According to a new report published by Allied Market Research, titled, Brain Health Supplements Market, by Product, Application, Supplement Form, Age Group, and Sales Channel: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global brain health supplements market was valued at $3,194 million in 2016, and is expected to reach $5,813 million by 2023, growing at a CAGR of 8.8% from 2017 to 2023.
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Brain health supplements are balanced blend of herbal extracts and nutrients that are used to improve brain functions such as concentration, focus, and memory.
Brain Health Supplements Market Segmentation
The global brain health supplements market is segmented on the basis of product, application, supplement form, sales channel, age group, and region. Based on product, the market is classified into herbal extracts (ginseng, ginkgo biloba, curcumin, lions mane, bacopa monnieri, and others), vitamins & minerals (vitamin B, vitamin C & E, and others) and natural molecules (acetyl-L-carnitine, alpha GPC, citicoline, docosahexaenoic acid (DHA), huperzine A, and others). The applications covered in the study include memory enhancement, mood & depression, attention & focus, longevity & anti-aging, sleep & recovery, and anxiety. By major supplement form, the market is categorized as tablets, capsules, and others. According to age group, it is divided into children, adults, and elderly. Depending on sales, it is fragmented into supermarkets & hypermarkets, drug stores, online stores, and others. Region wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
Brain health supplements are natural compounds or herbal extracts, which have beneficial effects on brain functions such as to enhance memory and focus. Furthermore, the use of brain supplements has been proven effective for depression, sleep, anti-aging, and anxiety. Among the application segment, memory enhancement is major revenue generator, owing to rise in desire to enhance memory, increase in promotional activities, and surge in demand for memory enhancers. Attention & focus segment is expected to grow at a significant growth rate during the forecast period, due to increase in awareness among the students & parents about brain health supplements, surge in number of self-directed students, and easy product obtainability through online sales channels.
Rise in awareness about brain health supplements, growth in number of promotional activities conducted by the key players, and increase in adoption of brain health supplements by students are some key factors that fuel the growth of the brain health supplements market. Rapid growth in e-commerce industries that results in easy product availability in the developing countries and rise in preference for natural supplements over pharmaceuticals are expected to boost the market growth during the forecast period.
At present, natural compounds dominate the brain health supplements market, due to their effectiveness and minimal adverse effects. However, herbal extracts are expected to exhibit high market growth during the forecast period, owing to rise in awareness about herbal extracts in the developed regions. Memory enhancement and attention & focus segments held more than 50% of the market share in 2016.
North America accounted for two-fifths share of the global market in 2016, and is expected to remain dominant throughout the forecast period. This is attributed to high number of self-directed consumers, easy availability of products, increased awareness among the general population, and presence of highly sophisticated healthcare infrastructure in the region. On the other hand, Asia-Pacific is expected to show the highest growth during the forecast period, due to rapid growth of e-commerce and rise in awareness for brain health supplements among the general population.
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