Market participants now increasingly focus their development efforts on the newly discovered role that CoQ10 plays in cellular energy production, healthy vision, migraine relief and infertility treatment. This emphasis on new health profiles and applications will help industry players expand their customer base and product portfolio.
New analysis from Frost & Sullivan (food.frost.com) Europe CoenzymeQ10 Markets, finds the market earned revenues of $14.8 million in 2007 and estimates this to reach $35.1 million in 2014.
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Most consumers choose dietary supplements based on their health claims, along with the product's purpose and price. Of these, health claims are the most influential and challenging factor for the European CoQ10 manufacturers, since health claim regulations in Europe are much more stringent and demanding than in other regions. Consequently, European manufacturers will be hard-pressed to establish scientific credibility and overcome regulatory hurdles to develop successful health claims.
Many manufacturers operating in Europe find it daunting to perform multiple levels of testing and scientific research on certain ingredients before they are approved in Europe. The process is not only expensive, but can also be extremely lengthy.
Manufacturers must have a thorough understanding of regulatory procedures while developing novel applications or marketing new benefits of CoQ10 in Europe. While existing manufacturers may have the experience to cope with the regulatory requirements, new entrants must tread carefully with regard to health claims and product development.
New product development, however, is a key activity for market expansion. In the past, for example, manufacturers supplied the majority of CoQ10 in the form of a fat-soluble compound and end users complained about its suitability for beverages. Now, manufacturers and marketers are rapidly offering value-added versions of CoQ10, which are typically enclosed in a matrix or are in a beadlet form. These formulations offer greater stability and ease of formulation into beverages.
Formulators have also developed versions that contain nanograde materials, which could increase the surface area and therefore, the bio-availability of the product. These developments mean that CoQ10 could be increasingly used in functional beverages,, which is the fastest growing application sector within the functional food and beverage market.
Revenues expect to increase now that the supply of CoQ10 is stable and prices returned to pre-surge levels. The rising costs of healthcare and consumer interest in preventative healthcare will also lift CoQ10 sales. These trends, along with the discovery of new health benefits, creates a huge market for CoQ10 in supplements and functional foods
Europe CoenzymeQ10 Markets is part of the Food & Beverage Ingredients Growth Partnership Service program, which also includes research in the following markets: enzymes in food and feed applications, U.S. prebiotics markets, global lutein market and U.S. CoenzymeQ10 markets. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants. Interviews with the press are available.
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Europe CoenzymeQ10 Markets