, and high consumer awareness regarding natural products. Countries like France, Germany, and Italy are key contributors, with significant investments in research and development for bio-based ingredients.

The COVID-19 pandemic had a multifaceted impact on the squalene market. On one hand, disruptions in supply chains and reduced manufacturing capacities affected the production and distribution of squalene-based products. On the other hand, the heightened focus on health and immunity led to increased demand for pharmaceuticals and dietary supplements containing squalene. Moreover, squalene's application as an adjuvant in vaccine development garnered significant attention, further emphasizing its importance in the pharmaceutical sector during the pandemic.

Key Takeaways

• Market Growth: The Squalene Market is expected to reach USD 381.51 Million by 2034, growing at a robust CAGR of 8.62% from 2024, fueled by consumer demand for natural and sustainable products, technological advancements in production, and expanding applications across various industries.
• Source Dominance: Plant-based squalene currently leading due to rising demand for sustainable and ethical ingredients. Synthetic squalene is expected to witness notable growth in the future, driven by advancements in biotechnology and scalability.
• Extraction Method Dominance: Molecular Distillation is currently leading due to its efficiency and scalability. However, Supercritical Fluid Extraction is anticipated to grow rapidly in the future, driven by its eco-friendliness and high purity yield.
• End-Use Dominance: Personal Care & Cosmetics currently dominate due to squalene’s moisturizing and antioxidant properties, while Pharmaceuticals are poised to grow the fastest owing to expanding therapeutic applications and increasing research investment.
• Driver: The driving factors include the rising demand for natural ingredients in personal care products and the expansion of its applications in the pharmaceutical sector, particularly as a vaccine adjuvant.
• Restraint: The squalene market faces challenges due to ethical concerns over shark-derived sources and the high costs associated with plant-based alternatives, impacting supply chains and pricing.
• Opportunity: Opportunities in the squalene market include the development of sustainable production methods and the expansion into emerging markets with growing demand for natural health and beauty products.
• Trend: Key trends in the squalene market include a shift towards plant-based sources and the incorporation of squalene into multifunctional skincare and health products, reflecting consumer preferences for sustainability and efficacy.
• Regional Analysis: European region dominates the global squalene market, driven by stringent regulations favoring sustainable and ethical sourcing, as well as a highly mature cosmetic and pharmaceutical industry.

Source Analysis:

Plant-derived squalene primarily sourced from olives, amaranth seed, and sugarcane has gained popularity. It appeals strongly to cosmetics and pharmaceutical companies that prioritize eco-friendly and cruelty-free sourcing. Plant-based squalene aligns with the rising trend of vegan and clean-label beauty products, making it the leading segment in terms of both volume and value.

Synthetic squalene is expected to grow at the fastest rate due to breakthroughs in biotechnology, offering a stable, ethical, and cost-efficient alternative. As the demand for pharmaceutical-grade squalene rises especially for vaccine adjuvants synthetic sources provide a consistent supply chain, boosting long-term adoption.

Extraction Method Analysis:

Molecular Distillation remains the most widely adopted due to its proven ability to extract high-purity squalene from natural sources such as olive oil or shark liver oil with excellent efficiency. This method is particularly valued in the cosmetics and pharmaceutical industries for maintaining thermal stability and minimizing product degradation. Its scalability and cost-effectiveness make it the leading extraction method in the current market.

SFE is projected to experience the fastest growth as sustainability, purity, and solvent-free extraction become central to industry standards. Its alignment with green chemistry and clean-label product trends supports its rising adoption in cosmetics and nutraceuticals.

End-Use Analysis:

Personal Care & Cosmetics Leads With over 60% Market Share in Squalene Market. Personal Care & Cosmetics remains the leading end-use segment in the squalene market. This dominance stems from squalene’s exceptional emollient, hydrating, and skin-replenishing properties, making it a preferred ingredient in moisturizers, anti-aging creams, and sunscreens. The growing consumer preference for natural and sustainable cosmetic ingredients particularly plant-based squalene further drives demand in this sector.

Pharmaceutical applications are expanding rapidly due to squalene’s use in vaccine adjuvants and drug delivery systems, supported by increasing healthcare investment and scientific validation.

Region Analysis:

Europe Leads With over 35% Market Share in Squalene Market. Europe holds a commanding position in the global squalene market, attributed to its strong inclination toward environmentally responsible and cruelty-free sourcing. The EU’s regulatory frameworks (e.g., REACH and EU Cosmetics Regulation) emphasize the use of bio-based, non-animal-derived squalene, thereby accelerating the adoption of plant-based and synthetic variants. Countries like France, Germany, and Italy are frontrunners, hosting several cosmetic giants and pharmaceutical leaders that integrate squalene for its emollient, antioxidant, and immune-enhancing properties.

