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Newly launched CoQ10 Association to address transparency and education opportunities
CoQ10 as an ingredient is an important contributor to the dietary supplement industry.
Education is obviously the key determinant for the success of the dietary supplement industry and more specifically CoQ10 as an ingredient. To facilitate the responsible transparency of ingredient manufacturing and education of the benefits of COQ10 the COQ10 Association has been founded. The CoQ10 Association was founded to:
In the past fifteen years, to name just a few of the events, the ingredient CoQ10 has endured ingredient manufacturer transparency concerns, major studies with mixed results, a significant and impactful three year shortage, an International litigation heard in this country by the International Trade Commission and an almost complete turnover of manufacturers. Despite these issues brand holders outside of the purchasing department rarely discuss transparency of CoQ10 ingredient production and supply. CoQ10 ingredient manufacturers are also lacking transparency to the market place and customers to develop more direct opportunities for product improvement. The reality is transparency, information and education about CoQ10 at all levels of the distribution chain needs to occur on a proactive and purposeful manner.
Because of the importance, significance and benefit of the ingredient, CoQ10 has maintained a CAGR of over 20% over the past 15 years. In 2000 the estimated global demand for CoQ10 as a raw material was just under 40MTs. In 2015, the global requirement for this ingredient is expected to exceed 600MTs. While North America still comprises over 80% of the global demand for CoQ10, other markets, such as Japan, China and Brazil are rapidly emerging as the opportunity to educate consumers to the benefits of this ingredient becomes more available. The consumer retail value of CoQ10 globally will likely exceed $1B USD in 2015. Coenzyme Q10 is the fourth most consumed specialty supplement in North America. This antioxidant nutrient is one of the most health-changing supplements for cardiovascular patients.
We gratefully acknowledge the proactive support by Kingdomway, Doctor’s Best and Tishcon to provide initial support for the organization. The CoQ10 Association is an IRS recognized 501c(6) non-profit organization. The CoQ10 Association is located in Salt Lake City, Utah utilizing the same office and support staff used by UNPA and GOED.
The CoQ10 Association has completed a thorough market analysis with 15 years of historical analysis. Additionally, the CoQ10 Association has coordinated with ResearchNow to survey 100 qualified Cardiologists to discover their awareness of CoQ10 depletion and side effects as a result of statin usage. The survey revealed a number of significant findings including 71% of the Cardiologists surveyed recommend CoQ10 to their patients on statins.