The brain health supplements market is expected to grow from US$ 6,634.31 million in 2021 to US$ 14,249.53 million by 2028; it is estimated to grow at a CAGR of 11.7% from 2022 to 2028. The market growth is attributed to the growing prevalence of major depressive disorders and increasing demand for brain supplements among the elderly population. However, the lack of regulations and false claims by manufacturers hinder the brain health supplements market growth.
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Brain Health Supplements Market: Competitive Landscape and Key Developments
Danone SA, Health Via Modern Nutrition Inc., LIQUID HEALTH, INC., Natural Factors, Unilever PLC, Peak Nootropics, Purelife Bioscience Co., Ltd., Quincy Bioscience, Procera Health, and Harbin Pharmaceutical Group Co., Ltd. are key companies operating in the global brain health supplements market. Leading players focus on expanding and diversifying their market presence and clientele, thereby tapping prevailing business opportunities.
North America is the largest share of the brain health supplements market. The market growth in this region is attributed to the surging cases of mental illness, rising awareness about mental health issues, the growing geriatric population, and the increasing number of product launches by key players. The US is the major contributor to the brain health supplements market in North America. The aging population is a growing concern in the US, and these people are more likely to develop mental illnesses such as Alzheimer’s, dementia, and depression. According to the US Department of Health and Human Services, in 2019, ~54.1 million people were aged 65 and more, including 30 million women and 24.1 million men. Per the US Census Bureau, the geriatric population is expected to reach 80 million by 2040. A survey conducted in June 2021 by the American Association of Retired Persons (AARP) states that 78% of US adults with age 50 and above took a dietary supplement (or vitamins), and 21% of adults aged 50 and above took a dietary supplement (or vitamin) for their brain health. The survey findings also state that ~71% of brain supplements were taken to improve memory, 60% to improve mental sharpness, and 12% to delay dementia.
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Depression is one of the leading mood disorders among the US adult population. According to National Center for Health Statistics, 18.5% of US adults are suffering from depression, and ~20 million adults experienced depression symptoms in 2019. According to the US Government Publishing Office, Washington 2021, the US military spends ~100 million every year on procuring drugs enhancing brain capacity. These drugs are used under specific conditions to better the scores on cognitive tests and improve sleep for up to 90 hours; due to continuous training activities or deployments, military personnel often find it challenging to have restorative sleep in these stressful environments. Key players in the brain health supplement market are taking initiatives to meet the growing demand for brain health supplements. For example, Health Via Modern Nutrition Inc., alongside the US military and top universities, developed Ketone-IQ, a nutritional brain supplement. This energy drink provides improved cognition and health.
Cases of chronic depression are increasing in Europe. According to Eurostat, in 2019, 7.2% of European Union (EU) citizens had chronic depression. In European Union (EU), 12.2% of people in Portugal reported having chronic depression in 2019, followed by Sweden (11.7%), and Germany and Croatia (11.6% each). Per the data published by KPMG International, the prevalence of depression is higher in Asia Pacific compared to the rest of the world, especially in the younger population. According to the National Center for Biotechnology Information (NCBI), there is growing evidence about the role of nutrients in mental health. The adequate consumption of nutrients contributes to better overall health and mental health. Hence, the optimum supply of nutrients as adjunctive therapy to antidepressants is essential for adequate brain functioning. Thus, the growing prevalence of major depressive disorders is driving the growth of the brain health supplements market.
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