Asia Pacific Coenzyme Q10 Market size crossed USD 184 million in 2020 and is predicted to exhibit a CAGR of 10% between 2021 and 2027.
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Coenzyme Q10, also known as Ubiquinone10 (UQ10), is a lipid soluble antioxidant found in the biological system which is synthesized by the conjugation of isoprenoid chain of variable length with benzoquinone ring. It has great importance in the personal care and cosmetic industry due to its superior antioxidant properties and it is also utilized as an ingredient in functional foods, dietary supplements, and nutraceuticals. Multifunctionality of Coenzyme Q10 has fueled its demand from various end use industries.
Rapid urbanization coupled with the changing lifestyle has resulted in hectic and busy life schedules. Further, an imbalanced diet and irregular physical activity lead to several chronic diseases such as cardiac arrest, high blood pressure, diabetes etc. Growing health consciousness among consumers, particularly among the millennials and the geriatric population is driving the demand for dietary supplements.
Moreover, the increasing disposable income has encouraged the consumers to spend more on personal health and wellness leading to increased adoption of dietary supplements and nutraceuticals. Coenzyme Q10 possesses medicinal properties that help to treat and prevent heart disease, cancer, diabetes, and Parkinson’s disease.
The cosmetic segment accounted for USD 45.1 million revenue in 2020 and will observe over 9.9% growth rate during the forecast period. Coenzyme Q10 is used as an ingredient in many cosmetic products such as moisturizers, sunscreens, body lotions, and creams. Its superior antioxidant and energy generation properties helps to reduce sun or environmental skin damage, boost collagen production and even out skin tone, thus, driving its demand from anti-aging cosmetic products.
Growing consumer focus towards personal appearance is driving the demand for skincare and nourishment products. Moreover, the rising number of working females in emerging economies such as India and China are anticipated to raise the demand for skincare products, which supports the market revenue.
Some of the leading companies operating in the Asia Pacific coenzyme Q10 market include Kaneka Corporation, DSM, Healthy Origins, Nordic Naturals, GNC Holdings, Xiamen Kingdomway Group, Pharma Nord, NOW Foods and Nature's Bounty.
Companies are focusing on product launches, partnerships, and agreements to extend their product reach and distribution channel. For instance, Kaneka Corporation has launched a new product named Watashi no Chikara (My Energy Q10 Yogurt) in January 2021. The company aims to sell high nutritional food products containing an active form of coenzyme Q10.