The global coenzyme q10 market is expected to reach USD 1.36 billion by 2024, according to a new report by Grand View Research, Inc. registering a 13.8% CAGR over the forecast period. 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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Further key findings from the report suggest:
Global Coenzyme Q10 market demand was 751.9 tons in 2015 and is expected to reach 1,694.6 tons by 2024, growing at a CAGR of 9.4% from 2016 to 2024
Increasing R&D in the pharmaceutical industry exploring various new applications for CoQ10 in the ailment of cardiovascular, heart, cancer, and other diseases is expected to escalate demand in the segment over the future. The segment accounted for just over 15% of the global volume in 2015.
Japan is a major production and consumption hub for CoQ10 and accounted for over 20% of the global consumption alone in 2015. Aging demographics and high penetration of the substance in pharmaceuticals to have a positive influence on growth.
North America was the largest consumer and accounted for over 45% of the overall volume in 2015. It is a key consumer of cosmetics requiring diverse skincare products for nourishment and exfoliation. Increasing compliance of CoQ10producers & suppliers with regulatory policies to positively impact the supply scenario in the region.
Key players operating in the global CoQ10 market include Kyowa Hakko Inc., Gnosis S.p.A., Kaneka Corporation, DSM - Nutritional Products, Hwail Pharmaceutical Co. Ltd., PharmaEssentia Corporation, ZMC LLC and Nisshin Seifun Group, Inc.
Grand View Research has segmented the CoQ10 market on the basis of application and region:
Global Coenzyme Q10 Application Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2024)
Global Coenzyme Q10 Regional Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2024)
Central & South America
The Middle East and Africa
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