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Market Overview:
Brain health supplements include vitamins, minerals, herbs, nutraceuticals, and over-the-counter medications used to promote cognitive functions like memory, focus, concentration, and calmness. Common brain health supplements contain ingredients such as omega-3 fatty acids, vitamin B12, vitamin D, plant extracts like ginkgo biloba, and adaptogens like Rhodiola. These supplements come in various forms including capsules, tablets, gummies, and drinks to benefit users of different age groups. Growing health concerns and aging populations worldwide have led to increased demand for brain health supplements.
The Brain Health Supplements Market is estimated to be valued at US$ 9.0 Bn in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The brain health supplements market is driven by rising adoption of supplements to enhance cognitive functions. With growing health issues like depression, anxiety and stress, fatigue, and poor memory, consumers are looking for natural and convenient solutions to improve cognitive health. Furthermore, increasing urbanization and hectic lifestyles have negatively impacted mental health, thereby driving demand for supplements that promote relaxation and focus. Growing awareness about ingredients and formulations that support brain health is another key factor fueling the brain health supplements market growth. However, lack of clinical evidence and standardization in the supplements industry poses a challenge.
Segment Analysis
The brain health supplements market can be segmented into memory enhancement, attention and focus, mood and depression, sleep and recovery, anti-aging and longevity, and stress and anxiety sub-segments. Among these, the memory enhancement sub-segment currently holds the largest market share and is expected to remain the dominant sub-segment over the forecast period due to the rising prevalence of age-related memory disorders among the geriatric population globally.
PEST Analysis
Political: The industry is regulated by agencies that ensure product quality and safety. Regulations support research and development of new supplements.
Economic: High disposable incomes and increasing health consciousness is driving market growth. However, inflation and economic slowdowns can impact demand.
Social: Aging population, busy lifestyles, and focus on cognitive performance are increasing supplement consumption. Social media marketing also influences trends.
Technological: New delivery formats like gummies, advanced proprietary blends, and standardized extracts are enhancing effectiveness. Technologies enable remote consultation with wellness experts.
Key Takeaways
The global brain health supplements market is expected to witness high growth, exhibiting CAGR of 8.5% over the forecast period, due to increasing health awareness and prevalence of cognitive disorders. The market size for 2023 is estimated at US$ 9.0 Bn.
Regional analysis: North America currently dominates the market due to extensive R&D and early adoption of supplements. Asia Pacific is expected to witness fastest growth due to rising health consciousness in developing economies and growing senior population.
Key players operating in the brain health supplements market are Alternascript, Accelerated Intelligence, Liquid Health, Health Via Modern Nutrition Inc., Natural Factors USA, Onnit Labs, Inc., Purelife bioscience Co., Ltd., Quincy Bioscience – The Makers of Prevagen, Cerebral success, Amway Corp., Puori, Ocean Health Pte Ltd., and Schiff. Key players are focusing on new product innovations to cater to unmet needs.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
