Brain Health Supplements Market to experience growth by 2028

March 09, 2023/Industry News Global/ -- This new report from Stratview Research analyses the Brain Health Supplements Market over the forecast period from 2022 to 2028. The insights of the report shall enable informed decision-making and strategy formulation for the near future to capitalize on the opportunities.

Brain Health Supplements Market Overview:

The brain health supplements market was estimated at US$ 8.23 billion in 2021 and is expected to grow at a CAGR of 8% during 2022-2028 to reach US$ ~17.40 billion in 2028.

Drivers

The following are the major players in the brain health supplements market:

• AlternaScript
• HVMN Inc.
• Intelligent Labs
• Natural Factors Nutritional Products Ltd.
• NOW Foods
• Onnit Labs, Inc.
• Peak Nootropics
• Purelife Bioscience Co., Ltd.
• Reckitt Benckiser Group plc.
• Teva Pharmaceutical Industries Ltd.

Manufacturers have been concentrating on creating a range of supplements that are specifically aimed at athletes who place an emphasis on improving their performance and preserving their composure. Over the following few years, this is anticipated to increase demand for supplements supporting brain health.

Segment Analysis

The market is segmented based on supplement type, product, age group, application, distribution channel, and geography. On the basis of supplement type, the segment is divided into tablets, capsules, others.

On the basis of product, the segment is divided into natural molecules, herbal extract, vitamins and minerals. In terms of global revenue for 2021, the natural molecule sector held the biggest market share and is predicted to continue to dominate. This market's expansion is anticipated to be aided by the growing preference for brain supplements manufactured from natural ingredients over synthetic ones. Companies are also emphasising the use of natural ingredients in their products.

Based on age group, the market is segmented into children, adults, elderly.

On the basis of application, the market is segmented into memory enhancement, attention and focus, depression and mood, sleep and recovery, anti-aging and longevity, stress & anxiety. In terms of global revenue in 2021, the memory improvement sector held the biggest market share and is predicted to continue to dominate. The millennial generation is engaging in a variety of activities outside of their primary occupation, such as adventure sports, social events, and part-time work, which needs them to be intellectually awake throughout the day. Therefore, it is anticipated that changing consumer habits will increase demand for these goods. A survey from the Organization for Economic Cooperation and Development indicates that part-time employment is becoming more prevalent in nations like Germany, Italy, France, and Austria. Over the projection period, the shift in consumer lifestyle is anticipated to increase demand for memory-boosting supplements.

Based on distribution channel, the market is divided into supermarkets & hypermarkets, drug stores, online stores, and others.

The brain health supplements market is broken down geographically into areas like North America, Europe, Asia-Pacific, and the Rest of the World (RoW). In 2021, North America contributed most to the market. The demand for the product in North America is being driven by consumers' increased concerns about their mental health. Nearly 75% of U.S. adults consume dietary supplements that contain vitamins, minerals, and herbal ingredients to enhance brain health, energy, and performance, according to statistics released by the U.S. National Library of Medicine in April 2020. These trends are probably going to accelerate the market expansion in the nation. In America, loneliness and uncertainty about the future are major stressors for adolescents and young adults, according to data published by the American Psychological Association in October 2020, which is expected to lead an increase in the number of adults to use brain health supplements for the right kind of treatment.

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