Coenzyme Q10 (CoQ10) Market – Stringent FDA regulations regarding use in pharmaceutical industry particularly in the U.S. is expected to remain key challenge for industry participants over the next six years. Increasing demand in cosmetic applications, particularly sunscreen lotions and anti-ageing creams is expected to drive the CoQ10 market growth over the forecast period. Asia Pacific is expected to witness significant gains over the next six years on account of increasing consumption of cosmetics and dietary supplements in China, South Korea and India. Presence of high capacity manufacturers in Japan, along with domestic and local producers in China and India are expected to drive production.
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Growing cosmetic product demand in Brazil, Mexico, Argentina and Venezuela is also expected to play a key role in industry development. Rising nutritional product acceptance in developing regions on account of changing lifestyle and malnourishment among young population are expected to drive industry penetration.
Dietary supplement applications dominated the industry and accounted for 59.9% of total CoQ10 market volume in 2013. Increasing anti-oxidant and energy generating compounds use in dietary supplements is expected to drive growth. The global revenue for dietary supplement applications is to grow at a CAGR of 18.8% from 2014 to 2020.
Pharmaceuticals application accounted for 17% of overall volume in 2013, with gains expected owing to increasing concerns regarding health diseases such as cardiovascular ailments, high cholesterol, blood pressure and diabetes.
Growing use of anti-ageing creams and sunscreen lotions is expected to significantly augment product demand in cosmetics industry over the forecast period, with volume estimated to reach 175.2 tons by 2020.
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North America CoQ10 market dominated as a region, accounting for over 51% of the total volume in 2013. In the U.S., FDA recognizes CoQ10 solely as a dietary supplement. Lack of regulatory support in North America and Europa is expected to be a key challenge for participants over the next seven years.
Europe CoQ10 market accounted for just over 10% of the global consumption in 2013 and is expected to lose market share owing the growth of CoQ10 market in Asia Pacific and Latin America. European participants are emphasizing on medical and health benefits offered such as healthy vision, migraine relief, cellular energy metabolism and infertility treatment.
Growing awareness regarding nutritional products, particularly among developing markets, is expected to have a positive impact on the Asia Pacific CoQ10 market.
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Competitive Market Share
Global CoQ10 market share is concentrated with top four participants ZMC, Kaneka, Kingdomway and Nisshin Sheifun accounting for over 60% of overall demand in 2013. Companies such as Kaneka Corp., Wellness International Network and ZMC are involved in capacity expansions in order to cater to the growing demand. The market has witnessed emergence of small scale manufacturers in China on account of flexible regulatory environment and growing domestic demand.
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