Global Brain Health Supplements Market to Reach Worth USD 11.6 Bn by 2024
According to the latest report published by Brisk Insights “Brain Health Supplements Market – (Ingredient Type – Acetyl-L-Carnitine, Ginkgo, Ginseng, Alpha GPC, BacopaMonnieri, DHA, Tryptophan and others); (Application – Memory Enhancement, Mood and Depression, Attention and Focus, Longevity and Anti-aging, Sleep, Recovery and Dream Enhancement and Anxiety); (Sales Channel – Supermarket/Hypermarket, Drug Stores, and Online Stores): Market Growth, Future Prospects and Competitive Analysis, 2016-2024,” the market was valued at USD 2.3 Bn in 2015, and is expected to reach USD 11.6 Bn by 2024, expanding at a CAGR of 19.6% from 2016 to 2024.
Browse the full report Brain Health Supplements Market Growth, Future Prospects and Competitive Analysis, 2016-2024 at https://www.briskinsights.com/report/brain-health-supplements-market
Brain health supplements are used to enhance memory, attention, mood, creativity, motivation in healthy individuals. Increasing awareness among college students, scientists, entrepreneurs and investment bankers are opting for memory enhancers to sharpen their minds to gain an edge on the competition. It is anticipated that, brain health supplements industries would show significant market growth during forecast period. The key factors assisting the market growth of brain health supplements are strong desire to enhance brain function among adult population, increasing number of self-directed consumers and high penetration of promotional activities carried out by key players. There are several ingredients are used throughout the world to enhance brain function such as Acetyl-L-Carnitine, Ginkgo, Ginseng, Alpha GPC, BacopaMonnieri, DHA and Tryptopha. Alpha GPC containing brain health supplements occupies largest market share while BacopaMonnieri containing brain health supplements will be the fastest growing market among the all ingredients during the forecast period.
The key applications of brain health supplements inlcude memory enhancement, mood and depression, attention and focus, longevity and anti-aging, sleep recovery and dream enhancement, and anxiety. In base year 2015, memory enhancement segment was observed to be the largest segment and is anticipated to maintain its lead during the forecast period of 2016 – 2024. The key factors assisting the growth of memory enhancement segment include growing awareness regarding the benefits majorly in the college students, scientists, entrepreneurs in developed nations opting for memory enhancers to sharpen their minds to gain an edge on the competition. In terms of sales channel, online stores held the largest market in the global brain health supplements market due to availability of wide variety of products as compared to supermarkets/hypermarkets and drug stores. The variety in price points, private labels, product launches, broad product ranges, and discounts offered have increased the popularity online stores. Moreover, the frequency of online searches has grown significantly in the past years, creating greater business opportunities for the market.
In base year 2015, North America held the largest regional market for brain health supplements accounting more than half of the total market share. Strong desire to enhance brain function among adult population, higher number of baby boomer population and easy availability of quality products are driving the market growth in North America. Asia Pacific is expected to project highest growth throughout the forecast period owing to the populous countries, rising foreign investment in collaboration with the local players, economic development and increasing consumer awareness in upper-middle-income segment would drive the market growth in Asia-Pacific.
Market Competition Assessment:
The brain health supplements market currently possesses numerous companies having their products marketed. However, most of the companies are located in the North America and others developed regions. The companies have untapped opportunities in the developing regions of Asia Pacific and Latin America. Companies are coming up with various products in the developed nations due to high acceptance and accessibilities of these products. The companies include, Nootrobox, Cephalon, Purelife Bioscience Co. Ltd., Onnit Labs LLC, Natural Factors and Others.
Key Market Movements:
- Change in demographics with rise in aging population is the one of the driving factors for growing demand for cognitive supplements.
- Continuous introduction of new products and high level promotional activities through portals, magazines and other media are aggressively barraging information about such supplements, thus driving growth in consumer purchases.
- Online retailing is becoming the most accepted distribution channel across the globe, particularly in the emerging markets such as Latin America, Asia Pacific and Eastern Europe.
- Continued growth of brain health supplement products will be accompanied with tightening of regulations around manufacturing standards, product safety and claims.