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The cognition supplements are a type of nutritional supplements which aid in improving the mental health of the consumer. The supplements that affect cognition function directly or indirectly, when consumed have a measurable impact on brain functioning. The cognition supplements manufacturers are launching innovative products incorporated with new ingredients for drawing the consumers' attention. For instance, In December 2019, Jacobson Pharma Corp. Ltd., launched smartfish cognition supplements Reflect and cream for adults and children in China and Taiwan to boost cognitive health. These factors have aided the market growth of cognition supplements.
The mental health concerns pertaining to Alzheimer’s disease and Parkinson’s syndrome among the young cohort have led to wide acceptance of cognition supplements and also driven its market. The effects such as altering the neurotransmission, energy metabolism, and ameliorating disorders are some of the benefits associated with consuming cognition supplements. The rising incidences of insomnia, anxiety, and depression among the consumers has led them to consume cognition supplements for supporting their brain health. Thus, helps fuel the market growth.
The growing awareness among consumers regarding brain health wellness has led to an increase in the consumption of cognition supplements. The advancing age is a major risk factor for cognitive impairment and neurological disorders. The increase in the geriatric population in the developed economies has also positively impacted the sales performance of cognition supplements. According to the US Census Bureau, the older adult population has risen by 16% in the year 2020 and is expected to rise to 20% by the year 2050. These factors fuel the market growth of cognition supplements.
Key Market Driver -
Growing Mental Health Wellness Concern Among Geriatric Population
Key Market Restraint -
Stringencies in Regulatory Compliances for Cognition Supplements
The stringent regulatory compliances on the consumption of cognition supplements is a major factor that hampers its market growth. The chemical constituents of many products utilized for formulating these supplements is unknown or vary. The products are sometimes found to be contaminated with pesticides and heavy metals such as mercury, lead, and arsenic which have harmful effects on health if consumed. Thus, it impedes the market growth of cognition supplements.
The key companies operating in the global cognition supplements market are, Accelerated Intelligence Inc., HVMN Inc., Onnit Labs, Inc., Natural Factors Nutritional Products Ltd., Cerebral Success, Norax Supplements, Purelife bioscience co. ltd., Quincy Bioscience, RB Health (US) LLC, and Natrol LLC.
The cognition supplements market is segmented by product, type, application, and geography. The natural molecules and herbal extracts accounted for a major share in the market. The natural molecules and herbal extracts are widely consumed due to the perceived health benefits associated with them. The natural and herbal extracts are considered to be a healthier alternative to chemically formulated supplements.
The capsules type segment is leading owing to its easy administration, whereas the chewable is mainly reserved for children or those who have difficulty in swallowing capsules. The memory enhancement segment is holding a major share as it helps in improving brain functioning efficiency. The mood and depression alleviation segment along with the sleep and recovery segment is witnessing traction due to the rising incidences of people suffering from insomnia, anxiety, and depression.
North America is the fastest-growing market for cognition supplements. The growing popularity of cognition supplements among the health-conscious population, especially the younger cohort is driving its market. The rising geriatric population in the region creates an ample opportunity for the cognition supplements manufacturers as many old people do not get enough nutrients from their daily diet. The growing importance of health as a lifestyle choice is also influencing consumers to opt for these cognition supplements, which in turn fuels its regional market.
Europe is expected to witness significant growth in the upcoming years. The convenience and health benefits associated with cognition supplements are the leading factors influencing its popularity among the consumers. The emerging trend towards healthy lifestyle and disease prevention, coupled with the increasing number of product launches incorporated with natural and herbal extracts have contributed to the regional market growth.
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Asia Pacific region is anticipated to foresee substantial growth in the forthcoming years. The cognition supplements are growing popular in the region as many manufacturers are launching new products in the market. Countries such as India, China, Japan, and Australia are the potential market for cognition supplements. The consumers are growing awareness about the benefits of cognition supplements due to their wide exposure to various online platforms. These factors have, thus boosted its regional market.
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