Overview and Scope
Cognitive supplements, also referred to as nootropics or brain health supplements, are natural, semisynthetic, or synthetic compounds that are formulated to enhance cognitive function, memory, focus, and overall brain health. They typically comprise a mix of vitamins, minerals, herbs, amino acids, and other natural or synthetic ingredients aimed at boosting mental performance and well-being.
Sizing and Forecast
The cognitive supplements market size has grown rapidly in recent years. It will grow from $0.43 billion in 2023 to $0.48 billion in 2024 at a compound annual growth rate (CAGR) of 13.4%. The growth in the historic period can be attributed to increased awareness of cognitive health benefits, increased prevalence of age, adoption of nootropics and smart drugs, rise in consumer interest, and increased stress levels.
The cognitive supplements market size is expected to see rapid growth in the next few years. It will grow to $0.81 billion in 2028 at a compound annual growth rate (CAGR) of 13.6%. The growth in the forecast period can be attributed to rising prevalence of neurological disorders, expansion of e-commerce platforms, increasing consumer focus on mental wellness, increasing disposable income levels, expansion of retail networks and pharmacies. Major trends in the forecast period include emerging technologies, nootropic supplements, adoption of natural and herbal ingredients, adoption of subscription-based models, and adoption of sustainable sourcing practices.
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Segmentation & Regional Insights
The cognitive supplements market covered in this report is segmented –
1) By Product Type: Natural Molecules, Herbal Extract, Vitamins And Minerals
2) By Form: Chewable, Capsules
3) By Distribution Channel: Supermarket, Medical Stores, Online Retail Stores, Other Distribution Channels
North America was the largest region in the cognitive supplements market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cognitive supplements market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing aging population is expected to propel the growth of the cognitive supplement market going forward. The term ‘aging population’ refers to a demographic trend characterized by a significant increase in the proportion or absolute number of elderly individuals within a population. The increasing aging population can be attributed to factors such as declining birth rates, improved healthcare and medical advancements leading to longer life expectancy, and demographic shifts towards older age groups. Cognitive supplements can fulfill the needs of an aging population by improving cognitive performance, memory, and overall brain health. For instance, in January 2024, according to the Population Reference Bureau, a US-based nonprofit organization, the number of Americans aged 65 and older is anticipated to increase from 58 million in 2022 to 82 million in 2050. Therefore, the increasing aging population is driving the growth of the cognitive supplement market.
Key Industry Players
Major companies operating in the cognitive supplements market report are Amway Corporation; Lonza Group AG; Glanbia PLC; Herbalife Nutrition Ltd.; Swanson Health Products; NOW Health Group Inc.; Thorne Healthtech Inc.; Life Extension; Jarrow Formulas Inc.; MegaFood; Natural Factors Inc.; Integrative Therapeutics ; Gaia Herbs; Solgar Inc; Nordic Naturals ; Liquid Health Inc.; Doctor’s Best Inc; Onnit Labs Inc.; Nature’s Bounty Co.; Carlson Labs ; HVMN Inc.; Vital Nutrients Inc.; Douglas Laboratories; Source Naturals; Garden of Life
The cognitive supplements market report table of contents includes:
1. Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
…………
- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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