Top Emerging Trends Of Coenzyme Q10 Market Progress Forecast 2030 |Grand View Research, Inc.

Author : Mrudula Karmarkar | Published On : 08 Mar 2024

San Francisco, 07 March 2024: The Report Coenzyme Q10 Market Size, Share & Trends Analysis Report By Application (Dietary Supplements, Pharmaceuticals, Cosmetics, Others), By Region, And Segment Forecasts, 2023 - 2030

The global coenzyme Q10 market is expected to reach USD 1.33 billion by 2030, according to a new report by Grand View Research, Inc. registering a 10.2% CAGR from 2023 to 2030. Increasing use in cosmetic formulations is a key driving factor for industry growth.

CoQ10 exhibits antioxidant properties and energy generation characteristics targeting skin repair. It emerged as the largest consumer accounting for over half of the total volume in 2015. Aging population and the resulting demand for anti-aging products to further drive growth.

Asia Pacific is poised to be the fastest-growing regional market on account of expanding industrial base with most of the manufacturing companies opening plants in China and growing major end-use industries such as pharmaceutical and dietary supplements. Latin America would follow Asia Pacific in terms of growth. The growth can be attributed to increasing use as a dietary supplement and ailment of diverse diseases.

Dietary supplements were the dominant application segment accounting for over 60% of the total market volume in 2015. Cosmetics is expected to witness the highest growth rate of 10.4% from 2016 to 2024, growth is driven by increasing use in skincare creams and lotions in compliance with usage regulations.

Growing consumer awareness regarding the benefits offered by it in treating various ailments is expected to remain a key driving factor for the global coenzyme Q10 market over the forecast period.

Inherent benefits of the product in healthcare applications such as the treatment of cancer, cardiovascular disease, and Huntington’s disease have also contributed to market growth. The coenzyme was conventionally utilized in the treatment of cardiovascular ailments and cognitive illnesses, as well as an effective component in treating periodontal diseases.

Estimates by the World Health Organization (WHO) predict that the number of cancer patients is likely to rise considerably by 2030. This factor is expected to fuel coenzyme Q10 demand in the future.

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CoQ10 is responsible for transferring electrons and aerobic cellular respiration in diverse organisms. It is majorly found in organs that require high energy such as the liver, kidney, and heart. The product is industrially manufactured via yeast fermentation, although it can also be produced by bacteria fermentation for small-scale purposes.

Coenzyme Q10 Market Report Highlights

• CoQ10 is responsible for transferring electrons and aerobic cellular respiration in diverse organisms. It is majorly found in organs that require high energy such as the liver, kidney, and heart.
• CoQ10 is sold only as a dietary supplement, restricting its potential applications in the medical industry.
• The dietary supplements segment held the largest revenue share of 60.9% in 2022. The segment growth is likely to be driven by advantageous product characteristics that include antioxidant and energy generation properties.
• North America dominated the market and accounted for the largest revenue share of 48.5% in 2022. Asia Pacific is expected to grow at the CAGR of 11.0% during the forecast period.

The market is expected to witness significant growth in fast-growing applications such as cosmetics, which include anti-aging and sunscreen creams. Growing consumer disposable income on account of economic growth in emerging economies such as China, India, Mexico, and Brazil is driving the demand for natural & organic cosmetic ingredients, which in turn is crucial for the coenzyme Q10 industry. The growing geriatric population in countries such as the U.S., UK, Russia, China, and Japan coupled with the growing prevalence of ailments & diseases, particularly in developing economies of Asia Pacific, have resulted in high demand for nutricosmetics manufactured from coenzymes. The material has inherent antioxidant properties and provides biological energy to promote skin repair.

CoQ10 is sold only as a dietary supplement, restricting its potential applications in the medical industry. Stringent government & federal regulations regarding drug usage are expected to hinder growth over the forecast period. However, rising awareness regarding the benefits in eye care and cognitive disease treatment is expected to offer lucrative opportunities over the forecast period.

The dietary supplements segment held the largest revenue share of 60.9% in 2022. The segment growth is likely to be driven by advantageous product characteristics that include antioxidant and energy generation properties. There is an extensive demand for dietary supplements as well as in the pharmaceutical industry, the health drink manufacturers are also coming up with the new health drink which contains CoQ10.

Coenzyme Q10 Market Report Scope

Recent Developments

• In January 2023, the market for coenzyme Q10 dietary supplements experienced a significant surge in China, coinciding with a notable increase in COVID-19 cases throughout the country. This surge in demand can be attributed, in part, to the prevailing belief that coenzyme Q10 may possess the potential to mitigate myocarditis, an inflammation of the heart muscle, in individuals who have recuperated from COVID-19.
• In January 2021, Kaneka Corporation launched their latest product, Watashi no Chikara (My Energy) - Q10 Yogurt, which provides consumers with a convenient means of incorporating the active form of coenzyme Q10 (Ubiquinol) into their diet. This new yogurt offering was made available through Kaneka Shokuhin Co., Ltd., an affiliate company, and sold across various retail channels, including bakeries, supermarkets, convenience stores, general retailers, as well as Kaneka's online shop.

The cosmetics segment is anticipated to register a CAGR of 10.4% over the forecast period. Pharmaceutical compositions are basically used for the treatment of diseases of the skin and mucous membranes and for preventing dysmetabolic conditions. The activity of coenzyme Q10 is stringently in relation to the tissular respiratory processes. Growing application scope in the ailment of cognitive diseases, eye care, cancer, and heart diseases, coupled with the rising number of cardiovascular disease patients is expected to fuel demand.

List of Key Players of Coenzyme Q10 Market

• KANEKA CORPORATION
• MITSUBISHI GAS CHEMICAL COMPANY, INC.
• Gnosis
• Hwail Pharmaceutical CO., LTD.
• KYOWA HAKKO U.S.A., INC.
• DSM Nutritional Products AG
• PharmaEssentia Corporation
• ZMC-USA LLC
• Nisshin Seifun Group Inc.