Brain Health Supplements Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2020 - 2025
Brain Health Supplements Market Size in 2019 is estimated to be $4.43 billion and is projected to be growing with a CAGR of 8.8% during the forecast period 2020-2025. Brain supplements are a characteristic mixture of herbal extracts or natural compounds which helps to improve memory, attention, and alertness. Brain Supplements are beneficial for depression, sound sleep, anti-aging, and nervousness. Dietary supplements are commonly used to improve brain health. It includes vitamins, minerals amino acids as well as other substances that can be used to supplement one’s diet. Rising concerns among consumers regarding brain health and the increasing number of product innovations are the major factors driving the growth of the market. Furthermore, the rising incidence of dementia symptoms affecting the brain functions further increases the demand for brain health supplements.
Key Takeaways
In 2019, North America dominated the brain health supplements market owing to the increasing number of product launches having herbal and natural ingredients and rising awareness about the use of brain health supplements.
Rising concerns among consumers over brain health issues and an increase in product innovations are to aid in the market growth of brain health supplements.
Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the brain health supplements market report.
The high cost of supplements, harmful side effects, and lack of proper research into brain supplements are challenging the growth of the market.
By Product - Segment Analysis
Based on the product, Brain Health Supplements Market is segmented into herbal extracts, vitamins & minerals, and natural molecules. In 2019, the natural molecules segment holds a major share of the market among the product segment. The nutritional content of natural products helps in increasing the concentration level, reducing stress, depression, and anxiety that are driving its demand. Moreover, the rise in mental health concerns about consumers is further contributing to the growth of this segment.
By Application - Segment Analysis
Based on the application, Brain Health Supplements Market is segmented into memory enhancement, mood & depression, attention & focus, sleep & recovery, anti-aging & longevity, and others. Memory enhancement is forecast to be the fastest-growing with a CAGR of 6.2% during the forecast period 2020-2025. Brain health supplements provide more effects on brain functions such as to enhance memory and focus. Moreover, the prevalence of certain brain health diseases among the elderly population is contributing to the growth of this segment.
Geography - Segment Analysis
In 2019, North America accounts for 32% of the brain health supplements market share. This is mainly owing to the increasing number of product launches having herbal and natural ingredients and rising awareness about the use of brain health supplements. According to United States Government Accountability Office (GAO), an estimated 85,000 types of dietary supplements products were sold in the United States and more than $40 billion in retail sales, and their sales nearly doubled in value and increasing to $643 million by 2023.
However, the Asia-Pacific region is forecast to be the fastest-growing during the forecast period 2020-2025. This is mainly owing to the rising demand for herbal products, especially in China and India. Also, growth in awareness among brain health issues is contributing to the growth in the brain health supplements market.
Drivers –Brain Health Supplements Market
Rising Concern Among Consumers over Brain Health Issues
Rising concern among consumers over brain health issues such as memory enhancement, alertness, creativity and along with increase in adoption of herbal and natural products. This is boosting the demand for brain health supplements market. Growing consciousness about brain health supplements is also driving the growth of the market. Moreover, favorable government policies for the growth of the healthcare sector is also contributing the growth.
Increasing Number of Product Innovation
The increasing number of product innovations and the increasing awareness regarding healthy lifestyles is driving the growth of the market. Moreover, a rise in the sale of products and a rise in disposable income is further contributing to the market growth.
Challenges – Brain Health Supplements Market
The high cost of brain supplements creates a hurdle for the growth of the market. Moreover, harmful side effects and lack of proper research in brain supplements are also restraining the growth of the market.
Brain Health Supplements Industry Outlook
Product launches, Merger & Acquisitions, Joint Ventures and R&D activities are key strategies adopted by players in the brain health supplements market. Brain Health Supplements top 10 companies are accelerated intelligence Inc., LLC, HVMN, Inc., Aurobindo Pharma Limited, Onnit Labs, LLC, Cerebral Success, KeyView, Inc., Quincy Bioscience, AlternaScript, Liquid Health Inc., Natural Factors Nutritional Products Ltd., Purelife Biosciences Co. Ltd. Among others.
Developments:
17 January 2019: Aurobindo Pharma and acquisition with Spectrum Pharmaceuticals Inc. that brings well-established brands to continue some products including memory pills, brain vitamins, focus supplements, and others.
15 October 2019: Purelife Biosciences Co. Ltd. Launches product such as magnesium taurate that helps to relax our mind and calm the nerves and helps in nutritional neurosciences.
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