The global squalene market size was valued at US$121.55 ($190) million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 10.9% from 2022 to 2030, according to Grand View Research.
It states increasing consumption of natural ingredients in personal care and cosmetics as the major factors expected to emerge as driving the demand.
Squalene is majorly extracted from shark liver oil and a report published by the International Trade of Endangered Species states that five shark species are in danger of extinction.
Shark conservation is expected to significantly reduce the animal-based squalene and drive plant and synthetic-based sources.
Biossance has created a 100 per cent sugarcane-derived squalene sourced from Brazil, which they state now saves more than two million sharks every year.
Biossance’s parent company Amyris also sells its patented sugarcane squalane to other brands in the beauty industry and this ingredient is now found in more than 20,000 products.
To celebrate, the brand recently launched the inaugural International Squalane Day, held on October 14.
The aim of the day is to continue to spread awareness to the wider community and industry as shark squalene still makes up a large percentage of the market globally.
Alexis Udo-Udoma, Global Education Manager at Biossance, travelled from San Francisco for the event, held at Icebergs, Bondi.
“Biossance continues to spread the word about using plant-based squalane from sugarcane,” she said.
“The highly stable, moisturising molecule is suitable for all skin types, vegan, cruelty-free, and sustainable at every step of the process. Prior to this innovation, the industry relied heavily on squalene derived from deep-sea sharks, who were hunted and killed for their livers as they comprise roughly 80 per cent squalene.”
Marine Biologist and shark advocate Lucas Handley spoke about the importance of keeping our oceans and planet safe for future generations.
Images from the launch event below.
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