Kaneka announces increase in CoQ10 prices
PASADENA, Texas, Jan. 3, 2013 /PRNewswire/ -- In response to evolving market conditions, Kaneka North America has announced that it will increase its price on CoenzymeQ10 (CoQ10 as ubiquinone) by 10% effective mid-January 2013. Kaneka cites causes for the price increase as escalating costs of raw material inputs, growing market demand and decreased global manufacturing capacity. This decreased capacity is due to the announced departure of Japanese manufacturer Mitsubishi Gas Chemical from the market in March 2013.
Richard Weis, Vice President of Sales & Marketing for Kaneka states: "We have seen a decisive upward trend in the price of CoQ10 over the past 18 months. Although Kaneka regrets any increase in price to its customers, mounting stressors on margin and supply have necessitated that we follow the market up." Weis continues, "The impending Mitsubishi withdrawal from the CoQ10 market will shift 15 to 20 metric tons of annual volume to Kaneka and other suppliers."
After March of this year Kaneka will stand as the sole manufacturer of CoQ10 in the U.S. and Japan. Weis adds: "Kaneka will be significantly impacted by the departure of Mitsubishi as many customers require their material to be of U.S. or Japanese origin." Kaneka was the first company to commercialize natural CoQ10 as a drug for congestive heart failure nearly 40 years ago. Today, CoQ10 is one of the top-selling dietary supplements on the U.S. market.
Kaneka Nutrients is a division of Kaneka North America LLC and a wholly-owned subsidiary of Kaneka Corporation, headquartered in Osaka, Japan.
SOURCE Kaneka North America