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Market Overview:
Brain health supplements are dietary supplements that are specifically manufactured to support and maintain optimal brain function, neuronal communication, concentration, focus, and memory. These supplements are available in various forms such as capsules, soft-gels, powders, and chewable tablets. They contain a variety of ingredients including vitamins, minerals, plant extracts, and amino acids. These supplements provide cognitive and neurological benefits and help in improving mood, reducing stress and anxiety, enhancing memory and focus. The increasing prevalence of age-related cognitive disorders and neurological conditions is driving the demand for brain health supplements globally.
The global Brain Health Supplements Market is estimated to be valued at US$ 9.0 Bn or Mn 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 major trends in the brain health supplements market is an increasing preference for natural and herbal supplements among consumers. This is attributed to rising awareness regarding potential side effects of synthetic supplements. Key players are focusing on incorporating natural plant and herbal extracts such as ginseng, ginkgo biloba, turmeric, and green tea in their products. Another important trend is the development of personalized supplements targeted towards addressing specific cognitive requirements of consumers. Manufacturers are offering customized solutions tailored as per individual needs, lifestyle, and brain function goals. Furthermore, innovative delivery formats including gummies and chews are also gaining traction to improve palatability and experience for consumers.
Porter’s Analysis
Threat of new entrants: The brain health supplements industry requires high capital investment into R&D for new products. Regulations from food and drug authorities also create barriers for new companies.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute products and possibilities of value/bulk buying. Customers can easily switch brands if finds a better quality-price ratio.
Bargaining power of suppliers: Key raw material suppliers like manufacturers of vitamins, minerals, and herbal extracts have low to moderate bargaining power. This is due to availability of substitute suppliers and formulated products requiring sourcing of multiple ingredients.
Threat of new substitutes: Threat from substitutes like natural food sources of brain-boosting nutrients is low as supplements provide convenience of consumption with standardized dose. Demand for organic and natural substitutes poses some threat.
Competitive rivalry: The global brain health supplements market is highly fragmented with both international and domestic players. Industry participants compete on the basis of product quality, ingredient safety, price, brand promotion, and customer satisfaction.
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 consumer awareness about cognitive health and its relation to dietary supplements.
Regional analysis: North America is expected to dominate the global market during the forecast period owing to increasing adoption of supplements to boost brain health in the region. Asia Pacific is anticipated to exhibit fastest growth attributable to rapidly growing middle class population and their rising expenditure on health and wellness products in countries like China and India.
Key players: 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. These companies compete on the basis of product quality, brand image, and effective marketing.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
