Published Date : 19 Apr 2023
In 2022, the brain health supplements market size was evaluated at USD 9.14 billion and it is expected to contribute USD 26.13 billion by 2030, progressing at a rate of 11.07% from 2021 to 2030.
The brain health supplements market growth is driven by the increasing geriatric population, growing neurological disorders, rising disposable income, and growing innovative product launches.
Supplements for brain health are made to boost mental wellness and increase cognitive performance. Supplements for brain health improve mood problems, concentration and attention, and encourage mental relaxation. Additionally, studies have shown that vitamins for brain health enhance learning and protect brain cells. All age categories use brain health vitamins. However, due to growing mental health issues, there are now more people between the ages of 30 and 50.
North America is expected to hold the largest market share over the forecast period. The growth in the region is attributed to the growing geriatric population coupled with rising Alzheimer's disease. For instance, according to the U.S. Census Bureau, in 2019, there were 54.1 million people in the U.S. who were 65 years of age or older. More than one in seven Americans made up 16% of the population. The number of elderly Americans has grown by 14.4 million (or 36%) since 2009, compared to a 3% growth in the number of people under 65.
The number of Americans aged 45 to 64 (who will turn 65 over the next 20 years) rose by 4% from 80.3 million to 83.3 million between 2009 and 2019. Americans aged 60 and elderly grew from 55.7 million to 74.6 million, a 34% rise. Moreover, as per the Alzheimer's Association, in 2023, there will be 6.7 million Americans 65 and elderly who have Alzheimer's. 73% of people are 75 years of age or higher. Thus, the growing elderly population coupled with the increasing prevalence of Alzheimer's disease is expected to flourish the market expansion over the forecast period.
The Asia Pacific is expected to grow at the highest CAGR over the forecast period. Due to rising consumer awareness of the advantages of these supplements, a growing preference for natural supplements over pharmaceuticals, and an increase in the incidence of Alzheimer's disease, the market for brain supplements has demonstrated exceptional penetration in the Asia Pacific region, particularly in China, India, and Japan.
Brain Health Supplements Market Report Scope:
|Market Size in 2022||USD 9.14 Billion|
|Projected Forecast Value in 2032||USD 26.13 Billion|
|Growth Rate||11.07% from 2023 to 2032|
|Fastest Growing Market||Asia Pacific|
|Largest Market||North America|
|Forecast Period||2023 to 2032|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
The growing elderly population and rising awareness about mental health
The brain health supplements market is primarily driven by the rising global elderly population and the increasing demand for neurological condition-related issues to be treated. The primary factor driving up demand for brain health vitamins is the rise in neurological and neurodegenerative conditions, like dementia, among the aged.
Dementia affects millions of people globally each year, and the rising prevalence of this problem with the brain is expected to increase demand for brain health vitamins over the coming years. Additionally, the industry is expanding as a result of the rising global consciousness of mental health. The demand for these supplements has increased as a result of the rising rates of melancholy, anxiety, tension, and other mental illnesses among teenagers and young adults, which is fueling the market's growth.
Lack of awareness and regulation
One of the main factors impeding the market from expanding is the underdeveloped and emerging countries' insufficient knowledge about the presence of brain health supplements and their advantages for brain health. Additionally, the lack of effective laws on the manufacture of supplements and the rise in instances of false advertising are impeding market expansion. The lack of strict regulations allows makers to release products without regulatory permits, which can result in false or deceptive product claims and undermine customer confidence in the products. This is anticipated to be a significant market restraint over the anticipated period.
Launch of innovative product
Product invention is a crucial trend that is getting traction in the market for supplements for mental health. To maintain their leadership positions in the market for mental health supplements, major companies are creating cutting-edge goods. For instance, the US-based pharmaceutical firm Cosmos Holdings introduced Proprietary Sky Premium Life Brainlit in March 2022. It is a cutting-edge concoction designed to preserve and improve brain function. Conditions like Alzheimer's disease and other forms of dementia, Parkinson's disease, melancholy, and anxiety have all been on the rise lately despite a sizable unfilled demand for efficient treatment options.
The Brainlit nutritional supplement contains ginkgo biloba, glutamine, L-tyrosine, as well as other necessary vitamins and minerals. It is manufactured from the best possible raw materials. Thus, the innovative product launch is expected to fuel market growth.
Major Key Players:
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