Global CoQ10 (Coenzyme Q10) market size was 624.8 tons in 2013 and is expected grow at a CAGR of 9.2% from 2014 to 2020. Cosmetic industry growth coupled with increasing scope for medical applications, particularly in Europe and Asia Pacific are expected to remain key driving factors for the global 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.
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.
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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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