Market Overview:
Brain health supplements include vitamins, minerals, herbs and nutritional supplements made for cognitive function, memory, concentration and overall brain health. These supplements help in improving memory, focus and reducing brain fog. They provide nutrition support for neurotransmitters and brain cells. These supplements aid in enhancing cognitive performance and brain aging diseases like dementia and Alzheimer’s.
The Brain Health Supplements Market is estimated to be valued at US$ 9.0 Bn in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends fueling the growth of brain health supplements market is the growing aging population. According to United Nations, the population aged 60 years and above is projected to grow to more than 2 billion by 2050 globally. With aging, risk of age-related brain diseases like dementia increases significantly. As per World Health Organization (WHO), around 50 million people globally have dementia currently and number of cases is projected to triple by 2050. Elders are more prone to take brain health supplements to keep their brain healthy and avoid cognitive decline. This rising aging demographic will propel the demand for brain health supplements over the forecast period.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as the brain health supplements market is growing rapidly and requires significant R&D investments to develop new products. However, customers prefer established brands.
Bargaining power of buyers: The bargaining power of buyers is high given the availability of various substitutes. Buyers can easily switch between brands depending on offers and discounts.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many suppliers providing raw materials required for manufacturing supplements.
Threat of new substitutes: The threat of new substitutes is high as various other health and wellness supplements can be used as an alternative to brain health supplements.
Competitive rivalry: Intense rivalry exists among existing players to gain market share.
SWOT Analysis
Strength: Wide product portfolio and strong brand presence of key players. Growing demand for brain boosting supplements globally.
Weakness: High R&D costs for new product development. Stricter regulatory policies in some countries.
Opportunity: Rising health consciousness. Untapped markets in developing nations. Growth in e-commerce sales.
Threats: Side effects of excessive intake. Product recalls can impact brand reputation. Economic slowdowns impact consumer spending.
Key Takeaways
The global brain health supplements market is expected to witness high growth, exhibiting CAGR of 8.5% over the forecast period, due to increasing health and wellness trends among consumers. The market size for 2023 is US$ 9.0 Bn.
Regional analysis: North America dominates the global market currently. However, Asia Pacific is expected to grow at the fastest pace during the forecast period due to rising geriatric population, increasing income levels and growing consumer awareness in the region.
Key players operating in the brain health supplements market are Alternascript, Accelerated Intelligence, Liquid Health, Health Via Modern Nutrition Inc., Natural Factors USA, Onnit Labs, Inc., Purelife bioscience Co., Ltd., Quincy Bioscience – The Makers of Prevagen, Cerebral success, Amway Corp., Puori, Ocean Health Pte Ltd., Schiff. Key players are focusing on new product launches and expanding their distribution channels to strengthen market position.