Asia-Pacific, while historically significant due to shark-based production in Japan and China, is now experiencing a paradigm shift toward more ethical plant-derived and synthetic squalene. Growing middle-class affluence, rising skincare trends (particularly in South Korea and China), and the expansion of domestic pharmaceutical industries are contributing to the region’s rapid growth trajectory.

North America benefits from advanced extraction technologies, increasing demand for natural ingredients, and an aging population driving pharmaceutical and nutraceutical uptake. However, the market here is more saturated compared to Asia-Pacific.

Latin America and the Middle East & Africa are in nascent stages of market development. Their potential lies in increasing urbanization, expanding retail networks, and improving access to cosmetic and healthcare products.

Key Market Segments:

Source

• Plants
• Animal
• Synthetic

Extraction Method

• Supercritical Fluid Extraction (SFE)
• Molecular Distillation
• Counter Current Chromatography (CCC)

End-Use

• Personal Care & Cosmetics
• Pharmaceuticals
• Food Supplements
• Others

Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa

Driver:

Increasing Demand for Natural Ingredients in Personal Care

Consumers are increasingly seeking skincare and cosmetic products formulated with natural and sustainable ingredients. Squalene, known for its moisturizing and antioxidant properties, is gaining popularity in products like facial oils, serums, and creams. The trend towards clean beauty and ethical sourcing has led companies such as L'Oréal and Estée Lauder to incorporate plant-derived squalene into their product lines, aligning with consumer preferences for eco-friendly and cruelty-free options. This shift is further supported by the growing popularity of vegan beauty products, enhancing the demand for plant-based squalene in the personal care industry.

Expansion in Pharmaceutical Applications

Squalene's role as an adjuvant in vaccine formulations has become increasingly significant, especially in the wake of global health challenges. Its ability to enhance immune responses makes it a valuable component in vaccines, leading to heightened demand in the pharmaceutical sector. Additionally, squalene's antioxidant and anti-inflammatory properties contribute to its use in various therapeutic applications, including treatments for cancer and cardiovascular diseases. The pharmaceutical industry's focus on developing effective and sustainable drug delivery systems continues to drive the incorporation of squalene into medical formulations.

Restrain:

Ethical and Environmental Concerns Over Shark-Derived Squalene

Traditionally, squalene has been extracted from shark liver oil, raising significant ethical and environmental issues. The overexploitation of sharks for squalene production has led to declining shark populations, prompting regulatory bodies to impose restrictions on shark fishing. These measures aim to protect marine biodiversity but have resulted in supply shortages and increased scrutiny of animal-derived squalene. Consequently, manufacturers are compelled to seek alternative sources, which may not be as cost-effective or readily available.

High Production Costs of Plant-Based Alternatives

While plant-based squalene offers a sustainable and ethical alternative, its production is often associated with higher costs. Extracting squalene from sources like olives and amaranth seeds requires significant raw material input and advanced processing techniques, leading to increased production expenses. These costs can be a barrier to widespread adoption, particularly in price-sensitive markets. Additionally, fluctuations in the availability and pricing of plant-based raw materials can further impact the cost-effectiveness of producing plant-derived squalene.

Opportunities:

Development of Sustainable Production Methods

Advancements in biotechnology and fermentation processes present opportunities to produce squalene more sustainably and cost-effectively. Companies are investing in research to develop squalene from renewable sources such as sugarcane and yeast, reducing reliance on animal-derived inputs. These innovative methods not only address ethical concerns but also offer scalability and consistency in production. As consumer demand for sustainable products grows, such developments position companies to meet market expectations while adhering to environmental standards.

Expansion into Emerging Markets

Emerging economies, particularly in Asia-Pacific and Latin America, are witnessing increased consumer spending on personal care and health products. Rising awareness of the benefits of natural ingredients and a growing middle class contribute to the demand for products containing squalene. Manufacturers have the opportunity to tap into these markets by offering affordable, plant-based squalene products tailored to local preferences. Strategic partnerships and localized production can further enhance market penetration and growth in these regions.

Trends:

Shift Towards Plant-Based Squalene

The market is experiencing a significant shift from animal-derived to plant-based squalene sources. This transition is driven by consumer demand for ethical and sustainable products, as well as regulatory pressures to protect marine life. Plant-derived squalene, obtained from sources like olives and sugarcane, aligns with the clean beauty movement and appeals to environmentally conscious consumers. Companies adopting plant-based squalene not only meet ethical standards but also position themselves favorably in a market increasingly focused on sustainability.

