Global $11.6 Billion Brain Health Supplements Market to 2024
2018-6-4 10:36:20
1480
The market was valued at USD 2.3 Bn in 2015, and is expected to reach USD 11.6 Bn by 2024, expanding at a CAGR of 19.6% from 2016 to 2024.
Brain
health supplements are used to enhance memory, attention, mood,
creativity, motivation in healthy individuals. Increasing awareness
among college students, scientists, entrepreneurs and investment bankers
are opting for memory enhancers to sharpen their minds to gain an edge
on the competition. It is anticipated that, brain health supplements
industries would show significant market growth during forecast period.
The
key factors assisting the market growth of brain health supplements are
strong desire to enhance brain function among adult population,
increasing number of self-directed consumers and high penetration of
promotional activities carried out by key players. There are several
ingredients are used throughout the world to enhance brain function such
as Acetyl-L-Carnitine, Ginkgo, Ginseng, Alpha GPC, BacopaMonnieri, DHA
and Tryptopha. Alpha GPC containing brain health supplements occupies
largest market share while BacopaMonnieri containing brain health
supplements will be the fastest growing market among the all ingredients
during the forecast period.
The key applications of brain health
supplements inlcude memory enhancement, mood and depression, attention
and focus, longevity and anti-aging, sleep recovery and dream
enhancement, and anxiety. In base year 2015, memory enhancement segment
was observed to be the largest segment and is anticipated to maintain
its lead during the forecast period of 2016 - 2024.
The key
factors assisting the growth of memory enhancement segment include
growing awareness regarding the benefits majorly in the college
students, scientists, entrepreneurs in developed nations opting for
memory enhancers to sharpen their minds to gain an edge on the
competition. In terms of sales channel, online stores held the largest
market in the global brain health supplements market due to availability
of wide variety of products as compared to supermarkets/hypermarkets
and drug stores. The variety in price points, private labels, product
launches, broad product ranges, and discounts offered have increased the
popularity online stores. Moreover, the frequency of online searches
has grown significantly in the past years, creating greater business
opportunities for the market.
