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Cognitive Supplements Market Size, Share, Trend Analysis, Segmentation And Forecast To 2033
Cognitive Supplements Market
According to The Business Research Company's, The cognitive supplements market size has grown rapidly in recent years. It will grow from $0.43 billion in 2023 to $0.48 billion in 2024 at a compound annual growth rate (CAGR) of 13.4%. The growth in the historic period can be attributed to increased awareness of cognitive health benefits, increased prevalence of age, adoption of nootropics and smart drugs, rise in consumer interest, and increased stress levels.
The cognitive supplements market size is expected to see rapid growth in the next few years. It will grow to $0.81 billion in 2028 at a compound annual growth rate (CAGR) of 13.6%. The growth in the forecast period can be attributed to rising prevalence of neurological disorders, expansion of e-commerce platforms, increasing consumer focus on mental wellness, increasing disposable income levels, expansion of retail networks and pharmacies. Major trends in the forecast period include emerging technologies, nootropic supplements, adoption of natural and herbal ingredients, adoption of subscription-based models, and adoption of sustainable sourcing practices.
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Market Drivers and Trends:
The increasing aging population is expected to propel the growth of the cognitive supplement market going forward. The term 'aging population' refers to a demographic trend characterized by a significant increase in the proportion or absolute number of elderly individuals within a population. The increasing aging population can be attributed to factors such as declining birth rates, improved healthcare and medical advancements leading to longer life expectancy, and demographic shifts towards older age groups. Cognitive supplements can fulfill the needs of an aging population by improving cognitive performance, memory, and overall brain health. For instance, in January 2024, according to the Population Reference Bureau, a US-based nonprofit organization, the number of Americans aged 65 and older is anticipated to increase from 58 million in 2022 to 82 million in 2050. Therefore, the increasing aging population is driving the growth of the cognitive supplement market.
Major companies operating in the cognitive supplements market are offering personalized cognitive health solutions, such as subscription-based models, to cater to individual needs and preferences, ensuring convenient access to supplements while enhancing customer satisfaction and loyalty. A Subscription-based model refers to a business model where consumers sign up for a recurring delivery service to receive their cognitive supplements on a regular basis, typically monthly or quarterly. For instance, in May 2022, Estrid, a Sweden-based health and wellness company, launched April, a wellness brand that attempts to combine current science with traditional herbal medicines to offer a line of vegan, subscription-based supplements. The brand aims to make everyday wellness routines simple and enjoyable and has worked with UK industry leaders, doctors, dietitians, and herbalists to create products, choose ingredients, and make sustainability promises. The subscription model offers three supplements such as Multi-Me for cognitive function and energy, Glow Service for collagen production, and Club Calm for psychological support.
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Major Key Players of the Market:
Amway Corporation, Lonza Group AG, Glanbia PLC, Herbalife Nutrition Ltd., Swanson Health Products, NOW Health Group Inc., Thorne Healthtech Inc., Life Extension, Jarrow Formulas Inc., MegaFood, Natural Factors Inc., Integrative Therapeutics, Gaia Herbs, Solgar Inc, Nordic Naturals, Liquid Health Inc., Doctor's Best Inc, Onnit Labs Inc., Nature's Bounty Co., Carlson Labs, HVMN Inc., Vital Nutrients Inc., Douglas Laboratories, Source Naturals, Garden of Life
Cognitive Supplements Market 2024 Key Insights:
• The cognitive supplements market size is expected to see rapid growth in the next few years. It will grow to $0.81 billion in 2028 at a compound annual growth rate (CAGR) of 13.6%.
• The Rising Demand For Cognitive Supplements In An Aging Society
• Revolutionizing Cognitive Wellness With Subscription-Based Intelligence
• North America was the largest region in the cognitive supplements market in 2023
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