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The global brain health supplements market is estimated to grow by USD 4,020.62 million at a CAGR of 8.18% between 2022 and 2027. The major factor driving the market growth is the increase in the geriatric population. Older people are generally prone to age-related diseases such as dementia and Alzheimer’s disease, and others. Brain health supplements are products that prevent age-related disorders and that help to maintain lower blood sugar levels and low cholesterol. Due to the lack of complete nutrition in the diet, they are prescribed brain health supplements to reduce the risk of brain and cognitive diseases. Hence, with an increase in the aging population, there is also a rise in the demand for brain health supplements.
Technavio has divided the market into three segments that are end-user, distribution channel, and geography. These three segments have their own subsegments.
It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Based on the end-user, the market is segmented into two subsegments; adult and children.
The adults segment was valued at USD 3,796.88 million in 2017 and continued to grow by 2021. There are several types of brain health supplements marketed for adults such as Omega-3 fatty acids, B vitamins, Ginkgo biloba, Bacopa monnieri, Phosphatidylserine, Acetyl-L-carnitine, and Caffeine. When taken appropriately, the effectiveness of these dietary supplements will vary depending on the individual and their specific needs and will help spur the growth of the segment during the forecast period.
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Some common brain health supplements that may be marketed for children include Omega-3 Fatty Acids, Vitamin B-12, Iron, and Zinc. Again, it is important to consult a doctor before giving the above supplements to children. However, with proper precautions and information, this market segment is expected to grow during the forecast period.
Based on the distribution channel, the market is fragmented into retail and online.
This market segment is also facilitated by the availability of numerous products under one roof. As aging populations grow rapidly, developing countries are opening up more retail outlets to meet the demand for brain health supplements. In addition, retail consumers receive authentic and authoritative information about in-store products from on-site staff and nutritionists. Such arrangements guide potential users toward these products and help in revenue growth.
The increasing number of internet users, along with the growing market presence of brain health supplements, has had a significant impact on the market demand for these products. Additionally, vendors in this market are using online retailers and social media to engage consumers and instill trust. Online channels are also forcing vendors to liberalize their policies to make the purchasing process easier. Therefore, the convenience and simplicity of such guidelines will stimulate demand for brain health supplements online.
North America is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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In North America, the use of supplements to enhance productivity in various areas such as sports and sexual activity helped pave the way for brain supplement products. Both online and brick-and-mortar retail merchants are creating space on store shelves for brain health supplements to meet the needs of consumers from teenagers to older adults. Moreover, the region also witnesses the growth of brain fitness programs and centers, which further escalates the demand for these products. This will drive market growth in the region during the forecast period.
The outbreak of COVID-19 adversely affected all countries in North America, especially the US. However, by the second half of 2021, most of the lockdown restrictions were relaxed in various countries, which allowed people to go outside their homes. Moreover, with pharmaceuticals and nutraceuticals being categorized under essential goods, the demand for and supply of brain health supplements were not affected much in North America in 2021. Pharmaceuticals and nutraceuticals were made available to the public through both online and offline channels. Thus, the regional market will register growth during the forecast period.
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There is high competition in the brain health supplements market. Among several market players, the organization Abbott Laboratories stands out among the competitors due to technological innovation and the on-point marketing strategy.
Abbott Laboratories: The company offers brain health supplements such as DHA milk powder, Similac powder, and Similac 360 total care.
The market research report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Technavio’s report consists of a holistic analysis of the key development Analysis, development stage, pipeline analysis, FDA approval, market players, their marketing strategies, and powerful innovations to help any client gain a competitive edge.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges.
One of the key factors driving the global brain health supplements market growth is the growing urban population. According to the data stated by the World Bank Group, 56% of the overall population in the world lived in urban settlements in 2019. However, the instances of dementia and chronic diseases such as Alzheimer’s are also increasing, which has led to a rise in the number of people becoming conscious about their health. Moreover, the higher disposable incomes in Pacific Rim countries such as Malaysia, Indonesia, and Vietnam are expected to drive market growth even further. In addition, the easy availability of the products through strong distribution channels, including online and retail outlets will further support the growth of the market in focus during the forecast period.
Another key factor driving the global brain health supplements market growth is the growing demand for online retail. The increasing marketing activities online enable manufacturers to offer consumers easy access to a variety of brain health supplements. E-commerce platforms sell a wide range of brain health supplements across different geographical regions at lower rates than local vendors in traditional (offline) channels. Such discounts and offers and the availability of several brands of brain health supplements attract consumers to buy products in bulk through online retail channels. This is expected to increase online purchases in the market during the forecast period.
One of the key challenges to the global brain health supplements market growth is the low penetration in developing regions. The penetration of brain health nutrition is comparatively lower in these countries such as Africa and the Middle East when compared with developed countries such as Germany and the US owing to factors such as low affordability and lesser awareness. Moreover, product visibility and availability are also very low here, which can be attributed to the poor distribution channel and low Internet penetration. Therefore, in spite of the huge opportunities offered by underdeveloped and developing countries, these factors will negatively affect the sales revenue of vendors in the market during the forecast period.
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The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Brain Health Supplements Market Customer Landscape
The brain health supplements market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Brain Health Supplements Market Scope |
|
Report Coverage |
Details |
Page number |
160 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.18% |
Market growth 2023-2027 |
USD 4,020.62 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
7.6 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 41% |
Key countries |
US, Germany, UK, China, and Japan |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, Amway Corp., BASF SE, Bayer AG, BrainMD Health, Cyanotech Corp., Dermapharm Holding SE, Glanbia plc, Herbalife International of America Inc., Hi Tech Pharmaceuticals Inc., Jarrow Formulas Inc., Koninklijke DSM NV, Liquid Health Inc., NOW Health Group Inc., Archer Daniels Midland Co., Herbal Goodness, Jacobson Pharma Corp. Ltd., Natural Factors Nutritional Products Ltd., Quincy Bioscience, and Thorne HealthTech Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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