Coenzyme Q10 refers to the fat soluble vitamin-like substance present in the liver, heart, kidney, and brain of human body. The industrial manufacturing of Coenzyme Q10 is largely done by yeast fermentation and bacterial fermentation. The significance of coenzyme Q10 lies in its high medicinal value. It possess high antioxidant properties, and has found wide use in the treatment of heart disease such as congestive heart failure, other diseases such as Huntington’s disease, gum diseases, breast cancer, and among others. It also provide energy to the cells. It is commonly found in the form of supplements, tablets, and capsules. Rising consumer awareness regarding the benefits offered by Coenzyme Q10 in treating various ailments is expected to drive the growth of global Coenzyme Q10 market over the forecast period.
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Market Dynamics of Coenzyme Q10 Market:
The market of Coenzyme Q10 is expected to witness modest growth in the coming years. High medicinal value of Coenzyme Q10 coupled with its increasing demand in the cosmetic applications, such as sunscreen lotions and anti-ageing creams are expected to drive the growth of global coenzyme Q10 market. Additionally, its high growth can be attributed to various macro-economic factors such as growing geriatric population, recovered GDP, increased disposable income, increasing per capita health expenditure. Rapid urbanization coupled with the changing life-style and eating habits, growing prevalence of ailments & diseases, increasing awareness level regarding health benefits of coenzyme Q10 supports the growth of global coenzyme Q10 market. However, the growth of global coenzyme Q10 market is challenged by the stringent government and federal regulations with regards to the usage of coenzyme Q10 in the pharmaceutical industry. Also, the shortage of raw materials in the form of hexane, peptone, and tryptone is expected to have an adverse impact on the price trend of global coenzyme Q10 market.
Segmentation of Coenzyme Q10 Market:
Coenzyme Q10 market is segmented on the basis of application and geography. Based upon application, Coenzyme Q10 market is segmented into functional food, pharmaceutical, dietary supplements, cosmetics, and others. Dietary supplements is expected to be the largest application segment in the global coenzyme Q10 market. Its largest market value can be attributed to its high antioxidant and energy generation properties. Rise in the health concerns among consumers escalates the demand of coenzyme Q10 over the forecast period. Pharmaceutical application segment is poised to witness fastest growth in the global coenzyme Q10 market owing to the increased application scope in ailment of various cognitive diseases, cancer, eye care and cardiovascular diseases. Several pharmaceutical companies use coenzymeQ10 as key ingredient in the energy drinks and functional foods formulation due to its ability to improve aerobic cellular respiration and anti-oxidant properties.
Regional Outlook of Coenzyme Q10 Market:
Based on geography, Coenzyme Q10 market is segmented into seven different regions namely Latin America, North America, Asia-Pacific excluding Japan, Western Europe, Eastern Europe, , Middle East and Africa, and Japan. Emerging economies, despite of having high growth potentials, are expected to witness limited consumption owing to lack of awareness about the health benefits of coenzyme Q10 and price sensitivity of consumers. North America is expected to lead the regional market for coenzyme Q10 during the reviewed market. The high market share can be credited to the strong demand from U.S. Western Europe is expected to hold second largest market share in global coenzyme Q10 market over the forecast period while Asia Pacific is projected t o be the fastest growing region in the global coenzyme market owing to the increased demand from China and India.
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Key Market Players in Coenzyme Q10 Market:
Some of the key players in the Coenzyme Q10 market include Gnosis S.p.A., Kyowa Hakko U.S.A. Inc., Nisshin Seifun Group, Inc., DSM Nutritional Products, Hwail Pharmaceutical Company Ltd., PharmaEssentia Corporation, ZMC LLC, and Kaneka Corporation, among others.