PUBLISHER: Grand View Research | PRODUCT CODE: 1376167
PUBLISHER: Grand View Research | PRODUCT CODE: 1376167
The global coenzyme Q10 market is expected to reach USD 1.33 billion by 2030, according to a new report by Grand View Research, Inc.. registering a 10.2% CAGR from 2023 to 2030. Increasing use in cosmetic formulations is a key driving factor for industry growth.
CoQ10 exhibits antioxidant properties and energy generation characteristics targeting skin repair. It emerged as the largest consumer accounting for over half of the total volume in 2015. Aging population and the resulting demand for anti-aging products to further drive growth.
Asia Pacific is poised to be the fastest-growing regional market on account of expanding industrial base with most of the manufacturing companies opening plants in China and growing major end-use industries such as pharmaceutical and dietary supplements. Latin America would follow Asia Pacific in terms of growth. The growth can be attributed to increasing use as a dietary supplement and ailment of diverse diseases.
Dietary supplements were the dominant application segment accounting for over 60% of the total market volume in 2015. Cosmetics is expected to witness the highest growth rate of 10.4% from 2016 to 2024, growth is driven by increasing use in skincare creams and lotions in compliance with usage regulations.