According to a new report published by Allied Market Research, titled, Brain Health Supplements Market, by Product, Application, Supplement Form, Age Group, and Sales Channel: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global brain health supplements market was valued at $3,194 million in 2016, and is expected to reach $5,813 million by 2023, growing at a CAGR of 8.8% from 2017 to 2023.
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Brain health supplements are balanced blend of herbal extracts and nutrients that are used to improve brain functions such as concentration, focus, and memory.
Rise in awareness about brain health supplements, growth in number of promotional activities conducted by the key players, and increase in adoption of brain health supplements by students are some key factors that fuel the growth of the brain health supplements market. Rapid growth in e-commerce industries that results in easy product availability in the developing countries and rise in preference for natural supplements over pharmaceuticals are expected to boost the market growth during the forecast period.
At present, natural compounds dominate the brain health supplements market, due to their effectiveness and minimal adverse effects. However, herbal extracts are expected to exhibit high market growth during the forecast period, owing to rise in awareness about herbal extracts in the developed regions. Memory enhancement and attention & focus segments held more than 50% of the market share in 2016.
Key Findings of The Brain Health Supplements Market:
- The herbal extract segment is expected to grow with a CAGR of 9.8% from 2017 to 2023.
- In 2016, the supermarkets & hypermarkets segment held one-third share of the global market, and is expected to maintain its dominance throughout the forecast period.
- The attention & focus segment is expected to grow at the highest rate in the near future.
- Asia-Pacific is expected to register the highest CAGR of 10.1% during the forecast period.
North America accounted for two-fifths share of the global market in 2016, and is expected to remain dominant throughout the forecast period. This is attributed to high number of self-directed consumers, easy availability of products, increased awareness among the general population, and presence of highly sophisticated healthcare infrastructure in the region. On the other hand, Asia-Pacific is expected to show the highest growth during the forecast period, due to rapid growth of e-commerce and rise in awareness for brain health supplements among the general population.