Coenzyme Q10 Market size worth over $1bn by 2024
Coenzyme Q10 (CoQ10) Market size generated over USD 350 million revenue in 2015 and may witness gain above 10% CAGR; according to a new research report by Global Market Insights, Inc.
Strong application scope in medical treatment and dietary supplements industry should drive global coenzyme Q10 market size. It is widely used in the treatment of various diseases such as cardiovascular ailments, cognitive illnesses and other ailments They are used to promote energy generation in cell membrane and essential in metabolism of organisms.
North America, dominated by U.S. coenzyme Q10 market size, may surpass USD 550 million by 2024. Strong application outlook in functional beverages and personal care products should favor industry growth. FDA recognizes it solely as a dietary supplement. Growing importance for dietary or nutritional products due to changing lifestyle and undernourishment among young population may complement industry growth.
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Dietary supplements market size was the largest and may generate over 9% growth. Increasing anti-oxidant and energy generating compounds demand in dietary supplements formulation should fuel CoQ10 market size. It finds applications in oil capsules such as soy bean and vegetable oil, tablets, oral sprays, power filled capsules and hydrophilic gels formulation. Dietary supplements are important compounds as coenzymes synthesis weakens in correlation with evolving age.
Asia Pacific, particularly China coenzyme Q10 market, should witness significant gains with booming dietary supplements and cosmetics industry. Emergence of small scale manufacturers coupled with growing cosmetics usage in China and India may favor industry growth during the forecast timeframe. Strong outlook in personal care products demand along with ageing population in Japan should drive regional industry growth.
Few industries in CoQ10 market are involved in supply and distribution of product to end users such as pharmaceutical producers, dietary supplement & nutraceutical and cosmetics manufacturers. Major chemicals used for production include yeast extract, malt extract, peptone, tryptone, hexane HPLC and absolute alcohol. These raw materials may face tight supply dynamics and affect coenzyme Q10 market price trend.
Browse key industry insights spread across 95 pages with 74 market data tables &14 figures& charts from the report, “Coenzyme Q10 (CoQ10) Market Size By Application (Pharmaceuticals, Dietary Supplements, Cosmetics), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Russia, Poland, China, India, Japan, Brazil, Mexico), Price Trend, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
Key insights from the report include:
- Dietary supplements market size was dominant in Asia Pacific and should achieve over 10% CAGR and surpass 240 tons by 2024.
- Pharmaceutical application in EU may generate over USD 35 million by 2024. Proven cardiac ailments treatment, European market participants are capitalizing to increase CoQ10 market share in pharmaceutical industry. Medical applications such as migraine relief, healthy vision, infertility treatments and cellular energy metabolism should stimulate industry growth.
- Cosmetics market size may exceed USD 140 million revenue by the end of the forecast period. CoQ10 are used in anti-wrinkle products or anti-ageing, moisturising and sunscreen lotions products. It primarily acts as an anti-oxidant cosmetic ingredient and thereby defends cells against ageing process produced by the release of oxygen free radicals.
- LATAM, driven by Mexico and Brazil coenzyme Q10 market size should achieve over 10.5% growth. Rising disposable income coupled with cosmetics industry growth should drive regional industry demand.
- Large scale manufacturers in Japan along with SMEs in China should help the industry to increase CoQ10 export mainly to North America and Europe.
- Global coenzyme Q10 market share is fairly concentrated. ZMC, Kaneka and Nisshin are notable industry players. Other prominent participants include Hwail Pharmaceutical, Gnosis, SourceOne, DSM, PharmaEssentia, Kyowa Hakko, Pharmavite, Tishcon, Country Life, NBTY, Healthy Origins and Vitamin Shoppe.
- Some companies in CoQ10 market are forward integrated in order to decrease supplier costs and yield profitability. Manufacturers are involved in distribution agreements with suppliers and distributors.
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