Coenzyme Q10 Market Value to hit $1 Billion by 2026: Global Market Insights, Inc.
SELBYVILLE, Delaware, Nov. 21, 2019 /PRNewswire/ -- Global Coenzyme Q10 Market is likely to cross USD 1 billion by 2026, according to a new research report by Global Market Insights, Inc. Increasing consumption of nutraceutical supplements containing CoQ10 owing to its superior health benefits is expected to drive market growth.
The emergence of sustainable natural solutions for treating nutrient deficiency has significantly shifted consumer inclination towards the use of natural antioxidants. This has substantially surged the demand for new innovations in supplement manufacturing which is expected to have a positive impact on market growth.
Government initiatives to promote health awareness is a key attribute towards the dietary supplements market expansion. Coenzyme Q10 helps improve the nutritional value of food products and minimizes the occurrence of various health disorders.
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Rising R&D initiatives to promote the use of natural extracts in beauty & personal care formulations are expected to foster CoQ10 demand from the cosmetics industry. The antioxidant offers vitamin E & C which help to prevent free radical damage to cells and helps in improving skin moisturization, thereby fueling the market scope.
Some key findings of the coenzyme Q10 market outlook report include:
- Consumption of dietary supplements across the globe is on rise owing to growing awareness towards nutritional enrichment in the diet which will spur the demand for coenzyme Q10.
- Demand for natural antioxidants in supplements and medicinal formulations owing to strict regulations towards drug usage in Europe is expected to drive the global market growth.
- Rising lifestyle disorders such as heart diseases, cancer, blood pressure and cardiovascular problems in Asia Pacific countries such as China, India owing to lack of balanced diet to offer favorable opportunities for market growth.
- Major players operating in the coenzyme Q10 market include DSM, Healthy Origins, Kaneka Corporation, SourceOne Global Partners and Pharmavite.
- Key manufacturers are focused on research & innovations to manufacture identical, naturally occurring CoQ10 & are utilizing yeast fermentation and chemical synthesis to offer high-quality coenzyme Q10.
- CoQ10 reduces the chances of cognitive heart failure, high blood pressure and improves physical performance which makes it an ideal replacement for synthetic drugs.
Lack of product recognition by various government agencies is expected to be a major challenge for business expansion in the projected time period. Further, use of the product for treating chronic diseases is not recognized by government agencies such as the FDA. Stringent government regulations towards drug usage owing to rising cases of chronic illness is likely to hamper coenzyme Q10 industry growth.
Browse key industry insights spread across 168 pages with 75 market data tables and 34 figures & charts from the report, "Coenzyme Q10 Market Statistics By Application (Pharmaceuticals, Dietary Supplements, Cosmetics), Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026" in detail along with the table of contents:
Companies are engaged in developing new solutions to improve the quality and performance of manufactured CoQ10. For instance, In March 2018, Nature's Plus, a U.S. based manufacturer of vitamins & supplements introduced a new product under the brand name, Source of Life Gold Drink Mix at Natural Products Expo West which will help the company gain market share.
The product contains CoEnzyme Q10 to enhance absorption and achieve high-power natural nutrition. Also, in December 2016, the company launched HEARTBEAT, Cardiovascular Support Tablets, in the market which contain high potency B-complex vitamins and CoEnzyme Q10 to support healthy blood pressure and other cardiovascular wellness
Asia Pacific coenzyme Q10 market growth is expected to register significant growth during the forecasted time period owing to the increasing incidences of lifestyle disorders in the regional market. Several countries in the regional market have a high prevalence of obesity owing to changing consumer food habits. This has urged the demand for high-quality nutritional supplements.
According to the National Health Commission, China accounted for over 170 million elderly citizens suffering from chronic diseases in 2018. The government is focused on supporting consumer health by enhancing living quality and providing awareness towards healthy aging which is expected to accelerate market growth.
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