Brain Health Supplements Market Value set to reach industry expectations (2017-2023)

The Global Brain Health Supplements Market was valued at $3,194 million in 2016, and is expected to reach $5,813 million by 2023, growing at a CAGR of 8.8% from 2017 to 2023.

Brain health supplements are natural compounds or herbal extracts, which improve the memory, creativity, attention, motivation, and alertness in healthy individuals.

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Brain Health Supplements Market Key Findings:

• The herbal extract segment is expected to grow with a CAGR of 9.8% from 2017 to 2023.
• In 2016, the supermarkets & hypermarkets segment held one-third share of the global market, and is expected to maintain its dominance throughout the forecast period.
• The attention & focus segment is expected to grow at the highest rate in the near future.
• Asia-Pacific is expected to register the highest CAGR of 10.1% during the forecast period.

Increase in number of promotional activities carried out by key players, rise in willingness among the general population to enhance brain functions, surge in number of self-directed consumers, and increase in awareness among the students about brain health supplements drive the growth of the global brain health supplements market. However, low demand from the underdeveloped countries in Asia and Africa is expected to impede the market growth. On the contrary, huge market potential in the developing regions is expected to offer lucrative opportunities for market expansion during the forecast period.

Brain Health Supplements Market Segmentation:

The global brain health supplements market is segmented on the basis of product, application, supplement form, sales channel, age group, and region. Based on product, the market is classified into herbal extracts (ginseng, ginkgo biloba, curcumin, lions mane, bacopa monnieri, and others), vitamins & minerals (vitamin B, vitamin C & E, and others) and natural molecules (acetyl-L-carnitine, alpha GPC, citicoline, docosahexaenoic acid (DHA), huperzine A, and others). The applications covered in the study include memory enhancement, mood & depression, attention & focus, longevity & anti-aging, sleep & recovery, and anxiety. By major supplement form, the market is categorized as tablets, capsules, and others. According to age group, it is divided into children, adults, and elderly. Depending on sales, it is fragmented into supermarkets & hypermarkets, drug stores, online stores, and others. Region wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).

At present, natural compounds dominate the brain health supplements market, due to their effectiveness and minimal adverse effects. However, herbal extracts are expected to exhibit high market growth during the forecast period, owing to rise in awareness about herbal extracts in the developed regions. Memory enhancement and attention & focus segments held more than 50% of the market share in 2016.

Brain Health Supplements Market Segment Review:

Brain health supplements are natural compounds or herbal extracts, which have beneficial effects on brain functions such as to enhance memory and focus. Furthermore, the use of brain supplements has been proven effective for depression, sleep, anti-aging, and anxiety. Among the application segment, memory enhancement is major revenue generator, owing to rise in desire to enhance memory, increase in promotional activities, and surge in demand for memory enhancers. Attention & focus segment is expected to grow at a significant growth rate during the forecast period, due to increase in awareness among the students & parents about brain health supplements, surge in number of self-directed students, and easy product obtainability through online sales channels.

Currently, natural molecules segment is major revenue contributor due to their cost-effectiveness. Herbal extracts segment is anticipated to show the highest growth during the forecast period, owing to rise in awareness of herbal supplements in the developed countries such as the U.S. and the UK.

Snapshot of Asia-pacific Brain Health Supplements Market:

Currently, the brain health supplements market has witnessed moderate growth in Asia-Pacific. However, the region is expected to witness high demand during the forecast period, owing to increase in consumer awareness about brain health supplements, ease of obtaining products due to the development of the e-commerce industry, and increase in presence of key players in the developing countries such as China and India.

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