Incorporation into Multifunctional Products

Squalene's versatility is leading to its incorporation into a range of multifunctional products in the skincare and health sectors. Its moisturizing, antioxidant, and anti-inflammatory properties make it a valuable ingredient in formulations targeting hydration, anti-aging, and skin barrier repair. Additionally, its potential health benefits are being explored in dietary supplements and functional foods. This trend reflects a consumer preference for products that offer multiple benefits, driving innovation and diversification in squalene applications.

Key Players Analysis:

Amyris, Inc. - Amyris, Inc. is a biotechnology company renowned for its sustainable approach to producing squalene. Utilizing a fermentation process with sugarcane, Amyris developed Neossance® Squalane, a bioidentical alternative to shark-derived squalane. This innovation has positioned Amyris as a leader in the clean beauty sector, supplying major brands like Shiseido, L’Oréal, and AmorePacific. Despite filing for Chapter 11 bankruptcy in 2023 to restructure its operations, Amyris demonstrated the value of its squalane business by selling it to Givaudan for up to $500 million. This transaction underscores Amyris's significant role in advancing sustainable squalane production and its impact on the cosmetics industry.

Evonik Industries AG - Evonik Industries AG has made substantial contributions to the squalene market with the launch of PhytoSquene®, a plant-based, GMP-quality squalene derived from amaranth oil. Introduced in 2022 and scaled for commercial use in 2023, PhytoSquene® serves as a sustainable alternative to shark-derived squalene, particularly in pharmaceutical applications like vaccine adjuvants. The product's compliance with European Pharmacopoeia standards and its role in preserving marine biodiversity have been recognized with the 2024 CPHI Pharma Award for Sustainability. Evonik's commitment to transforming over 70% of its portfolio to next-generation solutions by 2032 highlights its dedication to innovation and environmental responsibility.

Sophim - Sophim is a French company specializing in the production of natural ingredients for the cosmetics industry, including plant-based squalene. Utilizing advanced processes like distillation, esterification, and hydrogenation, Sophim offers high-purity squalene suitable for various cosmetic applications. In October 2023, the company secured a €21.5 million funding round aimed at doubling its production capacity at facilities in Peyruis, France, and Almeria, Spain. This expansion reflects Sophim's commitment to meeting the growing demand for sustainable cosmetic ingredients and strengthening its position in the global squalene market.

Kishimoto Special Liver Oil Co., Ltd. - Kishimoto Special Liver Oil Co., Ltd., based in Japan, is a prominent producer of squalene extracted from shark liver oil. With decades of experience, the company has established itself as a reliable supplier of high-purity squalene for pharmaceutical and cosmetic applications. Despite increasing environmental concerns over shark-derived squalene, Kishimoto continues to play a significant role in markets where such products are still in demand. The company's adherence to quality standards ensures its products remain competitive, although it may face challenges as the industry shifts toward more sustainable sources.

Empresa Figueirense de Pesca, Lda - Empresa Figueirense de Pesca, Lda is a Portuguese company engaged in the fishing industry, including the extraction of squalene from shark liver oil. As one of the traditional sources of squalene, the company supplies this ingredient for use in cosmetics and pharmaceuticals. However, with the growing emphasis on sustainability and the development of plant-based alternatives, Empresa Figueirense de Pesca faces the need to adapt its practices to align with environmental standards and market trends favoring eco-friendly products.

Market Key Players

• KISHIMOTO SPECIAL LIVER OIL CO., LTD.
• Amyris, Inc.
• AASHA BIOCHEM
• Nucelis
• NUCELIS LLC
• SOPHIM
• Oleicfat
• Arbee
• Kuraray Co., Ltd
• Evonik Industries AG
• Gracefruit Ltd
• Arista Industries
• VESTAN
• Empresa Figueirense de Pesca

Recent Development

In October 2023 - Evonik has announced the availability of PhytoSquene®, its GMP-quality, plant-based squalene, for both clinical and commercial use in parenteral drug delivery applications. PhytoSquene® is the first squalene on the market derived from amaranth oil and produced under Good Manufacturing Practice (GMP) standards, specifically developed for use as an adjuvant in injectable pharmaceuticals. This innovation addresses the pharmaceutical industry's need for a reliable, high-purity, and consistent supply of squalene, while significantly reducing reliance on animal-derived sources, such as shark liver oil.