Cognition Supplements Market Size, Share, Opportunities And Trends By Product Type (Natural Molecules, Herbal Extract, Vitamins & Minerals), By Form (Chewable, Capsules), By Distribution Channel (Supermarket/Hypermarket, Medical Stores, Online Retail Stores, Other Distribution Channels), And By Geography - Forecasts From 2023 To 2028
- Published : May 2023
- Report Code : KSI061615241
- Pages : 138
Cognitive supplements also referred to as nootropic supplements are a blend of nutrients, probiotics and herbal extracts that have a positive impact on the brain function of a healthy person. These supplements help in improving memory, creativity, alertness, motivation, and general cognitive brain function and also improve brain activities in the older population due to any age-related decline. A few examples of popular cognitive supplements include fish oil supplements, resveratrol, Creatine and Phosphatidylserine.
There has been tremendous growth in the cognitive and brain health sector over the past few years. From brain function and healthy brain ageing to improved memory, mood, emotional well-being, stress and anxiety, attention, focus, and mental fatigue, the brain and cognitive market has seen tremendous growth and provided clarity to many consumers while mirroring larger global trends in mental health and wellbeing. Therefore rising awareness regarding mental health issues and cognitive health is boosting the growth of the global market during the anticipation period. As people grow older they want to maintain their mental well-being along with cognitive brain function on the same level as when they were younger. Therefore, the rising geriatric population is also boosting the demand for nootropic supplements. The demand for cognitive supplements has grown tremendously. According to official data, overall sales of cognitive health components in the mainstream supplements industry in the United States increased 59 per cent in the fiscal year 2021, hitting US$366 million from US$230 million the previous year.
However, the implementation of strict rules and regulations by the government, high cost along with lack of concrete scientific evidence regarding the benefits of nootropic supplements on cognitive health is obstructing the growth of the global market for cognitive supplements during the analysis period.
During the anticipation period, the growing mental well-being and increasing geriatric population will support the growth of the global cognitive supplements market.
Healthy brain function has become imperative as the number of the elderly population rises. The loss of cognitive function, which results in dementia, is a serious concern related to ageing. The brain becomes more prone to inflammation and oxidation as it ages, resulting in free radical damage to brain cells. The cumulative effect of free radical damage in the brain as a result of ageing might have a deleterious impact on cognitive performance and can lead to memory loss. To lower the risk of cognitive deterioration, many elderly people have started consuming supplements that improve brain health. According to a survey conducted by the Harvard Medical School around 25 per cent of adults over the age of 50 take a supplement to boost their brain health, memory, attention and focus. Therefore rising geriatric population is one of the key factors driving the growth of the global brain health supplements market during the forecast period. According to WHO data, one in every six persons on the planet will be 60 or older by 2030. The proportion of the population aged 60 and older is expected to climb from 1 billion in 2020 to 1.4 billion in 2030. The world's population of individuals aged 60 and older will have doubled by 2050. The number of people aged 80 and more is predicted to treble between 2020 and 2050, reaching 426 million.
Not just seniors but younger demographics are also seeking ways to increase their cognitive performance. Rising awareness regarding mental well-being, sleep support, mood support, and stress relief is driving the growth of cognitive supplements. The increasing prevalence of mental health issues such as anxiety, and depression is also positively impacting the global market prospects. According to the WHO database, nearly 5 per cent of the total adult population in the world are suffering from depression in 2021. Over 280 million individuals of all ages worldwide suffered from depression in 2021. According to an article released by the Anxiety & Depression Association of America, around 19.1 per cent of the adult population, or 40 million people, in the United States suffered from anxiety. Proactive consumers are looking for cognitive health items, such as dietary supplements and natural products. As a result demand for nootropic supplements is reaching the mainstream.
North America is anticipated to hold a significant cognitive supplement market share during the forecast period.
North America region is anticipated to hold a significant market share in the cognitive supplement. This region will witness high growth during the forecast period owing to the presence of a well-established dietary and natural supplement industry. According to official data, overall sales of cognitive health components in the mainstream supplements industry in the United States increased 59 per cent in the fiscal year 2021, hitting US$366 million from US$230 million the previous year. The growing geriatric population in countries such as Canada and the United States is also propelling regional market demand. Also, the rise of new companies with fresh and cutting-edge products along with the existence of key market players in North American countries is fueling demand. Moreover, the rising prevalence of mental health issues such as depression, stress and anxiety is also positively impacting the market growth in this region. For instance, according to the Anxiety and Depression Association of America, nearly 6.8 million adults suffer from GAD or General Anxiety Disorder in the US. Prime markets in the North American region are Canada, the United States and Mexico.
Market Key Developments
- In September 2022, New Zealand dairy giant Fonterra launched a new brand of cognitive supplements called BioKodeLab. The supplement company's goal is to improve cognitive function, stress reaction, and immunity while also blocking blue light. The brand currently consists of three product SKUs, namely Focus Plus, Calm Plus, and Probiotic Plus marketed only through the direct-to-consumer channel in New Zealand.
- In May 2021, Vitafusion, a gummy vitamin brand, recently announced the release of its newest supplement, Brain Food, which contains a formula containing the adaptogen ashwagandha, vitamins B6 and B12, and Phosphatidylserine, all of which are formulated to provide nutrients necessary to support healthy brain function.
- In January 2023, Entrepreneuro, a natural brain supplement that "fuels your brain and combat mental weariness," is being released by Hero X Health. Frank D'Agostino, a New York fireman and health and fitness specialist, founded Entrepreneur.
- By Product Type
- Natural Molecules
- Herbal Extract
- Vitamins & Minerals
- By Form
- By Distribution Channel
- Medical Stores
- Online Retail Stores
- Other Distribution Channels
- By Geography
- North America
- United States
- South America
- United Kingdom
- The Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America
Frequently Asked Questions (FAQs)
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.7. Base, and Forecast Years Timeline
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. GLOBAL COGNITION SUPPLEMENTS MARKET, BY PRODUCT TYPE
5.2. Natural Molecules
5.3. Herbal Extract
5.4. Vitamins & Minerals
6. GLOBAL COGNITION SUPPLEMENTS MARKET, BY FORM
7. GLOBAL COGNITION SUPPLEMENTS MARKET, BY DISTRIBUTION CHANNEL
7.3. Medical Stores
7.4. Online Retail Stores
7.5. Other Distribution Channels
8. GLOBAL COGNITION SUPPLEMENTS MARKET, BY GEOGRAPHY
8.2. North America
8.2.1. United States
8.3. South America
8.4.1. United Kingdom
8.5. The Middle East and Africa
8.5.1. Saudi Arabia
8.6. Asia Pacific
8.6.4. South Korea
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. COMPANY PROFILES
10.1. Accelerated Intelligence
10.2. HVMN Inc.
10.3. Onnit Labs, Inc.
10.4. Liquid Health, Inc.
10.5. Quincy Bioscience - The Makers of Prevagen
10.6. Natural Factors Inc.
10.7. Jarrow Formulas, Inc.
Liquid Health, Inc.
Quincy Bioscience - The Makers of Prevagen
Natural Factors Inc.
Jarrow Formulas, Inc.
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