Global Brain Health Supplements Market Thriving: Projected to touch USD 11.9 Billion by 2027
Published | 14 June 2021
A study, recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global brain health supplements market was worth USD 7.1 Billion in the year 2020. It is estimated to grow at the CAGR of 7.75 %, earning revenue of around USD 11.9 Billion by the end of 2027. Brain supplements are mostly supplements that are used to support brain function in humans, such as increasing memory and attention, thinking, and mood elevation. Rising awareness regarding brain supplements and the easy availability of brain health supplements in online and offline stores throughout the world are the two factors driving the growth of the brain supplements market. These supplements are becoming increasingly popular among the young population, as they are more willing to adopt a healthy and fit lifestyle as a means of improving memory power. Many neurological illnesses in the elderly population, such as dementia amnesia, and Alzheimer's, are equally contributing to market growth.
Rising concern about healthy lifestyle Driving the Market Growth
The domain of mental health is gaining prominence worldwide. A healthy individual is someone who is not only physically active but also mentally sound. The enthusiasm of adults in maintaining overall health and fitness has increased significantly, boosting demand for mental health supplements. Moreover, the inclination of the younger generation toward a healthy and fit lifestyle, including mental wellness, is leading them to opt for brain supplements. Also, rapid urbanization and improving purchasing power of consumers will assist this market in reporting positive growth over the coming years.
Increasing prevalence of mental health disorders
Incidences of neurological and neurodegenerative diseases, such as dementia, are rising among the senior population, thereby pushing the demand for brain health supplements. Every year, a big number of people worldwide are diagnosed with dementia, and rising incidences of brain health conditions. These factors are estimated to increase the sales of brain health supplements during the forecast period. Additionally, the rising awareness regarding mental health globally is further contributing to market growth. Cases of depression, anxiety, stress, and other mental illnesses among adults also contribute to the growing demand for brain supplements that is driving the expansion of the market.
Lack of Strict Regulations Restricting Market Growth
No formal regulations are governing the manufacture of supplements. Furthermore, many misleading claims about product effectiveness are also impeding the growth of the brain supplements market worldwide. Due to a lack of regulations, manufacturing companies are freely launching their products without any strict regulatory approval, which can lead to an increase in the number of misleading and false claiming products. This will lower consumer trust in such brands, thereby limiting the growth of the brain health supplements market.
Impact of COVID-19 in the industry
The COVID-19 caught everyone off guard, and everything changed overnight. The ongoing COVID-19 pandemic has had a negative impact on every industry. COVID-19, on the other hand, has had a favorable impact on the global brain supplement sector. During the pandemic as a lot of people had to experience mental health disorders such as depression and anxiety owing to social distancing and its implications. As a result, the need for brain supplements has surged during the lockdown phase. Furthermore, the easy accessibility of over-the-counter products on both online and offline stores also influences the market growth. Thus, the pandemic has benefited this market by increasing the demand for brain health supplements around the world.
The memory enhancement segment occupies the largest share of global brain health supplements
Based on application, the global brain health supplements market is divided into Memory Enhancement, Mood and Depression, Attention and Focus, Longevity and Anti-aging, Sleep and Recovery, Anxiety. Among these, the memory enhancement segment held the dominant share in the market in 2020. Rising awareness regarding neurological conditions among the older population, coupled with the easy availability of brain supplements, are leading to the increasing use of memory enhancer supplements, hence supporting market growth. Furthermore, the depression and mood category is expected to grow at a relatively high CAGR over the forecast period due to the increasing prevalence of depression among young people and women.
North America is expected to witness significant growth in the market during the forecast period
The global brain health supplements market is categorized into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa based on region. North America dominated the market segment in 2020 and is expected to lead even in the foreseeable future. The growing prevalence of mental diseases such as cognitive difficulties, mental stress, and anxiety, particularly among adults, is driving the expansion of the brain supplement market. With time, the general public has grown more aware of the benefits of these supplements, and there is no longer any hesitation in using brain health supplements to sharpen the intellect. The Asia Pacific has is also projected to witness rapid growth with a high CAGR throughout the forecast period. The factors impacting market expansion include a large population, more knowledge about mental diseases, simple availability of supplements, and better purchasing power among consumers in the region.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global brain health supplements. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global brain health supplements and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online & offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solution. BWC has built its reputation from the scratches by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
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