Increasing Awareness Regarding Mental Health Issues and Growing Need to Improve Cognitive Performance to Drive Sales of Brain Health Supplements: Reports and Data
The escalating geriatric populace, surging conciouness about mental health issues, and growing desire to enhance brain functions are the key factors stimulating the market growth.
The global Brain Health Supplements market size is expected to be valued at USD 13.38 Billion by 2028 from USD 7.21 Billion in 2020, registering a CAGR of 8.4% through the forecast period. The growing consciousness about mental health, augmenting need to maintain brain function, and the augmenting need to manage stress and anxiety are predominantly boosting the market growth. Brain health supplements are made from natural substances or extracts from herbs or plants that essentially boost memory function, attention, focus, and alertness in healthy adults. They have also been proven to be highly effective in the management of sleep, depression, and anxiety.
The escalating apprehension for brain health supplements, growing usage of these supplements by young adults, and the increasing presence of brain health supplements on online channels are the significant factors propelling the growth of the industry. Additionally, the augmenting burden of dementia, Alzheimer’s disease, and other neurological disorders among the senior population is further contributing to the market growth.
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Furthermore, the increasing incidences of insomnia, anxiety, depression, and stress stemming from loneliness, isolation, grief, and financial crisis amid the pandemic have also boosted the requirement for brain health supplements. The availability of numerous over-the-counter (OTC) supplements is also contributing to the market growth. However, the absence of stringent regulations for product approvals and lack of awareness about the supplements in the underdeveloped and developing countries is projected to act as market restraining factors in the estimated timeframe.
Key Highlights from the Report:
- The herbal extracts segment is forecast to register the highest growth in the timeframe owing to a rising awareness about herbal extracts and their advantages in countries such as the U.K. and the U.S. The natural molecules segment is also projected to register significant growth owing to their increasing application in reducing the intensity of several cognitive impairments.
- The memory enhancement segment is estimated to account for a considerable share of the industry accredited to the rising concerns about dementia in the elderly and the rapid availability of brain health supplements in the market.
- The escalating occurrences of dementia, Alzheimer’s disease, and other disorders coupled with increasing desire to enhance brain function among the adult population are bolstering the expansion of the elderly segment in the projected timeframe.
- North America held the largest share of the market in 2020 and is projected to grow at a significant rate owing to the increasing incidences of cognitive impairment, escalating levels of mental and physical stress, and the growing apprehension about the benefits of supplements in the region.
- The Asia Pacific is projected to expand at a CAGR of 10.6% through the estimated timeframe accredited to the increasing understanding of mental health issues, increasing availability of supplements, and the rapid expansion of the e-commerce sector in the region.
- Key players operating in the market are Natural Factors Nutritional Products Ltd., Teva Pharmaceutical Industries Ltd., Peak Nootropics, HVMN Inc., Onnit Labs, Inc., AlternaScript, Quincy Bioscience, Reckitt Benckiser Group Plc, and Purelife Bioscience Co., Ltd., among others.
- In August 2020, Elysium Health in association with the University of Oxford researchers introduced a brain health supplement, the “MATTER” that assists in reducing the development of brain atrophy linked with age-related amnesia.
- In February 2021, GoBiotix introduced a natural nootropic brain health supplement called the Focus 8 Mushroom Supplement Complex that augments energy, memory, focus, and mental clarity.
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For the purpose of this report, Reports and Data has segmented the global Brain Health Supplements Market based on Product Type, Application, Supplement Type, Age Group, Sales Channel and Region:
Product Type Outlook (Revenue, USD Billion; 2020-2028)
- Herbal Extract
- Vitamins and Minerals
- Natural Molecules
Application Outlook (Revenue, USD Billion; 2020-2028)
- Memory Enhancement
- Depression and Mood
- Attention and Focus
- Sleep and Recovery
- Stress and Anxiety
- Anti-aging and Longevity
Supplement Type Outlook (Revenue, USD Billion; 2020-2028)
Age Group (Revenue, USD Billion; 2020-2028)
Sales Channel Outlook (Revenue, USD Billion; 2020-2028)
- Pharmacies and Drug Stores
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Regional Outlook (Revenue, USD Billion; 2020-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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