Global Brain Health Supplements Market, By Product Type (Herbal Extracts (Ginseng, Ginkgo Biloba, Curcumin, Lions Mane, Others), Vitamins & Minerals (Vitamin B, Vitamin C & E, Others), Natural Molecules (Acetyl-L-Carnitine, Alpha GPC, Citicoline, Docosahexaenoic Acid (DHA), Others), By Application (Memory Enhancement, Mood & Depression, Attention & Focus, Longevity & Anti-aging, Sleep & Recovery, Anxiety), By Supplement Form (Tablets, Capsules, Others), By Age Group (Geriatric, Adults, Pediatrics), By Distribution Channel (Supermarkets & Hypermarkets, Drug Stores, Online Stores), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The brain health supplements market size was valued at US$ 5.1 Bn in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.6% from 2020 to 2028.
The supplements that enhance and improves the function of the brain, such as learning, focus memory, and anxiety are generally referred to as brain health supplements. These supplements are available in natural form and synthetic form, whose major application accounts for as memory enhancing supplements. Scientifically, these brain health supplements have also been proven beneficial in aiding depression, anti-aging, and sleep amongst the elderly population. Also, the necessity to upgrade brain health among the growing population is the prime factor boosting the growth of the brain health supplements market in the next few years.
Other prime factors responsible for supporting the market growth accounts for the elevating elderly population suffering from Alzheimer's and anxiety followed by the growing popularity of memory enhancement supplements among students. For instance, the Alzheimer's Association's report published in 2021 revealed that more than 6 million Americans are reported to have Alzheimer's disease. Among which, one in the three senior citizens dies with Alzheimer's or another dementia condition. Besides, the rapidly growing e-commerce sector is another inevitable factor responsible for expanding the global brain health supplement market size during the forecast year.
On the contrary, the improper regulations or norms coupled with the false claims associated with these brain health supplements are the prime growth hampering factors that might retard the overall market share in the near future. For instance, in 2019, the US Food and Drug Administration issued more than 40 warning letters to numerous companies for illegal marketing of more than 80 products, violating the Federal Food, Drug, and Cosmetic Act.
In the same face, factors such as the growing adoption of brain health supplements coupled with the growth opportunities and emerging demand from underdeveloped regions such as Latin America and the Asia Pacific are likely to offer profitable growth opportunities for the brain health supplements market during the next decade.
Moreover, the growing business strategies among the established market players are also likely to lucrative business growth possibility shortly. For instance, in April 2021, Thorne HealthTech announced a strategic partnership with PreCon Health, Inc. For the development and marketing of the first multi-ingredient dietary supplement to support pre and post-impact brain health.
MMC Study identifies some of the key participating players in the brain health supplements market globally are AlternaScript, LLC, Accelerated Intelligence Inc., Liquid Health, Inc., HVMN Inc., Natural Factors Nutritional Products Ltd., KeyView Labs, Inc., Onnit Labs, LLC, Purelife Bioscience Co., Ltd., Quincy Bioscience, Cerebral Success, Amway, Puori, Ocean Health, and Schiff
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