PUBLISHER: Fortune Business Insights Pvt. Ltd. | PRODUCT CODE: 1891547
PUBLISHER: Fortune Business Insights Pvt. Ltd. | PRODUCT CODE: 1891547
The global squalene market is witnessing strong expansion, driven by increasing demand from the cosmetics, pharmaceutical, and personal care industries, alongside a growing shift toward sustainable and plant-based ingredients. In 2024, the global squalene market size was valued at USD 169.6 million. The market is projected to grow to USD 185.03 million in 2025 and further reach USD 359.5 million by 2032, reflecting robust growth over the forecast period. Europe dominated the global squalene market in 2024, accounting for a 47.88% market share, supported by advanced cosmetic manufacturing and sustainability-focused regulations.
Squalene is a naturally occurring triterpene hydrocarbon (C30H50), traditionally sourced from shark liver oil and increasingly derived from plant-based alternatives such as olive oil, wheat germ, sugarcane, and amaranth seed. Due to its excellent emollient properties, lightweight texture, and high compatibility with human skin, squalene is widely used in skincare, cosmetics, pharmaceuticals, and functional food applications.
Impact of COVID-19 on the Market
The COVID-19 pandemic had a mixed impact on the squalene market. During the initial phase, demand for luxury skincare products declined due to economic uncertainty and reduced discretionary spending. However, as consumers spent more time at home and prioritized self-care and wellness, demand for skincare products rebounded strongly.
Additionally, the pharmaceutical industry emerged as a key growth contributor during the pandemic. Squalene is widely used as an adjuvant in vaccine formulations, enhancing immune response and vaccine effectiveness. The mass production of COVID-19 vaccines led to a notable surge in demand from pharmaceutical manufacturers, reinforcing the strategic importance of squalene in global healthcare supply chains.
Market Trends
A key trend shaping the squalene market is the rising demand for sustainably sourced and plant-based squalene. Growing awareness around environmental sustainability, marine conservation, and animal welfare has led consumers and brands to move away from shark-derived sources.
Plant-based squalene sourced from olives, sugarcane, and amaranth seed offers a cruelty-free and environmentally responsible alternative. Cosmetic and personal care brands are increasingly committing to ethical sourcing and sustainability goals, making plant-derived squalene a preferred ingredient. This shift is further supported by regulatory scrutiny and consumer demand for transparency in ingredient sourcing.
Market Growth Drivers
The cosmetics and skincare industry remains the primary growth driver for the squalene market. Squalene is valued for its ability to deeply moisturize, improve skin elasticity, and restore the skin barrier without leaving a greasy residue. As consumer focus on skincare routines continues to grow, demand for high-performance, naturally derived ingredients is accelerating.
The product's alignment with clean beauty and natural formulation trends further strengthens its adoption. In addition, its anti-aging properties make it a highly desirable ingredient in premium skincare products, serums, moisturizers, and anti-wrinkle formulations.
Another major driver is the growing pharmaceutical application of squalene as a vaccine adjuvant. Squalene-based adjuvants enhance immune response, enabling improved vaccine efficacy. Their use in COVID-19 vaccine formulations significantly boosted market demand. Ongoing research into immunomodulatory properties and advanced drug delivery systems is expected to sustain pharmaceutical sector demand over the forecast period.
Market Restraints
Despite strong growth prospects, the market faces restraints related to environmental and ethical concerns associated with shark-derived squalene. Overexploitation of sharks for liver oil extraction has raised serious biodiversity and marine ecosystem concerns. These issues have led to increased regulatory scrutiny and consumer backlash, limiting acceptance of animal-derived squalene in several regions.
By source, the animal segment dominated the market in 2024, owing to the long-standing use of shark-derived squalene in cosmetics and pharmaceuticals. However, the plant segment is expected to grow at the fastest rate, driven by sustainability initiatives and ethical sourcing requirements.
By end-use industry, the cosmetics segment held the largest market share in 2024, supported by widespread adoption in skincare formulations. The pharmaceutical segment also accounted for a significant share due to vaccine development and expanding immunization programs.
Europe led the global squalene market in 2024, with a market size of USD 81.2 million. The region benefits from strong cosmetic manufacturing capabilities, high consumer demand for clean-label products, and early adoption of sustainable sourcing practices.
North America shows strong demand from the skincare sector, while Asia Pacific is expected to witness rapid growth due to pharmaceutical expansion and increasing vaccine production. Latin America offers sourcing advantages due to abundant plant-based raw materials, while the Middle East & Africa is experiencing growing demand for sustainable cosmetic ingredients.
Competitive Landscape
Key players in the squalene market are focusing on product development, sustainable sourcing, and capacity expansion to strengthen their market presence. Companies are increasingly investing in plant-based and biosynthetic alternatives to address ethical concerns and meet evolving consumer expectations.
With rising demand from skincare, pharmaceuticals, and sustainability-driven industries, the global squalene market is positioned for strong growth through 2032.
Segmentation By Source
By End-Use Industry
By Region