Fact.MR predicts the sales of coenzyme Q10 market to exceed US$ 1.3 Bn by registering a CAGR of 8% in the forecast period 2021-2031. Increase in awareness regarding health and nutrition is playing a key role in the consumption of coenzyme Q10. By 2021, the market is expected to reach US$ 600 Mn.
Historically, between 2016 and 2020, the sales of coenzyme experienced a growth rate of 6%. Growth prospects received credible stimulus during COVID-19. A series of published studies hypothesizing the need to administer coenzyme Q10 in case of deficiencies experienced by patients during an infection kept prospects largely elevated.
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Key Takeaways from the Market Study
- Pharmaceutical coenzyme Q10 applications stay dominant, surging at 7% CAGR
- Ubiquinone and ubiquinol coenzyme Q10 types to jointly contribute US$ 665 Mn in revenue
- North America is likely to be the most opportunistic market, capturing 45% revenue by 2031
- Over 1/4th of the global revenue in the coenzyme industry to be contributed by Asia
“As the growth of supplements and skin care nutrition is likely to be robust, coenzyme Q10 will be prominent with producers having an extensive product portfolio and the marketing prowess of products with nutritional and health benefits,” says the Fact.MR analyst.
Key Segments Covered
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Product Type
- Ubiquinone Coenzyme Q10
- Ubiquinol Coenzyme Q10
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Production Method
- Coenzyme Q10 Production via Microbial Fermentation
- Coenzyme Q10 Production via Chemical Synthesis
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End Use Industry
- Coenzyme Q10 for Pharmaceuticals
- Coenzyme Q10 for Nutraceuticals
- Coenzyme Q10 for Cosmetics
- Coenzyme Q10 for Other End Use Industries
Competitive Landscape
Prominent players operating in the global coenzyme Q10 market include Kaneka Corporation, Xiamen Kingdomway Group, Nisshin Seifun Group, Zhejiang Medicine Co. Ltd, and Kyowa Hakko U.S.A. Inc., among others.
- Skin care companies, such as Beiersdorf, have recognized the potential of coenzyme Q10 in preventing premature ageing and energizing the skin, and is offering new skin care products with CoQ10 content that claims to protect the skin from UV/UVB rays.