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.
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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.
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.
Grand View Research has segmented the CoQ10 market on the basis of application and region:
Coenzyme Q10 Application Outlook (Revenue, USD Million; Volume, Tons, 2018 - 2030)
Coenzyme Q10 Regional Outlook (Revenue, USD Million; Volume, Tons, 2018 - 2030)
Rest of the World
List of Key Players of Coenzyme Q10 Market
MITSUBISHI GAS CHEMICAL COMPANY, INC.
Hwail Pharmaceutical CO., LTD.
KYOWA HAKKO U.S.A., INC.
DSM Nutritional Products AG
Nisshin Seifun Group Inc.
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