(MENAFN- GetNews) According to report published by Grand View Research,Growing health concerns over depression, anxiety, anti-aging, and sleep recovery issues among consumers, along with rise in the disposable income, are driving the brain health supplements market over the forecast period.
According to a report, ' Brain Health Supplements Market Size, Share & Trends Analysis Report By Product (Natural Molecules, Herbal Extract), By Application (Memory Enhancement, Attention & Focus), And Segment Forecasts, 2019 - 2025 , published by Grand View Research, Inc.,The global brain health supplements market size is expected to reach USD 10.7 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 8.2% over the forecast period. Growing health concerns over depression, anxiety, anti-aging, and sleep recovery issues among consumers, along with rise in the disposable income, are driving the market over the forecast period. Booming dietary supplements industry on account of health concerns mainly in developed countries is further expected to propel the market growth.
Nutritional benefits such as vitamins and minerals offered by the brain health supplements can reduce stress levels and offer protection against depression, anxiety, and dementia, thereby driving the market. Dementia can lead to anesthesia and depression in humans, therefore these products help to maintain the mental health of the consumers.
The product demand is attributed to the presence of a number of ingredients in the product such as vitamin D, bacopa monnieri, vitamin B12, vinpocetine, antioxidants, and docosahexaenoic acid (DHA). These ingredients provide brain health benefits such as concentration level, memory enhancement, focus and attention, thereby driving the demand for the product.
Further key findings from the study suggest:
In terms of revenue, the herbal extract segment is projected to expand at a CAGR of 9.7% over the forecast period
Based on application, memory enhancement dominated the global market with 26.1% share of the overall revenue in 2018
North America dominated the global market in 2018, which constituted 39.3% share in terms of revenue. This trend is projected to continue over the next few years
The market in Asia Pacific is anticipated to witness growth due to increasing disposable income in India, South Korea, China, and Japan
The industry is highly competitive in nature owing to presence of main players including Cephalon, Inc.; Nootrobox, Inc.; Purelife Bioscience Co Ltd.; Nootrico; and Peak Nootropics
Various manufacturers are concentrating on new product launches, capacity expansion, and technological innovation to estimate existing and future demand patterns from upcoming product segments.
The market in North America is anticipated to grow due to rise in the sales of herbal products, along with increasing product launches. Growing health awareness among consumers, along with surge in the educational and promotional activities for the consumers, is anticipated to boost the growth in the region. Moreover, increase in the number of fitness clubs, fitness centers, and fitness programs and classes for mental and brain health issues is likely to augment the demand for brain health supplements over the forecast period.
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Growing interest for the healthy and natural ingredients in the product among youth due to their various health benefits will fuel the demand in the market. Strategies such as expansion of geographical reach and product launches are adopted by companies to increase sales and improve product development. The market is recognized by a few initiatives, such as limited extension, mergers and acquisitions, and online sales and development endeavored by the key players in the business, including Cephalon, Inc.; Nootrobox, Inc.; Purelife Bioscience Co Ltd.; Nootrico; Peak Nootropics; and SupNootropic Biological Technology Co Ltd.
Application Insights
Memory enhancement accounts for the largest share of 26.1% in 2018. The growth is attributed to its growing demand among consumers engaged in the academic field. Moreover, demand for this application segment is increasing due to the prevalence of certain brain health diseases among the elderly population, thereby contributing to the growth of the market in the next few years.
Manufacturers are emphasizing on the attention and focus segment owing to benefits such as high performance, production, and productivity, especially among the working age population. The attention and focus application segment is expected to expand at the fastest CAGR of 9.6% from 2019 to 2025. Vitamins and minerals such as vitamin B, vitamin D3, omega 3 fatty acids, vitamin C, and magnesium aid in attention and focus, thus boosting the segment growth.
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Brain Health Supplements Product Outlook (Revenue, USD Billion, 2015 - 2025)
Natural Molecules
Herbal Extract
Vitamins & Minerals
Brain Health Supplements Application Outlook (Revenue, USD Billion, 2015 - 2025)
Memory Enhancement
Attention & Focus
Depression & Mood
Sleep & Recovery
Anti-aging & Longevity
Others
Brain Health Supplements Regional Outlook (Revenue, USD Billion, 2015 - 2025)
North America
Europe
Asia Pacific
Central & South America
Middle East & Africa
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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