The cognitive health supplement market is on the verge of showing a robust 7.8 CAGR in the United States, with a projected valuation of US$ 4.5 billion by the end of the forecast period. The competitive demands of academics and modern careers have escalated the use of cognitive enhancers in the United States.
NEWARK, Del, Oct. 31, 2023 (GLOBE NEWSWIRE) — The global cognitive health supplement market is estimated to reach a valuation of US$ 9.0 billion in 2023. By 2033, global cognitive health supplement demand is expected to surge at a 13.3% CAGR. By 2033, the total market is projected to reach a valuation of US$ 16.8 billion.
The cognitive health supplement market stands at the intersection of cutting-edge research and the growing awareness of mental wellness. Scientific advancements have paved the way for innovative formulations, incorporating natural compounds to bolster brain health.
The market evolution has led to the discovery of diverse cognitive health supplements tailored to address a wide array of consumer needs. Moreover, the emphasis on holistic well-being has fuelled the market’s growth, driving consumers to explore supplements that promote mental sharpness and cognitive agility. Manufacturers are leveraging unique sourcing methods and sustainable practices.
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They craft supplements that enhance cognitive functions and align with eco-friendly and ethical principles, resonating with the conscientious consumer. Also, the cognitive health supplement market has expanded beyond traditional capsules and tablets.
Innovative products such as nootropic drinks, gummies, and powders have gained traction, offering consumers convenient and enjoyable ways to boost cognitive functions. Consumer awareness regarding the importance of cognitive health has spurred the demand for supplements catering to specific cognitive aspects.
Supplements targeting stress management, sleep quality, and mood enhancement have gained popularity, reflecting a holistic approach toward mental well-being. In this dynamic landscape, the cognitive health supplement market continues to expand, offering a plethora of options designed to enhance mental acuity, boost memory, and support brain health, catering to a diverse and discerning global clientele.
Key Takeaways from the Cognitive Health Supplement Report-
- The cognitive health supplement market is expected to be valued at US$ 9.0 billion by 2023.
- Global demand for cognitive health supplements will likely soar at 13.3% CAGR over the forecast period.
- Based on form, capsules are expected to hold a market share of 31.0% and reach a valuation of US$ 5.21 billion by the end of 2033.
- Based on sales channels, pharmacies and drugstores are expected to hold a market share of 27.6% and reach a valuation of US$ 4.6 billion by 2033.
- Germany’s increasing emphasis on well-being is expected to help the market attain a CAGR of 5.3% and reach a valuation of US$ 2.5 billion in 2033.
- China is expected to witness a CAGR of around 6.8% to reach a market size of US$ 3.4 billion in 2033.
“The cognitive health supplement market shows robust growth, driven by rising mental health awareness. Innovative formulations, personalized products, and expanding consumer segments signify sustained market expansion.” – says Nandini Roy Choudhury, Client Partner at Future Market Insights.
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Competitive Landscape
Purelife Bioscience Co., Ltd., Quincy Bioscience, LLC., Accelerated Intelligence Inc., Onnit Labs, LLC., AlternaScript LLC, KeyView Labs, Inc., Liquid Health, Inc., Aurobindo Pharma Limited (Natroll, LLC), Natural Factors Nutritional Products Ltd., and HVMN Inc. are key cognitive health supplement manufacturers listed in the report.
Key companies are expanding their product portfolios, employing strategies such as advertising, partnerships, acquisitions, agreements, and mergers to maintain market relevance and drive growth in the cognitive health supplement market.
For instance,
- In April 2020, New Chapter, Inc. introduced a range of organic multi-herbal supplements designed to enhance consumers’ essential multivitamin intake. The line-up comprises four variants – energy boost, stress relief, sleep well, and holistic supplements. These products incorporate natural herbs such as ashwagandha, black cumin, and ginger to enhance cognitive health.
- In April 2020, The Life Extension Foundation unveiled a lithium formula supporting healthy cognitive function, brain health, and potential longevity. The formula is available in the form of 1000mcg vegetarian capsules, providing consumers with a convenient option for maintaining cognitive well-being.
Get More Valuable Insights into the Cognitive Health Supplement Market
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global cognitive health supplement market, presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study incorporates compelling insights on the cognitive health supplement market based on product type (omega-3 fatty acids, ginkgo biloba, vitamins and minerals, herbal supplements, and probiotics & prebiotics), form (chewable, capsule, tablet, powder, and liquid), functionality (memory support, focus and concentration improvement, boosting cognitive performance, stress and anxiety management, and mood enhancement), and sales channel (pharmacies and drugstores, specialty health and wellness stores, hypermarkets/supermarkets and online retailers) across several regions.
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Cognitive Health Supplement Market Outlook by Category
By Product Type:
- Omega-3 Fatty Acids
- Ginkgo Biloba
- Vitamins and Minerals
- Herbal Supplement
- Probiotics and Prebiotics
By Form:
- Chewable
- Capsule
- Tablet
- Powder
- Liquid
By Sales Channel:
- Pharmacies and Drugstores
- Specialty Health and Wellness Stores
- Hypermarkets/Supermarkets
- Online Retailers
By Functionality:
- Memory Support
- Focus and Concentration Improvement
- Boosting Cognitive Performance
- Stress and Anxiety Management
- Mood Enhancement
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
About the Food and Beverage Division at Future Market Insights (FMI)
The food and beverage team at Future Market Insights (FMI) offers comprehensive business intelligence services, with a vast array of reports and data points analyzed across 50+ countries over a decade. The team provides consulting services and end-to-end research, offering expert analysis, actionable insights, and strategic recommendations to clients worldwide. Contact them to explore how they can assist with your unique business intelligence needs.
Author:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives. She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India. Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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