The global brain health supplement ingredients market valued is estimated to reach US$ 1,003 million in 2027
Brain health supplements are drugs that enhance cognition and memory and facilitate learning. These supplements improve concentration and boost memory power. They are often used to increase attention spans, help individuals focus and as studying aids. Brain health supplements are gaining acceptance in the market due to aggressive promotion and enhanced sales channels to increase the accessibility to the consumers. These are becoming increasingly popular to give mind an extra boost. According to one Telegraph report, up to 25% of students at leading UK universities have taken the prescription smart drug modafinil, and California tech start-up employees are trying everything from Adderall to LSD to push their brains into a higher gear. According to the AARP's Brain Health and Dietary Supplements Survey, Americans aged 50 and older are among the largest consumers of brain-health supplements. The older people are, the more likely they are to turn to supplements because they begin to develop concerns about their health, especially conditions such as dementia. More than three-quarters of adults over age 74 take some sort of vitamin or dietary supplement, as do almost 70 percent of boomers (those between 55 and 73). As per the AARP's survey, more than a quarter of Americans ages 50 to 73 are regularly taking supplements for their brain health, and rises to 36% for those over 74. In August 2020, Elysium Health has launched a new brain health supplement based on research done at the University of Oxford. The supplement, called Matter, pairs a high dose suite of B vitamins with specially formulated omega-3s from fish oil.
The most popular supplements adults take for memory enhancement, according to the survey, are omega-3, turmeric/curcumin and green tea. AARP surveyed a representative sample of adults 18 and older on their use of dietary supplements. A team of US researchers set out to assess the effects of food supplementation on improving working memory and blood flow to the brain in children at risk of undernutrition. Their findings are based on 1,059 children aged 15 months to 7 years living in 10 villages in Guinea-Bissau, West Africa, who were randomized to receive one of three meals, served five mornings each week for 23 weeks.
The COVID-19 pandemic has led to dramatic changes in our day-to-day lives. With more people focused on improving their health and fitness, vitamin and supplement use has risen dramatically. In fact, the nutritional supplement industry observed its highest growth in over 2 decades, with a 12.1% increase in 2020. This trajectory is expected to continue into 2021, with many people looking to support their health through supplements.
Market Dynamics
Drivers
- Rising awareness of brain health supplement’s benefits
- Growing research and development activities
Restraints
- Confusion in rules and regulations
- Problems with quality and quantity of ingredients in dietary supplements
Growing research and development activities
Increasing research and development activities in terms of various dietary ingredients and their degree of effect have helped the brain health supplements vendors to produce new supplements with the improved effect, which drives the market growth in terms of innovation. Additionally, an increasing number of published research papers on brain health supplements creates trust among customers to use these products, which drives the revenue of this market. For example, many brain health supplement companies provide research data or any other legal documents concerning their formula and ingredients to create trust among consumers, which is a well-known marketing strategy in this category. Companies such as Prevagen, Neuro Sonic and Procera AVH claim that their products are helpful in preventing dementia and memory loss which attracts many old-aged and middle-aged consumers, mainly in developed countries. Many government bodies and public health institutes are publishing reports regarding the ingredients used in supplements and their actual effects to inform the consumers about the reliability. For instance, the Journal of Alternative and Complementary Medicine has published a journal regarding the identification of dietary supplement products to know the truth behind the actual fact of supplements and how effective than that, Global Council on Brain Health have published a review on the evidence on whether the consumption of brain supplements can affect people’s cognitive functions as they age through various references and by listing the various ingredients and their effects which is very helpful for those who want to take supplements through its journal. Such types of publications help both vendors and customers in terms of trust issues.
Additionally growing evidence collected from various researches helps manufacturers to identify particular ingredients for specific use which helps in the diversification of the market in terms of customer concentration and market positioning. For instance, many clinical trials of omega-3 fatty acid have shown that daily doses over 1 gm were needed to enhance some aspects of cognitive function in older adults and this supplement also helps pregnant women in terms of child growth.
Geographical Analysis
The North America Brain Health Supplement Ingredients market is valued at USD 244.01 Mn in 2019 and is estimated to grow at a CAGR of 7.47 % over the forecast period (2020-2027). North America accounted for the largest share of the global brain health supplements ingredients market due to awareness about the use of brain health supplements. The increasing brain health issues, such as depression and dementia, boost the demand for the products. Depression, stress, and anxiety are common mental illnesses among adolescents and millennials in the region. According to the Alzheimer's Association, as of 2020, around 5.8 million people in the U.S. had Alzheimer's. The growing number of the aging population has been driving the demand for memory enhancement supplements as memory loss is a widespread illness among the older population.
Furthermore, the COVID-19 pandemic has heightened the occurrence of these mental illnesses in the region and boosted the demand for brain health supplements which is further creating the demand of their ingredients.
The expansion of this market is attributed to the easy availability and cost-effectiveness of the products. The natural ingredients in these products, including omega-3 fatty acids, Huperzine-A, and Acetyl-L-carnitine, help in improving the focus and easing stress, anxiety, and depression is deriving its growth. The industry is competitive with a large number of large and medium-sized firms across the region. New product launches are expected to remain a key trend in the industry. For instance, in April 2019, Reckitt Benckiser Group plc. introduced Neuriva supplement, with complimentary digital support and training program. The product is designed to improve cognitive functions, including focus, memory, and consumers' concentration. Increase in the 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 market.
For instance, according to the 2019 AARP Brain Health and Dietary Supplement Survey, more than 25% of the U.S. population in the age group of 50 years and above regularly use supplements for their brain health. Also, 26% of the adult population takes at least one supplement for brain health, among these 21% take supplements for maintaining brain health, 20% for improving the brain health, 11% to delay the onset of dementia and around 8% of people take supplements to reverse the effect of dementia. Market players are focused on adoption of organic growth strategies such as product launches to strengthen their position in the brain health supplements ingredients market. For instance, in July 2017, Mannatech, Incorporated announced the availability of GinMAX tablets (Ginseng Supplement) to its customers in China. GinMAX tablets are used for enhancing the focus, memory and to fight off fatigue naturally.
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