Brain Health Supplements Market Size To See Record Break Revenue $5.81 billion By 2023
Pune, Maharashtra, India, February 16 2021 (Wiredrelease) Allied Analytics –:Brain health supplements are balanced blend of herbal extracts and nutrients that are used to improve brain functions such as concentration, focus, and memory.
The global brain health supplements market was valued at $3.19 billion in 2016, and is expected to reach $5.81 billion by 2023, growing at a CAGR of 8.8% from 2017 to 2023.
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1) Due to the global pandemic all over the world, the medical devices manufacturers are majorly focusing on essential medical devices production including ventilators and diagnostics.
2) However, due to the precautionary measures taken by governments in various regions, the supply chain has been hampered. Which may result in shortage of devices in certain locations.
3) Food and Drugs Administration (FDA), on the other hand, shared a COVID-19 guidance with medical device manufacturers to notify the agency about changes that could affect availability of their products.
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.
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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.
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.
The Major Key Players Are:
• 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.
• Quincy Bioscience.
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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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