The squalene market size was USD 131,047 thousand in 2018 and is projected to register a CAGR of 7.8% between 2019 and 2024.
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How are the new renewable sources for squalene production creating an opportunity for market growth?
With skepticism about the shark liver oil sourced from sharks and low concentration of squalene in vegetable oils, the supply is fluctuating, and the prices are volatile. As several regulations are introduced for shark fishing, the supply of squalene has been majorly affected. In the vegetable oils, squalene content is very low, and therefore, tons of olives and amaranth are required to produce a small quantity of squalene. Collectively, these reasons have led to high squalene retail prices. This sparks an opportunity for the players to come up with new technologies to develop squalene and squalane from alternative sources.
Sugarcane and other sugar-containing bio-materials have been identified as the sources for producing squalane (hydrogenated squalene). This is expected to increase the supply of raw materials for squalene production. Squalane is actively researched by pharmaceutical companies such as Novartis AG (Switzerland) and GlaxoSmith Kline (UK) for applications in their formulations. The pharmaceutical sector is currently trying to reduce the side effects of their products by incorporating squalane in their formulations. For instance, Amyris, a US-based biotechnology company, has developed the technology to directly produce squalane through the process of yeast fermentation from sugarcane. SynShark is also working with scientists at Texas A&M University (US) to produce squalene from tobacco crops. These tobacco crops are the special plants from which squalene can be synthesized directly from the tobacco leaves. The commercial viability of these innovations would attract more players in the market. This is expected to bring along more competitiveness into the market in terms of pricing and supply, thereby benefitting the end users.
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