US CoQ10 Prices Likely to Increase Due to Increase Downstream Demand

USA: CoQ10 prices in the domestic US market are predicted to increase in the second week of January 2023 and may continue to rise further in the following weeks in lieu of increased demand and low trader stocks in the domestic market.

According to the latest data, China recorded approximately 60,000 deaths among those who had Covid-19, and ICU patients with COVID-19 are more likely to experience cardiac problems such as acute myocardial infarction and heart failure. This has led to a recent rise in demand for the CoQ10. The fact that CoQ10 has been shown to relieve the symptoms of congestive heart failure is one more factor driving up demand for the supplement in the domestic market. The aforementioned factors resulted in a decrease in CoQ10 imports into the US domestic market because China is the main exporter and manufacturer, thus raising the cost of the CoQ10.

Several other factors leading to the increase in the price of the CoQ10 are the prospects of China's economic recovery improving as China loosens its entry requirements and the COVID-19 pandemic's peak steadily recedes. As a result, the Renminbi (RMB), or Chinese Yuan, is strengthening quickly versus the US dollar. The strong RMB against the US dollar had made Chinese goods, including CoQ10, while making US imports from China more expensive, thus reducing demand.

Additionally, the domestic US market for CoQ10 imports is impacted because a five-lane maritime traffic jam was induced by supply-chain bottlenecks brought on by the coronavirus epidemic, which were then exacerbated by unexpectedly strong consumer demand. Moreover, every link in the supply chain, from the sourcing of raw materials to the final consumer, has been impacted by the COVID-19 epidemic.

ChemAnalyst predicts that the price of CoQ10 will rise due to rising demand from end-user industries like the pharmaceutical industry and decreased exports to the US domestic market.