Pune, India, Feb. 24, 2022 (GLOBE NEWSWIRE) --
The global coenzyme Q10 market size will gain remarkable momentum during the forecast timeline, credited to the growing awareness of the importance and advantages of physical fitness. Coenzyme Q10 is a vitamin-like nutrient that is generally present in the kidney, heart, liver, and pancreas and can foster the healthy functioning of various vital organs. The trends that will foster the industry share are mentioned below:
- North America (regional valuation may reach $550 million):
High demand for coenzyme Q10 in skincare products:
The North America coenzyme Q10 market size from cosmetic applications is set to record a robust CAGR of 9.3% through 2026. This nutrient is being heavily used by skincare product manufacturers as it has antioxidant properties that can reverse the signs of aging, thereby offering a youthful appearance to customers.
CoQ10 also protects the skin from harmful UV rays and pollution by energizing the skin cells. Many people are heavily investing in cosmetic products that contain skincare ingredients and are also splurging on high-end skincare items to enhance their skin quality, which will surely favor the adoption of coenzyme Q10.
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The U.S. coenzyme Q10 market size shows notable growth:
The U.S. held a considerable share of the North America market in 2019, as the total revenue generated from the sale of facial cleansers stood at nearly $1.55 billion. Moreover, the sale of sunscreen products is set to reach $2.65 billion by 2026.
Many companies are producing nutraceuticals and dietary supplements to help people achieve their nutrient intake target and the increasing demand for the same will augment the use of coenzyme Q10 in these medicines.
The percentage of aging population grows:
The region is witnessing a robust rise in the number of people belonging to the age group of 65 years and above. This factor poses various perils as they are at a higher risk of contracting several chronic diseases, such as cardiovascular ailments, diabetes, and hypertension.
Medicines and foods that are rich in CoQ10 can play a key role in promoting the health of vital organs and can keep these illnesses at bay. Additionally, since elderly people want to delay the signs of aging, they are increasingly using cosmetic products that contain coenzyme Q10, thereby positively influencing its demand.
- Europe (regional valuation may cross $95 million):
Rising use of coenzyme Q10 in pharma sector:
Based on application, the Europe coenzyme Q10 market size from the pharmaceutical applications is likely to register more than 9.5% CAGR through 2026. Coenzyme Q10 is being extensively used by pharma companies to treat various heart-related ailments, such as heart cancer, congestive heart failure, and high blood pressure.
It is also used as an ingredient in medicines that treat migraine attacks, mitochondria cell disease, Parkinson’s disease, and diabetes. Since it enhances a patient’s immune system and regulates the energy metabolism activities, CoQ10 will find robust use in the pharmaceutical sector.
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Germany shows promising demand for coenzyme Q10:
Germany accounted for a share worth $14 million in the Europe market in 2019. There is a strong presence of reputed companies that specialize in the production and use of coenzyme Q10 in various products. The cosmetic sector in the country is growing at a notable pace and the use of CoQ10 has further boosted the sales of cosmetic products as a large percentage of the population knows about its benefits for the skin.
Consumption of dietary supplements rises:
The dietary supplement application is predicted to register a CAGR of more than 10% in the Europe coenzyme Q10 market through 2026. Consuming dietary supplements that contain coenzyme Q10 can boost one’s immunity and produce energy in their cells. Moreover, they can greatly improve a person’s performance while exercising and help them effectively manage their weight and fitness level. These beneficial features are bound to amplify the adoption of coenzyme Q10 in dietary supplements.
- Asia Pacific (regional valuation likely to exceed $400 million):
Growing income level can boost the sale of coenzyme Q10 products:
Asia Pacific is one of the fastest growing regions in the world as many countries are undergoing a notable economic transition. The growing industrialization and urbanization have played a vital role in generating employment opportunities for many people, thereby increasing their per-capita income, and enhancing their standard of living.
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The above-mentioned factors have catalyzed the demand for coenzyme Q10 products among customers as they can splurge on high-quality and expensive skincare and cosmetic items. They are also increasing their consumption of CoQ10-rich dietary supplements and nutraceuticals to maintain good health as they contain medicinal properties that reduce the risk of heart diseases and cancer.
China market outlook remains positive:
The dietary supplement application captured a share worth $29.5 million in China coenzyme Q10 market in 2020. The demand for dietary supplements enriched with coenzyme Q10 is rising among consumers as they are focusing on enhancing their physical and mental health and well-being.
The drastic changes seen in the lifestyle of the Chinese population has prompted many to consume dietary supplements to meet their daily nutritional requirements. Since the country is also one of the major manufacturers and exporters of nutraceuticals and dietary supplements, the use of coenzyme Q10 will grow.
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