USD 7.68 billion
Report ID: SQMIG35H2030 | Region: Global | Published Date: December, 2022 | Pages: 157 | Tables: 175 | Figures: 69
Cognition Supplements Market was valued at USD 7.68 billion in 2021 and it is expected to reach at USD 12.89 billion by 2028, at a CAGR of 7.68% over the forecast period (2022-2028).
Cognitive supplements are well-balanced blends of herbal extracts and nutrients that are taken to improve brain functions such as concentration, memory power, attention, mood, creativity, and motivation. Concerns about Alzheimer's disease and Korsakoff syndrome among the young population, as well as the addition of vitamins and minerals as multi-ingredients, are expected to drive market acceptance of these products. The increase in RD activities in herbal constituents is driving the growth of the global cognition supplements market. Herbal drugs are being studied for their medicinal properties as well as potential pharmaceutical applications. Furthermore, an increase in the number of key players manufacturing brain health supplements product contributes to market growth.
In recent years, there has been a gradual increase in the product's adoption among American consumers, particularly millennials and the aging population. This trend is likely to continue over the course of the forecast period as well. As Americans are becoming more health conscious, supplements that target brain health have quickly become popular in the country.
People want to increase their brain's efficiency, sharpen their focus, and reduce stress. The demand for these supplements is being driven by the rising prevalence of Major Depressive Disorder (MDD) among adults in the United States. According to a report released in 2019 by the National Institute of Mental Health, 6.0% of men and 9.6% of women had MDD. Nearly 75% of U.S. adults consume dietary supplements that contain vitamins, minerals, and herbal ingredients to enhance brain health, energy, and performance, according to data released by the U.S. National Library of Medicine in April 2020. These trends are probably going to accelerate the market expansion in the nation.
US Cognition Supplements Market is poised to grow at a sustainable CAGR for the next forcast year.
Global Market Size
USD 7.68 billion
Vitamins & Minerals
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Global cognition supplements market is segmented based on product, type, application, and region. Based on product, the Cognition Supplements Marketis segmented into natural molecules, herbal extracts, vitamins & minerals, medicinal drugs. Based on form, the Cognition Supplements Market is segmented into chewable, capsules. Based on application, the Cognition Supplements Market is segmented into memory enhancements, mood depression alleviation, attention and focus improvement, sleep & recovery. On the basis of age group, the Cognition Supplements Market is segmented into children, adults, elderly. By sales channel, the Cognition Supplements Market is segmented into supermarkets & hypermarkets, drug stores, online stores, others. Based on region, the Cognition Supplements Market is segmented into North America, Asia Pacific, Europe, Latin America and Middle East Africa.
Cognition Supplements Market Analysis by Application:
The natural molecule segment held the largest share in global cognition supplements market in 2021 and is expected to maintain its dominance throughout the forecast period. The increasing use of natural brain supplements as opposed to synthetic supplements made artificially is expected to drive growth in this segment. Furthermore, businesses are emphasising the inclusion of natural content in their products. Reckitt Benckiser Group plc, for example, launched Neuriva in April 2019, which improves cognitive health and is made with two natural and GMO-free ingredients, plant-sourced Sharp Phosphatidylserine (PS) and Neuroeffector. Over the forecast period, the vitamins and minerals segment is expected to grow at a CAGR of 6.9%. The growing awareness of the benefits of vitamins and minerals is expected to drive demand for this segment. Vitamins and minerals are known to play an important role in the prevention of age-related cognitive decline as well as developmental disorders such as Alzheimer's disease and dementia. Furthermore, research shows that thiamine (B1), folic acid (B9), ascorbic acid (vitamin C), calcium, magnesium, and zinc improve various aspects of cognitive functioning such as focus, learning, concentration, and memory-boosting, which is driving the segment growth.
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Based on region, the global cognition supplements market is segmented into North America, Asia Pacific, Europe, Latin America and Middle East Africa. In 2021, North America contributed the most to the market. Consumers' growing concerns about mental health are driving demand for the product in North America. According to data published in April 2020 by the United States National Library of Medicine, nearly 75 percent of the adult population in the United States consumes dietary supplements containing vitamins, minerals, and herbal ingredients to improve brain health, energy, and performance. These trends are likely to boost the country's market growth. Loneliness and uncertainty about the future are major stressors for adolescents and young adults in America, according to data published by the American Psychological Association, which is expected to drive an increasing number of adults to consume brain health supplements for proper brain functioning. The Asia Pacific region is the fastest growing market. The rapid growth of the education sector, combined with increased awareness about brain health in China and Japan's developing economies, is expected to fuel regional demand for the product in the near future. Global corporations are collaborating with Chinese and Indian firms to manufacture natural drugs. Over the forecast period, this trend is expected to create growth opportunities for naturally derived products. The rising prevalence of Alzheimer's disease in emerging economies such as China and India has expanded the market for memory supplementation in the region. According to some studies, the prevalence of dementia in the region will rise from 23 million in 2015 to nearly 71 million by 2025.
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Cognition Supplements Market Drivers
Cognition Supplements Market Restraint
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The cognitive supplements market is characterised by the presence of a few well-established players as well as several small and medium-sized players. These manufacturers are pursuing a variety of strategies, including new product launches, product portfolio expansion, and mergers and acquisitions. Several large firms are forming multiple strategic alliances in order to increase their market share and get a competitive edge.
Cognition Supplements Market Top Players in the Global Cognition Supplements Market
Cognition Supplements Market Recent Developments
In March 2022, Cosmos Holdings, an international pharmaceutical firm, announced the launch of its luxury nutritional supplement product line - ‘Brainlit’ for brain health.
In June 2021, Motiva Supplements introduced 'Neuro Booster,' which increases absorption of six key functional foods and is the first clinically proven product to help Alzheimer's patients and improve brain health
Growing Inclination Towards Dietary Supplements
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global cognition supplements market analysis, The North America market is anticipated to show prominent growth in the coming years on the back of enhanced disposable income, increased number of elderly generations, and exponential growth in health consciousness among regional populations. Major players in the cognition supplements market are increasing their efforts to improve product quality. As a result, they are seen diverting a significant portion of their investments toward R&D activities. Furthermore, several companies are shifting their focus to regional expansion.
|Market size value in 2021||USD 7.68 billion|
|Market size value in 2028||USD 12.89 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global Cognition Supplements Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Cognition Supplements Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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