The global CoQ10 market is expected to reach USD 849.5 million by 2020, according to a new study by Grand View Research, Inc. Growth of personal care industry particularly in BRIC nations is expected to remain a key driving factor for the global CoQ10 market. Increasing penetration of CoQ10 in medical industry is also expected to have positive influence on market growth. Constantly fluctuating CoQ10 prices is expected to remain a key challenge for market participants over the forecast period.Dietary supplements emerged as the leading application for CoQ10 and accounted for 59.9% of total market volume in 2013. Increasing health concerns is expected to drive the demand for antioxidants and energy supplements which in turn is expected to drive CoQ10 demand over the next six years. Pharmaceutical is expected to be the most lucrative application segment and is expected to grow at an estimated CAGR of 9.9% from 2014 to 2020. Cardiac benefits of CoQ10 coupled with increasing prevalence of cardiovascular diseases across the globe are major factors driving its demand in pharmaceutical applications.
Further key findings from the study suggest:
- Global CoQ10 market demand was 624.8 kilo tons in 2013 and is expected to reach 1,168 kilo tons by 2020, growing at a CAGR of 9.2% from 2014 to 2020.
- North America was the largest regional market for CoQ10 and accounted for over half of total market volume in 2013. Increasing application of CoQ10 in cosmetics such as anti-ageing and sunscreen lotions particularly in the U.S. is expected to drive the regional market. Non recognition of CoQ10 in pharmaceuticals by U.S. FDA is expected to remain a key challenge for the regional market.
- Asia Pacific is expected to witness highest growth rate over the next six years. The region is expected to grow at an estimated CAGR of 10.1% from 2014 to 2020.Increasing health awareness is also expected to have a positive influence on regional CoQ10 demand.
- Some of the major companies operating the global market include ZMC-USA, Kaneka Corporation, Gnosis S.p.A., DSM Nutritional Products, PharmaEssentiA Corporation and Xiamen Kingdomway Co.