Boston, Massachusetts, April 12, 2023 (GLOBE NEWSWIRE) -- Synopsis:
The global brain health supplements market is expected to be valued at US$ 9.98 billion by 2030, exhibiting a CAGR of 8.6% during the forecast period (2023-2030). The increasing demand for brain health supplements among the young generation is one of the major factors that drive the growth of the global brain health supplements market. The market is segmented into product type, supplement form, application, age group, and distribution channel. The rising awareness about the use of brain health supplements in North America is expected to contribute to the market growth significantly. Purelife Bioscience, Koninklijke DSM, Herbo Nutra, Suzhou Vitajoy Bio, Nutra Green Biotechnology, Hello Brain, OptiNutra, and Natrol, among others, are some of the major players in the market.
Market Drivers:
The increasing ageing population and the burden of neurological disorders are expected to drive the global brain health supplements market growth during the forecast period. For instance, adults of age 50 and older spend more than US$ 93 million a month on supplements marketed for brain health, according to an American Association of Retired Persons (AARP) analysis. The use of cognitive health supplements is especially common among people with neurological diseases, particularly among those recovering from a stroke or living with a condition with no cure — such as Alzheimer’s disease, amyotrophic lateral sclerosis (ALS), and multiple sclerosis (MS).
Market Restraints:
The labels are not truthful, and the content of some products is inconsistent with the ingredients listed on the Supplement Facts label. These products may be ineffective and unsafe, and could prevent a person from seeking an appropriate diagnosis and treatment. People often consume brain health supplements based on guidance, advice and information from peers, friends, families, and/or other reliable or unreliable sources.
Market Opportunities:
The ageing population concerned with or experiencing cognitive decline; healthy adults seeking to improve performance or prevent a decline in their current brain health; and elite performers such as Service Members (SM) seeking to optimize their cognitive performance are creating tremendous market opportunities. As estimated, approximately 55%–76% of SM and 75% of the U.S. adult population use dietary supplements. Thus, increasing ageing population is expected to drive the market growth in the near future.
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COVID-19 Impact Analysis:
The outbreak of COVID-19 had a positive impact on the market growth as consumers started prioritizing their mental well-being. Also, a large number of people faced deteriorating mental and emotional health during this period. However, product availability across the globe was impacted due to the disruption in the supply chain and unavailability of raw materials, and regulations on import and export as many countries imposed a ban on the import and export of raw materials, which hampered the market growth.
Recent Developments in the Industry:
- In April 2023, Thorne HealthTech shared significant positive findings as a result of a collaborative trial with Mayo Clinic and HealthTech Connex "The effects of a dietary supplement on brain function and structure in Junior A ice hockey players: a prospective randomized trial”.
- In January 2023, UNPA and Radicle Science launched a clinical trial partnership. The collaboration aims to level the playing field between supplements and pharmaceuticals by giving UNPA members access to groundbreaking clinical trials on supplements.
- In April 2021, Onegevity and EmbodyBio announced a new collaboration aimed at creating next-generation capabilities to advance brain health.
Market Segmentation
As per the research analysis, the global brain health supplements market is segmented into product type, supplement form, application, age group, and distribution channel. On the basis of product type, the market is segmented into natural molecules, herbal extracts, and vitamins & minerals; by supplement form, the market is categorized into tablets, capsules, and others; by application, the market is segmented into memory enhancement, mood & depression, attention & focus, longevity & anti-aging, sleep & recovery, and anxiety; by age group, the market is categorized into adults, geriatric, and pediatrics; and by distribution channel, the market is segmented into supermarkets & hypermarkets, drug stores, and online stores.
- The herbal extracts segment is expected to hold a 32.7% market share over the forecast period (2023-2030). For instance, Nootrogen is a dietary nootropic supplement to boost brain function, memory, concentration, focus, and energy. Its nutrient booster formula supports cognitive function without causing side effects. Nootrogen contains vitamins, minerals, and herbal extracts that support a healthy brain. The nutrients are scientifically tested for effectiveness and purity. The supplement has all-natural ingredients that provide various benefits to the body. All the compounds in Nootrogen are medically proven to be safe and effective. The premium brain booster offers comprehensive support to the brain and nerves in just a few days. It helps reduce stress and improve motivation, mental alertness, mood, and focus.
Geographical Classification:
On the basis of geography, the global brain health supplements market is segmented into North America, Europe, South America, Asia Pacific, and Middle East & Africa.
- Asia-Pacific Brain Health Supplements Market:
Asia-Pacific brain health supplements market is expected to witness 22.3% share during the forecast period, owing to the high ageing population in countries such as Japan. Emerging markets in economies are going to be potential markets for brain health supplement ingredients. A study estimates that the median number of mental health providers in this region is 5.3 per 100,000 population, almost half of the overall global median. There is only one psychiatrist per 100,000 population in nine out of the 11 countries in this region. In addition to the limitations in resource allocation, the lack of community awareness toward mental health and prevailing stigma further limits the number of patients that actively seek health care. These factors are expected to fuel the growth of the global brain health supplements market.
- North America Brain Health Supplements Market:
North America consists of approximately 40.7% of the total global brain health supplements market. The increasing brain health issues such as depression and dementia boost the demand for brain health supplements. Depression, stress, and anxiety are common mental illnesses among adolescents and millennials in this region. According to the Alzheimer's Association, as of 2020, around 5.8 million people in the U.S. had Alzheimer's. The rising number of aging population has been driving the demand for memory enhancement supplements, as memory loss is a widespread illness among the older population.
- The increasing Europe Brain Health Supplements Market:
The increasing ageing population is expected to drive the Europe global brain health supplements market growth over the forecast period. For instance, across Europe, the key summary measure of lost health and disability adjusted life years is 35% because of brain diseases.
Competitive Analysis:
There are numerous international, regional, and local suppliers in the global brain health supplements industry. The competition in the local market is fierce. The vendors compete based on price, product quality, and dependability. As a result, to prosper and survive in a competitive market, suppliers must provide cost-efficient and effective products.
Major Companies:
Major companies working towards the market's growth include Purelife Bioscience, Koninklijke DSM, Herbo Nutra, Suzhou Vitajoy Bio, Nutra Green Biotechnology, Hello Brain, OptiNutra, Natrol, among others.
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The Full Report has the below insights:
- The report offers a comprehensive evaluation of the market in terms of market value (US$) and Y-o-Y Growth Rates (%). It does so via in-depth qualitative insights, historical data (2021-2022) and verifiable projections about market size during the forecast period (2023-2030).
- Visualize the composition of the global brain health supplements market segmentation by Product Type, Supplement Form, Application, Age Group and Distribution Channel.
- By Product Type: Natural Molecules, Herbal Extracts, Vitamins & Minerals.
- By Supplement Form: Tablets, Capsules and Others.
- By Application: Memory Enhancement, Mood & Depression, Attention & Focus, Longevity & Anti-aging, Sleep & Recovery, Anxiety.
- By Age Group: Adults, Geriatric, Pediatrics.
- Distribution Channel: Supermarkets & Hypermarkets, Drug Stores, Online Stores.
- By Region: North America, South America, Europe, Asia Pacific, Middle East & Africa
- Identify commercial opportunities in the global brain health supplements market by analyzing trends and co-development deals.
- The report also covers data insights on various industry forces such as porter's five forces analysis, supply chain analysis, pricing analysis, and regulatory analysis.
- Excel data sheet with thousands of data points of global brain health supplements market -level 4/5 segmentation.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in excel for the key product of all major market players.
- The report will provide access to approximately 61 market data tables, 64 figures, and close to 180 pages.
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