A new report on “Brain Health Supplements Market, by Product, Application, Supplement Form, Age Group, and Sales Channel: Global Opportunity Analysis and Industry Forecast, 2017-2023,” published by Allied Market Research states that the global brain health supplements market is likely to reach $5,813 million by 2023 from $3,194 million in 2016, registering a CAGR of 8.8% during the forecast period, 2017 – 2023.Brain health supplements refer to herbal extracts which are used to enhance memory, creativity, attention, motivation, and focus of an individual.
The key players profiled in this report include Accelerated Intelligence Inc., AlternaScript, LLC, HVMN Inc., Liquid Health, Inc., Aurobindo Pharma Limited, Natural Factors Nutritional Products Ltd., Onnit Labs, LLC, KeyView Labs, Inc., Purelife Bioscience Co., Ltd., and Quincy Bioscience.
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The report presents an analysis of the drivers of the market, which include growing awareness about brain health supplements, an increase in the number of promotional activities conducted by the market players, and increased adoption of brain health supplements by students. Nonetheless, low demand from the underdeveloped countries in Asia and Africa is likely to restrain the growth of the industry. Conversely, huge market potential in the developing regions and rise in preference for natural supplements over pharmaceuticals are likely to present lucrative opportunities for market expansion during the study period.
Natural compounds grab the largest market share at present, owing to their effectiveness and minimal adverse effects. However, herbal extracts are likely to show the fastest growth during the forecast period, owing to rise in awareness about herbal extracts in the developed regions. In 2016, memory enhancement and attention & focus segments accounted for more than half of the overall market share.
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Among the regions, North America held two-fifths share of the global market in 2016 and is expected to maintain its lion’s share through the forecast period. This is due to the high number of self-directed consumers, easy accessibility of products, growing awareness among population, and presence of highly sophisticated healthcare infrastructure in the region. Conversely, Asia-Pacific is likely to witness the fastest growth during the forecast period, due to rapid growth of e-commerce and growing awareness of brain health supplements among consumers.
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.
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