According to The Brainy Insights, the brain health supplements market is projected to reach 16.1 billion by 2030, expanding at a CAGR of 8.5%. The market is driven by rising awareness about depression, anxiety, and other mental issues among millennials and Gen Z. Further, increasing consumption of supplements to promote cognitive brain function such as focus, attention, and memory enhancement is likely to drive the market growth during the forecast period from 2022-2030.
The players operating in this market are continuously focusing on improving their product’s profile to ensure consumer demand for memory enhancement, anti-aging, focus & attention and anxiety relief are fulfilled. Further, technological advancement along with new drug discovery is expected to be the key strategy adopted by multiple players to enter this competitive market. Moreover, companies are focusing on developing vegan-based supplements for mental health due to increasing number of vegan consumer worldwide.
Countries such as the US and the UK have a higher demand for brain health supplements as large number of students in these countries have been taking these supplements to deal with stress and improve focus & attention. Further, increased number of anxiety cases working population is also driving the market growth. According to Labor Force Survey, 822,000 workers suffered from work related stress, depression or anxiety in the year 2020-2021.
The depression and mood segment is anticipated to register the fastest CAGR over the forecast period owing to rising demand for antidepressants, energy boosters, and mood cheer drugs among the consumers. Herbal extracts such as panax ginseng, and green tea are known to reduce stress and increase blood circulation, therefore consumers focus is shifting towards these extract.
Key players in the market are focusing on product launches, partnerships, and collaborations with other companies to develop new products. For instance, in August 2017, HVMN Inc. partnered with researchers of Oxford University for product development of Ketone Ester, a brain health supplement. Similarly, in May 2021, Unilever acquired Onnit Labs, Inc., Texas-based wellness and lifestyle company to enter into the brain health supplements market.