Global Cognition Supplements Market Size, Share, Growth Analysis, By Product, By Type, By Application, By Age group, By Sales channel, By Form - Industry Forecast 2022-2028

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 combinations of herbal extracts and nutrients used to promote brain functions such as concentration, memory, attention, mood, creativity, and motivation. Concerns among the young population about Alzheimer's disease and Korsakoff syndrome, as well as the addition of vitamins and minerals as multi-ingredients, are predicted to drive market acceptability of these products. The rise in RD efforts in herbal ingredients is propelling the global cognition supplements market forward. Herbal medications are being researched for both their therapeutic benefits and prospective pharmaceutical applications. In addition, an increase in the number of important manufacturers producing brain health supplements helps to market growth.

The product's popularity among American consumers, notably millennials and the elderly, has gradually increased in recent years. This tendency is expected to continue during the predicted period. As Americans become more health-conscious, brain-health pills have fast gained popularity in the country.

People desire to improve their brain's efficiency, focus, and minimise stress. The increased frequency of Major Depressive Disorder (MDD) among adults in the United States is driving the need for these supplements. According to a 2019 National Institute of Mental Health survey, 6.0% of males and 9.6% of women have MDD. According to data issued by the US National Library of Medicine in April 2020, about 75% of U.S. people use nutritional supplements containing vitamins, minerals, and herbal substances to improve brain health, energy, and performance. These developments are likely to accelerate the country's market expansion.

Top-down and bottom-up approaches were used to estimate and validate the size of global Cognition Supplements Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to get the final quantitative and qualitative data.

Segments covered in this report:

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.

Drivers

Because of the young generation's mental health concerns regarding Alzheimer's disease and Parkinson's syndrome, cognition supplements have gained universal acceptability, fueling market expansion. Some of the benefits of taking cognition supplements include improvements in neurotransmission, energy metabolism, and disorder relief. Consumers are taking these supplements to maintain their brain health because of the rising occurrence of insomnia, anxiety, and depression. As a result, it helps to drive market expansion. Consumption of these supplements has increased as consumer knowledge of brain health wellbeing has grown. Aging is a major risk factor for cognitive decline and neurological problems. The growing senior population in wealthy economies has increased demand for cognition supplements. The older adult population climbed by 16% in 2020, according to the US Census Bureau, and is anticipated to increase by 20% by 2050. These elements contribute to market expansion.

Restraint

Strict regulatory requirements for the intake of cognition supplements are a key impediment to market expansion. Many of the chemical elements of the materials used to make these supplements are unknown or fluctuate in their composition. Pesticides and heavy metals such as mercury, lead, and arsenic have been discovered to be pollutants in the items, and if consumed, can be damaging to one's health. As a result, the market for cognition supplements is stifled.

Market Trends

Growing Preference for Dietary Supplements

Because most elderly people are unable to meet their Recommended Dietary Allowances (RDA) due to inadequate dietary intake, an increase in dietary supplements, including cognition supplements, has created numerous opportunities for dietary supplement manufacturers. Furthermore, the growing relevance of health as a lifestyle choice has tempted many companies to enter the vitamin, mineral, and botanical divisions of the industry being studied. As a result, the dietary supplement market is being driven by a significant emphasis on the preventative healthcare system, as well as strong endorsements and marketing efforts for lifestyle enhancement products.