Brain Health Supplements Market Plying for Significant Growth During 2021-2028: Grand View Research Inc.
Brain Health Supplements Market Growth & Trends
The global brain health supplements market size is expected to reach USD 13.38 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 8.0% from 2021 to 2028. The rising awareness among consumers regarding mental health is fueling the adoption of supplements over the world. The increasing brain health issues, such as depression and dementia, boost the demand for the products. Depression, stress, and anxiety are common mental illnesses among adolescents and millennials. Furthermore, the COVID-19 pandemic has heightened the occurrence of these mental illnesses over the world and boosted the demand for brain health supplements.
Natural molecules accounted for the largest market share in 2020. The expansion of this segment is attributed to the easy availability and cost-effectiveness of the products. The natural ingredients in these products, including omega-3 fatty acids, Huperzine-A, and Acetyl-L-carnitine, help in improving the focus and easing stress, anxiety, and depression. Herbal extract products are expected to expand at the fastest CAGR of 9.2% from 2021 to 2028.
The supplements for memory enhancement dominated the market in 2020, with more than 25.0% revenue share due to the increased number of Alzheimer's patients worldwide. According to the Alzheimer's Association, as of 2020, around 5.8 million people in the U.S. had Alzheimer's. The growing number of the aging population has been driving the demand for memory enhancement supplements as memory loss is a widespread illness among the older population.
The industry is competitive with a large number of large and medium-sized firms across the globe. New product launches are expected to remain a key trend in the industry. In April 2019, Reckitt Benckiser Group plc. introduced Neuriva supplement, with complimentary digital support and training program. The product is designed to improve cognitive functions, including focus, memory, and consumers' concentration.
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Brain Health Supplements Market Report Highlights
- By product, the herbal extract segment is expected to register the fastest CAGR of 9.2% from 2021 to 2028 owing to the increasing preference for herbal products among the consumers
- North America dominated the market with over 35.0% revenue share in 2020. Increased concerns about brain health, along with the expanded prevalence of Alzheimer's among elderly people, have been boosting the market growth in the region
- The memory enhancement application segment held the largest share of more than 25.0% in 2020
Brain Health Supplements Market Segmentation
Grand View Research has segmented the global brain health supplements market on the basis of product, application, and region:
Brain Health Supplements Product Outlook (Revenue, USD Million, 2016 - 2028)
- Natural Molecules
- Herbal Extract
- Vitamins & Minerals
Brain Health Supplements Application Outlook (Revenue, USD Million, 2016 - 2028)
- Memory Enhancement
- Attention & Focus
- Depression & Mood
- Sleep & Recovery
- Anti-aging & Longevity
- Stress & Anxiety
Brain Health Supplements Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
- Saudi Arabia
List of Key Players of Brain Health Supplements Market
- Teva Pharmaceutical Industries Ltd.
- HVMN Inc.
- Purelife Bioscience Co., Ltd.
- Peak Nootropics
- Liquid Health, Inc.
- Natural Factors Nutritional Products Ltd.
- Reckitt Benckiser Group plc.
- Onnit Labs, Inc.
- Quincy Bioscience
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.