April 16, 2024

Demand For Cognitive Enhancement To Boost The Growth Of Brain Health Supplements Market

Market Overview:

Brain health supplements are nutritional supplements that are taken to support brain health and cognitive functions such as memory, focus, concentration, and mood. They generally contain omega-3 fatty acids, vitamins B and E, botanical extracts like ginkgo biloba, and neuroprotective nutrients. Brain health supplements are available in forms such as tablets, capsules, softgels, and gummies. They are meant to reduce cognitive decline, improve memory, enhance cognition, provide antioxidant support, and protect against aging neurons. With increasing focus on brain health and prevalence of age-related cognitive disorders, demand for brain health supplements is growing globally.

Market key trends:

Increasing geriatric population is a key trend fueling the growth of the brain health supplements market. According to the World Health Organization, there were about 703 million people aged 65 years and above globally in 2019 and it is projected to increase to 1.5 billion by 2050. This population is more prone to neurodegenerative and age-related cognitive disorders, thus driving demand for supplements that support brain health. Rising cases of stress and anxiety amid busy lifestyles is another trend that is positively impacting the market. Cognitive supplements containing ingredients like omega-3 fatty acids, B vitamins, and botanical extracts are marketed as natural stress-busters and mood-enhancers. Innovation of brain health supplements in novel delivery formats like gummies and softgels to suit different age groups is yet another emerging trend in the market.

Porter’s Analysis
Threat of new entrants: The brain health supplements market features moderate threat of new entrants due to high research and development costs required for product development.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternatives. However, increasing health consciousness augments the industry attractiveness.
Bargaining power of suppliers: The industry has moderate threat from suppliers due to availability of substitute ingredients. However, key players own proprietary formulations providing stability.
Threat of new substitutes: Low threat of new substitutes exists in the market since most substitutes require modifications to produce similar results.
Competitive rivalry: Fierce competition exists among key players to gain market share.

Key Takeaways

The Global Brain Health Supplements Market Demand is expected to witness high growth, exhibiting CAGR of 8.5% over the forecast period, due to increasing health consciousness regarding cognitive functions among consumers.

Regional analysis
North America dominates the global brain health supplements market owing to rising prevalence of brain-related cognitive disorders. Asia Pacific exhibits the fastest growth in the market ascribed to growing elderly population and surging awareness about cognitive well-being in countries like China and India.

Key players
Key players operating in the brain health supplements market are Alternascript, Accelerated Intelligence, Liquid Health, Health Via Modern Nutrition Inc., Natural Factors USA, Onnit Labs, Inc., Purelife bioscience Co., Ltd., Quincy Bioscience €“ The Makers of Prevagen, Cerebral success, Amway Corp., Puori, Ocean Health Pte Ltd., Schiff. Alternascript leads the market with proprietary formulations to boost memory and concentration.

Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it