Brain Health Supplements Market Industry Size Estimated To 13,492.6 Million USD Globally By Major Company Profiles Market Size, Regions, Revenue Status and Business Opportunities Till 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
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Global Brain Health Supplements Market, by Product Type (Herbal Extracts {Ginseng, Ginkgo Biloba, Curcumin, Lions Mane, and Others}, Vitamins & Minerals {Vitamin B, Vitamin C & E, and Others}, and Natural Molecules {Acetyl-L-Carnitine, Alpha GPC, Citicoline, Docosahexaenoic Acid, and Others}), by Application (Memory Enhancement, Mood & Depression, Attention & Focus, Longevity & Anti-aging, Sleep & Recovery, and Anxiety), by Supplement Form (Tablets, Capsules, and Others), by Age Group (Geriatric, Adults, and Pediatrics), and by Distribution Channel (Supermarkets & Hypermarkets, Drug Stores, and Online Stores), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 7,038.0 million in 2020 and is expected to exhibit a CAGR of 8.5% during the forecast period (2020-2027), as highlighted in a new report published by Coherent Market Insights.
The geriatric population is increasing rapidly, globally. This population group is highly susceptible to different types of age-related diseases such as Parkinson’s disease, mental health disorders, and others. According to the World Population Prospects, in 2017, 13% of the world’s population was elderly and around 25% the population is over the age of 60 in Europe, which is the greatest percentage in the world. The number of older persons in the world is projected to reach 1.4 billion in 2030 and 2.1 billion in 2050.
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The increasing prevalence of Alzheimer’s is expected to fuel the brain health supplements market growth during the forecast period. According to the 2019 Alzheimer’s Facts and Figures published by the Alzheimer’s Association, around 5.8 million people in the U.S. are suffering from Alzheimer’s dementia in 2019. According to the same source, nearly 1,30,000 people aged 65 years and above in Massachusetts are suffering from Alzheimer’s which is expected to reach 150,000 by 2025.
Market players are focused on launching new products in order to expand their offerings in the market which is expected to drive the market growth in near future. For instance, in May 2020, Vestige Marketing Pvt. Ltd. announced the launch of Vestige Prime Metamind chewable tablets. The product contains Phosphatidylserine and Ferric Saccharate which supports the cognitive health. Phosphatidylserine in the product can reduce the risk of dementia and improve memory recognition and recall among elderly people.
Global Brain Health Supplements Market – Impact of Coronavirus (COVID-19) Pandemic
Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization has declared it a public health emergency. According to the World Health Organization’s report, the manifestation of coronavirus disease (COVID-19) has resulted in over 30.6 million infected individuals worldwide as of 21st September 2020.
COVID-19 can affect the economy in three main ways; by directly affecting production and demand, by creating disruptions in distribution channel, and by its financial impact on firms and financial markets. Due to lockdown, many countries such as Saudi Arabia, UAE, Egypt, and others are facing problems with regards to the transportation of such drugs and such supplements from one place to another.
Furthermore, the lockdown has increased stress and anxiety levels and depression among the population. Brain health supplements can emerge as potential options for treating these health issues. Moreover, the COVID-19 pandemic has impacted the supply of raw materials and potent compounds which are used in manufacturing of these supplements which can hamper the market growth in near future.
Browse 38 Market Data Tables and 27 Figures spread through 183 Pages and in-depth TOC on “Brain Health Supplements Market – by Product Type (Herbal Extracts {Ginseng, Ginkgo Biloba, Curcumin, Lions Mane, and Others}, Vitamins & Minerals {Vitamin B, Vitamin C & E, and Others}, and Natural Molecules {Acetyl-L-Carnitine, Alpha GPC, Citicoline, Docosahexaenoic Acid, and Others}), by Application (Memory Enhancement, Mood & Depression, Attention & Focus, Longevity & Anti-aging, Sleep & Recovery, and Anxiety), by Supplement Form (Tablets, Capsules, and Others), by Age Group (Geriatric, Adults, and Pediatrics), and by Distribution Channel (Supermarkets & Hypermarkets, Drug Stores, and Online Stores), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Global Forecast to 2027”
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Key players in the market are focused on adopting strategies such as mergers and acquisitions to enhance their product portfolio. For instance, in December 2018, Pfizer Inc. and GlaxoSmithKline plc (GSK) announced plans of its joint venture agreement to create a global consumer healthcare company. This joint venture will expand GSK’s consumer health portfolio towards vitamin and dietary supplements category.
Key Takeaways of the Global Brain Health Supplements Market:
- The global brain health supplements market is expected to exhibit a CAGR of 8.5% during the forecast period, owing to increased product launches and approvals by the market players. For instance, in November 2015, Cel Nutrition, announced the launch of ‘nootropic’ NervaCORE, an alternative to the cognition-enhancing prescription drugs that can be used to improve memory, learning ability, and stabilize sleep-cycles.
- Companies operating in the global brain health supplements market are AlternaScript, LLC, Accelerated Intelligence Inc., Liquid Health, Inc., HVMN Inc., Natural Factors Nutritional Products Ltd., KeyView Labs, Inc., Onnit Labs, LLC, Purelife Bioscience Co., Ltd., Quincy Bioscience, Cerebral Success, Amway, Puori, Ocean Health, and Schiff.
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