CoQ10 market growth through 2020 will be driven by the personal care industry
As a cosmetics ingredient CoQ10 (coenzyme Q10), is used to promote skin hydration, skin repair and anti-aging. A “growing cosmetics industry globally is expected to boost the demand for CoQ10 in cosmetics applications such as anti-ageing lotions and creams,” according to a Grand View Research study.
Promising numbers
By 2020 the global market for CoQ10 is projected to reach $849.5m, Grand View Research forecasts.
Contrast this to conservative reports in 2004 that sales worldwide were at $350m. At that time international stock was restricted by a dearth of suppliers with multi-ton capacity. Japanese companies were selling the ingredient almost exclusively and sold to in-country buyers first.
“Sourcing has been very difficult. Anyone outside Japan doesn’t seem to be able to deal in metric tons, only kg values,” Bert Israelsen, executive vice president of Frontier Science told NutralIngredients-USA.com at the time. Israelsen is now chief operating officer of that company.
Companies to watch
Now there are many companies manufacturing and selling CoQ10. The study identifies several prominent ingredient suppliers involved globally in the CoQ10 market: ZMC-USA, Kaneka Corporation, Gnosis S.p.A., DSM Nutritional Products, PharmaEssentiA Corporation and Xiamen Kingdomway Co.
Looking ahead
Local North American volume accounted for more than half of the total market for CoQ10 last year. This regional market will see growth due to the inclusion of CoQ10 in personal care product formulations such as sunscreen and anti-aging creams, according to Grand View Research.
And, overall growth in the cosmetics industry across “Latin American countries such as Brazil, Argentina and Colombia is expected to be a major factor driving market growth in the region.”
Separately, dietary supplement and pharmaceutical use of CoQ10 internationally will contribute to the overall market volume of the compound.
Regulatory concern
The Food and Drug Association has not recognized CoQ10 as a medical treatment and this will restrict the market growth in the US.
The study authors remain optimistic: “However, growing awareness regarding the benefits of CoQ10 in eye care, anti-ageing and cognitive diseases may offer new application opportunities to the market participants.”
