The Coenzyme Q10 Market is forecast to reach $938 million by 2025, growing at a CAGR of 11.56% during 2020-2025. The boom in the demand for dietary supplements is fueling the demand for coenzyme Q10 in the market.
- North America dominates the coenzyme Q10 market owing to increasing demand from applications such as pharmaceutical and dietary supplement industries.
- The dietary supplement industry held the major share in the application segment.
By End-Use Industry- Segment Analysis
The dietary supplement segment held the highest share in the market. There is growing recognition of the potential role for nutraceuticals and dietary supplements in helping to reduce health risks and improve health quality. In the global marketplace nutraceuticals and functional foods have become a multi-billion dollar industry.Healthy ageing encompasses not only seniors and baby boomers but also Millennials and middle-age consumers. Key health needs include maintaining mental acuity, blood sugar control, preserving muscle mass and vigour, weight control and CVD health. This is driving the demand for Coenzyme Q10.
As the market grows, there will be tightening pressure from government agencies and an increase in oversight. The FDA has upped enforcement of dietary violations, which will impact clinical trials and research. With the diversity and power of pets, the pet care industry is growing dynamically and closely following the movements, also the development of human living environment and quality. In response to the consumer demands, cosmetic companies started to develop and to launch on the market new products containing natural ingredients, eventually bioactive; medical claims have been thoroughly investigated and supported by clinical trials.
Geography- Segment Analysis
North America dominated the Coenzyme Q10 market with a share of 35%, followed by APAC and Europe. The economy of APAC is mainly influenced by the economic dynamics of countries such as China and India, but with growing foreign direct investmentfor economic development of South East Asia, the current scenario is changing.The global value of the market for dietary supplements, including vitamins, minerals and nutritional supplements, at $82 billion (USD) annually. Equally important, the future growth in the market for dietary supplements is expected remain strong, growing between 5-6% per year through 2020.These growth prospects reportedly reflect the increase in health conscious consumers as well as aging populations in the U.S., the European Union and Japan. By most accounts, the U.S. market for dietary supplements is the largest in total size and in the number of dietary supplement product offerings.
Drivers –Coenzyme Q10 Market
There is a lower R & D burden for ‘pharmaceuticals’ in their ‘nutraceutical’ segment when compared to their prescription and OTC medications.Rising consumer awareness and preference is facilitating global market growth
Challenges – Coenzyme Q10 Market
- Rising Regulations & Safety Concerns
Despite consumers’ general acceptance of their potential health and nutritional benefits, dietary supplement products sold in the U.S. are not required to be independently tested for safety or efficacy prior to being placed on the market. Instead, manufacturers are solely responsible for evaluating the safety and proper labeling of their products for compliance with FDA regulations.In the U.S., the FDA regulates both finished dietary supplement products and ingredients found in dietary supplements. As previously noted, dietary supplements are outside of the strict oversight accorded drugs and pharmaceutical products. Instead, they are categorized as a type of food product, and must comply with regulations promulgated under the federal Dietary Supplement Health and Education Act (DSHEA) of 1994 and other more recent legislation. Under current FDA regulations, manufacturers and distributors are directly responsible for evaluating the safety and labeling of their products prior to marketing them for sale, and are prohibited from marketing products that are adulterated or misbranded.
Technology launches,acquisitions and R&D activities are key strategies adopted by players in the Coenzyme Q10 market. In 2018, the top five players accounted for xx% of the share. Major players in the Coenzyme Q10 Market areKaneka Corporation, Mitsubishi Gas Chemical Co, Gnosis S P A, Hwail Pharmaceutical Co Ltd, Kyowa Hakko A Inc, DSM Nutritional Product, Pharmaessentia Corporation, Zmc-Usa Llc, Nisshin Seifun Group Inc,among others.
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