MARKET OVERVIEW- GLOBAL COENZYME Q10 MARKET
Coenzyme Q-10 is a vitamin-like compound usually made from three polyunsaturated fatty acids. A two-carbon chain with pendant hydroxyl groups and a terminal double bond. It acts as an enzymatic cofactor for many important chemical reactions in the body. It is mainly found in organs that require a lot of energy, such as the liver, kidneys, and heart. People with certain medical conditions such as heart failure, high blood pressure, gum disease, Parkinson’s disease, blood infections, and certain muscle disorders can take low levels of coenzyme Q10. The growth of the industry is driven by an increase in disposable income and westernization. Adding to that, the growing consumer disposable income on account of economic growth in emerging economies such as China, India, and Brazil are driving the demand for natural and organic cosmetic ingredients, which in turn is crucial for the Coenzyme Q10 industry.
MARKET DRIVERS
The growing use of coenzyme Q10 in cosmetic products is expected to act as a driving factor for the market. The cosmetic products are expected to show significant growth due to the benefits of coenzyme Q10 on the skin including energized cell activity, reducing sun damage, and stimulating elastin and collagen production. The skin a damaged by the sun’s ultraviolet radiation, which is a source of free radicals that can damage the DNA of cells. CoQ10’s powerful antioxidant capabilities help to protect the skin at the molecular level from the sun and free radical damage. Coenzyme Q10, when used as a cosmetic ingredient, helps the human body produce more elastin and collagen, which helps reduce the appearance of fine lines. Coenzyme Q10 is extensively used in a wide range of cosmetic products including, anti-aging moisturizers, night creams, and day lotions. Lipstick and eye makeup, including mascara, eyeliner and eyeshadow for women.
MARKET OPPORTUNITIES
The growing incidence of chronic disorders will provide a huge opportunity for the coenzyme Q10 market. With a high incidence of disease, such as high blood pressure, high cholesterol, coronary heart disease, heart arrhythmia, arthrosclerosis, and congestive heart failure. CoQ10 helps protect the heart and blood vessels from the harmful effects of oxidative stress. The consumption of coenzyme Q10 supplements has facilitated positive outcomes, particularly in patients on statin medications. This factor is anticipated to be the driving force behind the growth of the global market for coenzyme Q10.
MARKET RESTRAINTS
However, the restraint of the coenzyme q10 market is the adverse side effects of coenzyme q10 on health. Coenzyme Q 10 is probably safe for most adults when taken by mouth or applied directly to the gums. But, due to less dosage awareness, it causes mild side effects such as diarrhea, stomach upset, loss of appetite, nausea, puking.
MARKET GROWTH CHALLENGES
Raw material shortage is one of the major challenge faced by coenzyme Q10 market. Fluctuations in raw material prices and disruptions in the supply chain due to the pandemic restrict the growth of the market. The global shortage of raw materials has led to supply bottlenecks across all sectors.
CUMULATIVE GROWTH ANALYSIS
The report provides an in-depth analysis of global Coenzyme Q10 market, market size, and compound annual growth rate (CAGR) for the forecast period of 2023-2029, considering 2022 as the base year. With increasing demand for different Coenzyme Q10 in various applications is expected to witness the growth at a specific CAGR from 2023-2029.
COENZYME Q10 MARKET SEGMENTAL OVERVIEW
The global Coenzyme Q10 market comprises of different market segments like type, source, application and geography.
COENZYME Q10 MARKET BY TYPE
On the basis of product type, the coenzyme Q10 market includes
- Ubiquinone Coenzyme Q10
- Ubiquinol Coenzyme Q10
Ubiquinol Coenzyme Q10 dominated the market and accounted for a market share. Ubiquinol is a reduced form of coenzyme Q10 that acts as an active antioxidant that prevents the initiation and propagation of lipid peroxidation in biological membranes and human low-density lipoprotein (LDL). It plays an essential role in maintaining cellular defense against oxidative damage and also sustains the effects of vitamin E by regenerating.
COENZYME Q10 MARKET BY SOURCE
Coenzyme Q10 is obtained from sources like
- Meat
- Fish
- Whole Grains
- Others
Whole grains dominated the market and accounted for a market share. Whole grain category includes nuts and seeds, legumes, and oilseeds. Whole grains are generally seen in their whole form or ground into flour possessing all parts of the seed including bran, germ and endosperm. These are considered better sources of fiber and other important nutrients, such as iron, folate, B vitamins, selenium, potassium and magnesium when compared to other types of grains.
