Dublin, Dec. 22, 2022 (GLOBE NEWSWIRE) -- The "Brain Health Supplements Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Product, Application, Dosage Form, Distribution Channel, and Age Category" report has been added to ResearchAndMarkets.com's offering.
The global brain health supplements market is expected to grow from US$ 6,634.31 million in 2021 to US$ 14,249.53 million by 2028. It is estimated to grow at a CAGR of 11.7% from 2022 to 2028.
Region Insights
The aging population is a growing concern in the US, and these people are more likely to develop mental illnesses such as Alzheimer's, dementia, and depression. As per the US Census Bureau, the geriatric population is expected to reach 80 million in 2040. According to a survey conducted in June 2021 by the American Association of Retired Persons (AARP), 78% of US adults with age 50 and above take a vitamin or dietary supplement, and 21% of adults aged 50 and above take a vitamin or dietary supplement for their brain health. The survey findings also state that ~71% of brain health supplements were taken to improve memory, 60% to improve mental sharpness, and 12% to delay dementia. Thus, the growing aging population and increasing cases of mood disorders drive the growth of the brain health supplements market in the US.
Depression is one of the leading mood disorders among the US adult population. According to National Center for Health Statistics, 18.5% of US adults are suffering from depression, and ~20 million adults experienced depression symptoms in 2019. According to the US Government Publishing Office, Washington 2021, the US military spends ~100 million every year on brain-enhancing drugs. These drugs are used under specific conditions to better the scores on cognitive tests and improve sleep for up to 90 hours, because of continuous operations in training or deployment environments, service members are often challenged to achieve restorative sleep in these stressful environments.
Product Insights
Based on product, the brain health supplements market is segmented into natural molecules, herbal extract, and vitamins & minerals. The natural molecule is further segmented into acetyl-carnitine, citicoline, huperzine-A, alpha GPC, docosahexaenoic acid (DHA), and others. The herbal extract is further segmented into ginseng, curcumin, lion's mane, Ginkgo biloba, Bacopa monnieri, and others. Vitamins & minerals are further segmented as vitamins C & E, vitamin B complex, and others. In 2021, the natural molecules segment accounted for the largest share; however, the herbal extract segment is expected to grow at a CAGR of 12.5% during the forecast period. As these extracts help enhance memory function, they are likely to lower the rate of developing dementia.
Per the Mayo Foundation for Medical Education and Research (MFMER) report, herbal supplements are regulated by the US Food and Drug Administration (FDA) but not as strictly as prescribed and over-the-counter (OTC) products. In the US, extract from the leaves is sold as a supplement called ginkgo biloba, acting as one of the main selling points for memory enhancers. For example, one of the largest clinical trials that explored the Ginkgo Evaluation of Memory (GEM) study in which researchers recruited more than 3,000 older adults average, aged 79, among which 54% were men suffering from cognitive function or mild cognitive impairment. In the research study, everyone was given either 120 milligrams of ginkgo or a placebo twice a day for almost six years; the dosage was determined with reference to the previous research studies. The results found that Ginkgo biloba extract lowered the rate of developing dementia.
Age Category Insights
Based on age category, the brain health supplements market is segmented into adults, children, and elderly. The adults segment held the largest market share in 2021, and it is further expected to be the largest shareholder in the market by 2028. According to the National Institute of Health (NIH) report, epidemiologic studies reveal that Alzheimer's disease is common in middle-aged adults. Additionally, the Cleveland Clinic report states that ~2.5% of adults globally have attention deficit hyperactivity disorder (ADHD), while 4.4% of adults in the US have ADHD. Further, the Gingko herb is popular among adults as a dietary supplement for maintaining cognitive health. It acts better than any other supplement in preventing dementia among older adults. The consumption of brain health supplements is high among adults due to the rising prevalence of cognitive disability.
Distribution Channel Insights
Based on distribution channel, the brain health supplements market is segmented into supermarket & hypermarket, drug store, online, and others. The supermarket and hypermarket segment held the largest market share in 2021; however, the online segment is expected to be the largest shareholder in the market by 2028. Consumers prefer buying brain health supplements from supermarkets and hypermarkets as they can examine the products in person.
Moreover, the wide availability of a large number of brands in supermarket and hypermarket stores attract consumers to purchase products through these channels. For example, most brain health supplement products are available at big retail channels, such as Walmart, Walgreens, CVS Pharmacy, and Kroger, as they have large customer bases and wide supply networks.
Market Dynamics
Market Drivers
- Growing Prevalence of Major Depressive Disorders
- Increasing Demand for Brain Supplements Among Elderly Population
Key Market Restraints
- Lack of Regulations and False Claims by Manufacturers
Key Market Opportunities
- Emerging Markets in Developing Countries
Future Trend
- New Product Launches
Key Topics Covered:
1. Introduction
2. Key Takeaways
3. Research Methodology
4. Brain Health Supplements Market - Market Landscape
5. Brain Health Supplements Market - Key Market Dynamics
6. Brain Health Supplements Market - Global Analysis
7. Global Brain Health Supplements Market - Revenue and Forecast to 2028 - by Product
8. Global Brain Health Supplements Market - Revenue and Forecast to 2028 - by Application
9. Global Brain Health Supplements Market - Revenue and Forecast to 2028 - by Dosage Form
10. Global Brain Health Supplements Market - Revenue and Forecast to 2028 - by Distribution Channel
11. Global Brain Health Supplements Market - Revenue and Forecast to 2028 - by Age Category
12. Brain Health Supplements Market - Revenue and Forecast to 2028 - Geographic Analysis
Companies Mentioned
- Danone SA
- Health Via Modern Nutrition Inc.
- LIQUID HEALTH, INC.
- Natural Factors
- Unilever PLC
- Peak Nootropics
- Purelife bioscience Co., Ltd.
- Quincy Bioscience
- Procera Health
- Harbin Pharmaceutical Group Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/j7iky3
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