The global Brain Health Supplements Market size was USD 7.23 Billion in 2020, registering a CAGR of 8.4% through the forecast period. The increasing inclination towards restoring the health and functions of the brain, especially in the geriatric population is the primary factor bolstering the market growth globally.
Brain health supplements are a combination of natural substances or herbal extracts that radically enhance memory function, attention, focus, and mental awareness in healthy individuals. These supplements are increasingly used to optimize the levels of micronutrients present in the body associated with cognitive health. Plant products and herbal extracts such as polyphenols, ginseng, etc. have been proven to enhance cognitive performance.
Brain health supplements are natural concentrates that sharpen memory and focus and have been proven effective for sleep, anxiety, and depression. The growing awareness about brain health supplements, accelerated adoption of these supplements by students and young adults, and the rapid availability of brain health supplements on e-commerce channels and pharmacies are the major factors boosting the growth of the industry. Moreover, the increasing incidences of neurological conditions such as dementia, amnesia, Alzheimer’s disease, and others among the geriatric population are bolstering the growth of the market. The hectic lifestyle in today’s world has boosted the levels of mental and physical stress, which makes brain health supplements a vital lifestyle product.
Moreover, the COVID-19 pandemic has also been a major driving factor for market growth. The pandemic increased the incidences of mental health disorders such as depression and anxiety due to loneliness and isolation. This, in turn, has boosted the demand for brain health supplements across the globe. Additionally, the availability of several over-the-counter products such as tablets, powders, or capsules in both stores and online channels is contributing to the market growth.
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Driver: Increasing Geriatric Population and Rising Awareness about Mental Health
The market is predominantly driven by the escalating pool of geriatric populace across the world and the growing need for treatment of problems related to neurological conditions. The growing incidences of neurological and neurodegenerative problems, such as dementia, among the elderly is the major element boosting the demand for brain health supplements. Millions of people worldwide are diagnosed with dementia annually and the increasing incidences of this brain health issue are projected to boost the sales of brain health supplements in the projected timeframe.
Moreover, the growing awareness about mental health across the globe is further driving the market growth. The increasing incidences of depression, anxiety, stress, and other mental illnesses among adolescents and young adults have boosted the demand for these supplements, thereby, driving the expansion of the market.
Restraint: Lack of awareness about the supplements and lack of regulations on its assessment
The lack of awareness about the existence of brain health supplements and their benefits on brain health from the underdeveloped and developing regions is a major factor restraining the market growth. Moreover, the lack of efficient regulations on the production of the supplements and the rising cases of misleading claims are hampering the growth of the market. With the absence of stringent regulations, manufacturers can launch the products without regulatory approvals, which can lead to false claiming or misleading claims of the products and hinder the trust of consumers in the products. This is projected to be a major market restraining factor in the estimated timeframe.
Based on product, the global brain health supplements market is segmented into herbal extracts, natural molecules, and vitamins and minerals. The herbal extracts segment is further segregated into ginseng, curcumin, Ginkgo Biloba, and others. The herbal extracts segment is foreseen to expand at a significant rate during the projected period owing to a surge in awareness about herbal supplements and their benefits in developed countries.
Based on application, the market is segregated into memory enhancement, anti-aging and longevity, anxiety, mood and depression, attention and focus, and sleep and recovery. Memory enhancement accounted for a significant share of the market in 2020. The increasing awareness and knowledge regarding neurological conditions such as dementia in the elderly population and the rapid availability of brain health supplements are boosting the adoption of memory-enhancer supplements, thereby bolstering the market growth. Additionally, the depression and mood segment is foreseen to proliferate at a significantly high CAGR during the projected timeframe owing to the rising burden of depression among young adults and women in the world.
Age Group Outlook:
Based on age group, the global brain health supplements market is segregated on the basis of children, adults, and the elderly. The elderly segment is projected to dominate the market growth over the coming timeline owing to the escalating incidences of neurological dysfunctions and neurodegenerative disorders among the geriatric population. The growing occurrences of dementia, Alzheimer’s disease, and other disorders coupled with increasing desire to boost the brain function among the adult population are bolstering the market growth.
Sales Channel Outlook:
Based on sales channel, the market is segmented into supermarkets, drug stores and pharmacies, online, and others. The online stores occupied the largest share of the market in 2020 and are projected to dominate the market growth owing to the extensive availability of a wide range of products over supermarkets. The variation in prices, product launches, discounts and broad product portfolio offered by the online stores have increased their popularity, thereby driving the segment growth. With the advent of online shopping, the segment is poised to observe significant growth over the coming years.
Based on the regional analysis, North America dominated the market share in 2020 and is estimated to retain its leading position in the market over the projected period. The increasing incidences of cognitive disabilities, escalating levels of stress in adults, and the increasing awareness about the benefits of supplements in the region are adding traction to the industry’s progress.
Asia Pacific is foreseen to expand at a significantly high CAGR of 10.8% through the projected timeframe. The growth can be accredited to the increasing consciousness of mental health problems among the population, rapid availability of brain health supplements, and the increasing purchasing power of the consumers in the region.
The market comprises numerous large global and regional manufacturers. The key companies operating in the industry include Teva Pharmaceutical Industries Ltd., AlternaScript, Purelife Bioscience Co., Ltd., HVMN Inc., Natural Factors Nutritional Products Ltd., Onnit Labs, Inc., Quincy Bioscience, Reckitt Benckiser Group Plc, and Peak Nootropics, among others. The prominent players of the market are engaging in various strategic initiatives such as mergers and acquisitions, collaboration, and product launches to gain a robust presence in the market.
- In February 2021, GoBiotix, prominent health, and wellness brand introduced a new product, the Focus 8 Mushroom Supplement Complex, which is a natural nootropic brain supplement that essentially enhances energy, memory, focus, and mental clarity.
Segments Covered in the Report:
This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the market trends in each of the sub-segments from 2020 to 2030. For this study, Reports and Data has segmented the global Brain Health Supplements Market based on Product Type, Application, Supplement Type, Age Group, Sales Channel and Region:@
Brain Health Supplements Market Report Scope
Segments covered By Product Type Outlook, Application Outlook, Supplement Type Outlook,Age Group Outlook,Sales Channel Outlook, Regional Outlook
By Product Type Outlook
Vitamins and Minerals
By Application Outlook
Depression and Mood
Attention and Focus
Sleep and Recovery
Stress and Anxiety
Anti-aging and Longevity
By Supplement Type Outlook
By Age Group Outlook
By Sales Channel Outlook
Pharmacies and Drug Stores
Middle East & Africa
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