According to a research report published by Grand View Research, a market research organization, the global coenzyme Q10 market will reach US $0.404 billion in 2015 and may reach US $1.36 billion by 2024. This market will continue to be driven by the fact that CoQ10 can be applied to specific conditions.
In 2015, the supply of coenzyme Q10 to the market reached 752 tons, is expected to grow to 1695 tons by 2024, the average annual compound annual growth rate (CAGR) in this period will reach 9.5.
Market value of 1.36 billion in the next eight years
The forecast is broadly in line with forecasts made by the North American CoQ10 Association, at least in terms of market demand for this raw material. But Scott Steinford, president of the North American Coenzyme Q10 Association, said the retail value of this market could actually be much higher. He said: "At present, we have set the supply of coenzyme Q10 raw material market at about 700 tons, with a value of US $0.25 billion. Such a scale may reach the retail level of US $1 billion today, so it may be a conservative forecast that the retail value can reach US $1.36 billion in the next eight years."
According to the report from Grand View Research, the main driver driving the growth of the CoQ10 market will be the close association of this raw material with the treatment of certain diseases. Coenzyme Q10 is produced in the human body, and it plays a vital role in the energy production mechanism of cells. CoQ10 occurs naturally in small amounts in a wide variety of foods, but is found in particularly high levels in animal offal (such as hearts, livers and kidneys), as well as in beef, soybean oil, sardines, mackerel and peanuts.
However, when coenzyme Q10 is depleted in the human body, it is difficult for people to get enough supplements from the diet. Studies have shown that coenzyme Q10 levels decline with age, especially in patients on statins, which may explain the muscle pain and weakness that some statin users experience as a side effect of the drug. CoQ10 also acts as an antioxidant, a feature that, coupled with its energy-generating mechanism, seems to make CoQ10 a natural substance in sports nutrition formulas.
China is the largest supplier
Currently, the United States and Japan are the two largest markets for CoQ10. The Grand View Research report predicts that the aging population in these two countries will become a key factor in the increasing market demand for CoQ10. The United States currently accounts for 45% of global coenzyme Q10 consumption, while Japan accounts for another 20%.
This aging trend is most pronounced in developed countries, where birth rates have been declining for an entire generation. This trend will also become a huge factor in China, where the one-child policy that China has implemented for decades is beginning to end. All of this will boost the demand for CoQ10, not only because of the increased incidence of heart disease in these older populations, which is leading to an increase in statin use, but also because CoQ10 has another use, namely for skin health. This is mostly confirmed in cosmetic preparations for external use, Steinford said.
At present, scientific support for the concept that coenzyme Q10 has cosmetic effects is still limited, Steinford said. CoQ10 has been clinically proven to be an effective topical product, but more research is needed to strongly support a link between CoQ10 use and improved skin health.
China dominates the supply side of the CoQ10 market. Among the top six suppliers in the world, five are Chinese suppliers, and the remaining one is Japanese company Kaneka Nutrients. According to the size of the company, the Steinford ranked the six suppliers: Xiamen Jindawei Group, Shenzhou Biological Company, Zhejiang Pharmaceutical, Xinhe Cheng, Kaneka and Lizhu Pharmaceutical Group.