The brain health supplements market contributed $7,910.1 million in 2021, and it is projected to advance at a rate of 7.8% and capture $15,525 million in 2030. The rising demand for health supplements is projected to enhance attention, memory, and the ability for stress management, more specifically among the elderly population boosts the industry.
The worldwide rising trend of veganism massively impacts the landscape of food and vitamin supplement. Consumers turning vegan are opting for plant-based omega-3 supplements to maintain a healthy lifestyle. In the past few years, veganism has fetched people’s interest tremendously. The fish oil is highly being replaced by omega-3 sourced from algae for its nutritional value and taste.
The memory enhancement category holds the largest share of the brain health supplements industry, accounting for 30%. It is ascribed to the growing awareness of mental health. According to Alzheimer’s Disease International report, around 55 million people were suffering from dementia in 2020. In addition, it is predicted that 78 million people would be living with dementia in 2030, and 139 million are predicted to experience dementia conditions in 2050.
According to WHO, Alzheimer’s disease would result in 70% of cases of dementia globally. The growing awareness of such diseases is projected to boost the demand for supplements for maintaining a strong memory.
The depression & mood category is projected to experience the fastest growth. Depression can happen to anyone, irrespective of age. The elderly population is more likely to suffer from depression. The rising prevalence of depression and growing understanding of measures for its prevention and alleviation drives the industry.
Moreover, stress & anxiety is the next-fastest growing category in the industry. Around one in every three persons aging from 13 to 18 experience anxiety at some point in time, according to a government agency. According to WHO, COVID-19 has caused an increase of the 25% in anxiety and depression prevalence globally. The rising levels of stress and anxiety are projected to result in its growth in the near future.
The busy and hectic schedule of people has made them switch from physical purchasing to online shopping. The product reviews and information relevant to products available on online platforms help in making purchase decisions. Moreover, during a pandemic, the supplement companies opened new sales channels to expand their consumer base, when people remained at home due to lockdown.
The herbal brain supplements utilize plant-based and natural ingredients such as curcumin, ginkgo Biloba, and green tea extracts to sharpen memory and increase the blood flow to the brain, thus improving cognitive functioning and reducing mental tiredness.
The growing requirement for brain supplements with herbal extracts will increase the preference for herbal products in emerging economies, such as India and China. In the U.S. and Europe, herbal medicines utilized in traditional Chinese medicine are often marketed as supplements. Therefore, the herbal extract category is projected to witness the highest growth in the coming future.
Therefore, the vitamins and minerals category are projected to experience the highest growth in the coming future, as they are necessary for the proper functioning of the brain. For instance, B1 facilitates brain nerve communication, and B2 causes relief from headaches and increases energy production, while B9 enhances brain health and mood.
Thus, the rising elderly population more prone to memory disorders and depression boosts the demand for brain health supplements.