USD 550.51 million
Report ID: SQSG30A2001 | Region: Global | Published Date: November, 2022 | Pages: 165 | Tables: 62 | Figures: 66
Global CoQ10 Supplement Market was valued at USD 550.51 million in 2021, and it is expected to reach a value of USD 1148.93 million by 2028, at a CAGR of 9.7% over the forecast period (2022-2028).
Increasing cases of heart diseases, diabetes, and lung diseases in various developing and developed countries due to unhealthy lifestyles and food habits have increased the demand for healthy food and ingredients across the world, which is driving the demand for coenzyme Q10 in recent times.
The benefits offered by Coenzyme Q10 are its use for conditions that affect the heart such as heart failure and fluid buildup in the body (congestive heart failure or CHF), chest pain (angina), and high blood pressure. It is also used for preventing migraine headaches, Parkinson’s disease, and many other conditions. A report by World Health Organization (WHO), predicts that the number of cancer patients would increase considerably by the year 2030 which will boost the demand for CoQ10 during the forecast period.
Global Market Size
USD 550.51 million
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The global CoQ10 supplement market is segmented on the basis of type, application, and region. Based on type, the market is segmented into soft capsules and chewable tablets. Based on application, the market is segmented into pharmaceuticals, dietary supplements, and cosmetics. Based on region, the market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Application
The global coenzyme Q10 market is segmented into pharmaceuticals, dietary supplements, and cosmetics. The dietary supplements segment accounts for the largest market share for the CoQ10 market in the year 2021 and the Pharmaceuticals sector is expected to register the fastest growth of over 10.5% CAGR during the forecast period of the report. Advanced product innovation that includes antioxidant and energy generation properties are major factors driving the dietary supplements segment. Many products such as health drinks, pharmaceutical tablets, and dietary supplements are launched recently by many companies to acquire a customer in different segments which will propel the global coenzyme Q10 market growth during the analysis period.
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In 2021, North America held the largest global CoQ10 market share. Cosmetic products enriched with coenzyme Q10 give various skin benefits, including providing energy to skin cells, which is essential to repair and renew skin cells, reducing sun damage, and supporting the formation of elastin and collagen. Therefore, growing awareness of the benefits of CoQ10 among cosmetic makers in the United States and Canada has boosted demand for the CoQ10 market in the region in recent years.
The Asia Pacific emerged as the fastest growing market for coenzyme Q10 in recent years and is predicted to grow at 10.9% CAGR over the forecast period. Increasing awareness regarding health and other benefits of the product and transitioning customer lifestyles, in developing economies such as India and China are driving the regional coq10 supplement market growth.
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Coenzyme Q10 offers several benefits to the skin including it provides energy to the skin cells which is required to repair and regenerate the skin cells, helps in sun damage, and supports the production of elastin & collagen. Thus, rising awareness about the benefits of coenzyme Q10 among the cosmetic manufacturers will drive the market in future.
Increase in urbanization and development of countries will fuel the demand of COQ10 because of high awareness and large availability of the product.
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The CoQ10 supplement market is relatively fragmented, with a high level of competition. Few large players, like Kyowa Hakko USA Inc, Gnosis S.p.A., and Nature’s Bounty, now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability.
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According to our global CoQ10 Supplement Market analysis, with busy lifestyles, intense work schedules, and less time available for cooking food, the working population is failing to meet their daily nutrient requirements. Due to this, consumers have moved their focus to dietary supplements to meet their daily nutrient requirements which will give a huge benefit to the supplement sector globally.
|Market size value in 2021||USD 550.51 million|
|Market size value in 2028||USD 1148.93 million|
|Forecast Unit (Value)||USD Million|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global CoQ10 Supplement Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global CoQ10 Supplement Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global CoQ10 Supplement Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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