Brain Health Supplements Market: Overview
Rising concerns from global population regarding the brain health and rising number of products with enhanced brain health benefits are expected to boost the global brain health supplements market in coming years. Another market driver is constant innovations in product offerings to provide better quality care to consumers. Increasing instances of dementia symptoms is also yet another motivator for the growing global brain health supplements market in the near future. According to a report by the World Health Organization or WHO, the number of new dementia cases in a year is around 10 million. This means a case of dementia is diagnosed once in every three seconds. Dementia affects the core brain functions which can create problems for the patient suffering from this disorder. Products in the global brain health supplements market, if used in early stages of the disorder, when symptoms start occurring can prove to be beneficial for the patient.
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Easy availability and the increasing sales of over-the-counter brain health supplements products is anticipated to favor the growing global brain health supplements market. Rising number of self-directed users for these supplements can also provide players in the global brain health supplements market with lucrative opportunities in coming years. Increasing availability of these products in both online and physical retail stores is a positive factor for the market growth in near future. COVID-19 pandemic has also affected the sales in global brain health supplements market. People were witnessed opting for brain health supplements owing to the increasing need for dealing with depression, anxiety, fear, stress, and insomnia.
Brain health supplement is utilized to reinforce brain functions by improving memory, concentration, mood, imagination, and inspiration in average healthy individuals. The global brain health supplements market is anticipated to be driven by increase in geriatric population and high demand for treatment for neurological disease related problems.
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Brain health supplements are characteristic mixtures of herbal extracts or natural concentrates, which positively affect brain capacities, for example, these sharpen memory and focus. Moreover, brain supplements have proven to be beneficial for depression, sound sleep, anti-aging, and nervousness. In terms of application, memory enhancement is a major segment in terms of revenue due to increase in interest to improve memory, surge in promotional activities, and rise in demand for memory enhancers. Consideration and center fragment is relied upon to develop at a critical development rate amid the estimate time frame, because of increment in mindfulness among the understudies and guardians about cerebrum wellbeing supplements, surge in number of self-coordinated understudies, and simple item attainable quality through online deals channels.
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The global brain health supplements market can be segmented based on product, application, and dosage form of supplement, distribution channel, age category, and region. In terms of product type, the global market can be classified into herbal extracts, vitamins & minerals, and natural molecules. The herbal extracts segment includes ginseng, curcumin, Lion's mane, ginkgo biloba, Bacopa monnieri, and others. The vitamins & minerals segment includes vitamins C & E, vitamin B complex, and others. The natural molecule segment includes Acetyl-L-carnitine, Citicoline, Huperzine-A, Alpha GPC, Docosahexaenoic Acid (DHA), and others. The natural molecules segment accounted for the major share of the global market in terms of revenue due to cost-effectiveness. However, the herbal extracts segment is projected to grow at a rapid pace during the forecast period, attributed to rise in awareness about herbal supplements in the developed countries such as the U.K. and the U.S. In terms of application, the global brain health supplements market can be categorized into memory enhancement, mood & depression, attention & focus, life span & anti-aging, sleep & recovery, and anxiety. The memory enhancement segment accounted for the largest market share in 2016 and is expected to dominate the market during the forecast period. The attention & focus segment is projected to grow at a rapid pace from 2018 to 2026, owing to awareness among students and parents, rise in number of self-motivated children, and ease of product availability through online sales channels. Based on dosage form, the global market can be divided into tablets, capsules, and others. In terms of age category, the global brain health supplements market can be classified into children, adults, and elderly people. Based on distribution channel, the global market can be categorized into drug stores, retail stores, e-commerce, and others.
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Geographically, the global brain health supplements market can be segmented into five major regions: North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America accounted for the largest share of the global market due to awareness about the use of brain health supplements. The brain health supplements market has witnessed moderate growth in Asia Pacific. However, the market in the region is expected to grow at a rapid pace during the forecast period owing to rise in awareness about applications of brain health supplements, easy access to the products due to development of the e-commerce industry, and increase in number of major players in the developing countries such as China and India.
Major players operating in the global brain health supplements market include Accelerated Intelligence Inc., LLC, HVMN, Inc., Aurobindo Pharma Limited, Onnit Labs, LLC, Cerebral Success, KeyView Labs, Inc., Quincy Bioscience, AlternaScript, Liquid Health, Inc., Natural Factors Nutritional Products Ltd., and Purelife Bioscience Co., Ltd.
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