COENZYME Q10 MARKET BY APPLICATION
The different applications of Coenzyme Q10 are
- Dietary Supplements
- Cosmetics
- Functional Food
- Pharmaceuticals
- Others
The dietary supplements segment dominated the market and accounted for the largest market share. Dietary supplements are functional foods that can deliver nutrients like vitamins, and minerals, among others. The dietary supplements segment is preliminarily driven by the paradigm shift toward preventive health management practices amid rising healthcare costs and the increasing burden of lifestyle diseases. Furthermore, digitization in the retail sector is expected to boost dietary supplement growth further. However, the pharmaceutical segment is fastest growing application for coenzyme Q10 in the forecasted period.
COENZYME Q10 MARKET BY GEOGRAPHY
The global Coenzyme Q10 market is studied for the following regions
- North America
- Europe
- Asia-Pacific
- Rest of the world (RoW)
The North American region dominates the market. This region primarily includes countries like the U.S., Canada, and Mexico. The North America region can be considered the important market for co-enzyme Q10 owing to the rising demand for cosmetic products in this region. Increasing awareness regarding skin care routines, innovative product branding, and advertising strategies. Increasing developments in sustainable cosmetics are creating opportunities for the growth of the market.
The Asia Pacific region is estimated to register the highest CAGR during the forecast period owing to increasing awareness regarding the usage of coenzyme Q10. Also, changes in consumer lifestyles and rising health concerns in emerging markets such as India and Japan are expected to boost the growth of the segment.
COVID-19 IMPACT ANALYSIS ON GLOBAL COENZYME Q10 MARKET
The repercussions of the pandemic have been described in detail in this report. The varied observations made by the Axiom market researchers provide accurate information about each point surrounding the growth of the Coenzyme Q10 market. The report provides a complete analysis of changes in global market expenditure, economic and international policies on the supply and demand side. The report also studies the impacts of the pandemic on global economies, international trade, business investments, and GDP and marketing strategies of key players present in the market. COVID-19 has various impact in different countries depending on their cultural norms, mitigation efforts, and health infrastructure. The economies in low and middle-income countries are negetively affected by loss of income, the shutdown of businesses, human and goods movement restrictions imposed by governments, de-globalization and the breakdown of markets because of both demand shocks and supply constraints. During the lockdown, the coenzyme Q10 manufacturers followed a series of mandates and procedures to battle the crisis and keep a healthy workplace environment. Coenzyme Q-10 production and distribution are currently moving at a slower pace, which has negatively impacted the growth of the market. However, the CoQ10 market is gaining a lot of momentum across the globe owing to the ease of lockdowns due to a decrease in the number of COVID-19 cases. After the third wave of COVID-19, some countries have lifted stringent regulations aimed at providing lucrative growth opportunities for market players. Also, key market manufacturers are adopting various marketing strategies, such as product innovation, regional expansion and new product launches to sustain the competitive market and meet the changing trends. Adopting such strategic marketing policies by various key players is anticipated to contribute towards the growth of the market in the past COVID-19 era.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of Coenzyme Q10 market is primarily focused on expanding the global growth of Coenzyme Q10 industry with new product innovation, business expansion, increasing presence of a range of manufacturers operating in Coenzyme Q10 sector has led to growing demand for the market. Besides, the market offers a range of products in different applications to fulfil the required demand of consumers, which is further contributing to healthy growth in the market.
The key players studied in market are
- Merck KGaA
- Kaneka Corporation
- KYOWA HAKKO U.S.A., INC.
- DSM
- Zhejiang Medicine Co., Ltd.
- HFS Biotech
- Xiamen Kingdomway Group
- Nisshin Pharma Inc.
- Nutrifoods
- Pharmavit
- Alpspure Lifesciences Private Limited
- Tokyo Chemical Industry Co., Ltd. (TCI)
- Anhui Keynovo Biotech Co., Ltd.
RECENT DEVELOPMENT:
September 2021: Nisshin Pharma Inc. launched the PureSorb Q-5-NF product. PureSorb-Q-5-NF is a water-dispersible powder containing around 5% coenzyme Q-10. This launch has helped the company widen its product portfolio in the coenzyme Q-10 range.
