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| brain health supplements market |
The global brain health supplements market is estimated to be valued at US$9.0 Bn in 2023 and is expected to
exhibit a CAGR of 8.5% over the
forecast period 2023-2030, according to a new report published by Coherent
Market Insights.
Market Overview:
Brain health supplements are products designed to enhance cognitive function
and support brain health. These supplements typically contain a combination of
vitamins, minerals, herbal extracts, and other ingredients that are believed to
improve memory, focus, and overall brain function. The increasing prevalence of
cognitive disorders such as Alzheimer's disease and dementia, coupled with a
growing aging population worldwide, has fueled the demand for brain health
supplements. Moreover, the rising awareness about the importance of maintaining
brain health is also driving market growth.
Market Key Trends:
One key trend in the Brain
Health Supplements Market Scope is the growing demand for natural and
organic products. Consumers are increasingly seeking supplements that are
derived from natural sources and free from artificial ingredients and fillers.
This trend is driven by a growing preference for holistic and sustainable
products, as well as concerns about the potential side effects of synthetic
substances. Manufacturers are responding to this trend by introducing a wide
range of natural brain health supplements that contain organic ingredients,
botanical extracts, and plant-based nutrients. This trend is expected to
continue driving market growth in the coming years.
Porter’s Analysis:
Threat of New Entrants: The brain health supplements market faces a moderate
threat of new entrants. While the market is highly competitive with several
established players, the barriers to entry are relatively low. New companies
can easily introduce their products into the market due to low regulatory
restrictions. However, the established players have strong brand recognition
and customer loyalty, making it difficult for new entrants to gain significant
market share quickly.
Bargaining Power of Buyers: The bargaining power of buyers in the brain health
supplements market is relatively high. With a wide range of products available
and increasing consumer awareness regarding brain health, buyers have the
ability to compare and choose from various options. This gives them the power
to negotiate for better prices or switch to alternative brands or products.
Bargaining Power of Suppliers: The bargaining power of suppliers in the brain
health supplements market is moderate. While there are many suppliers
available, the quality of ingredients used in brain health supplements is
crucial. Suppliers that provide high-quality ingredients and have established
relationships with manufacturers hold some bargaining power. However,
manufacturers can switch to alternative suppliers if needed, reducing the
overall bargaining power of suppliers.
Threat of New Substitutes: The threat of new substitutes in the brain health
supplements market is low. The demand for brain health supplements is driven by
the growing aging population, increasing prevalence of cognitive disorders, and
a rise in consumer interest in maintaining brain health. There are limited
alternatives available that can provide the same benefits as brain health
supplements, making the threat of substitutes minimal.
Competitive Rivalry: The brain health supplements market is highly competitive.
The market is dominated by several key players, including Alternascript,
Accelerated Intelligence, Liquid Health, and Natural Factors USA, among others.
These players compete based on product innovation, quality, pricing, and brand
recognition. The intense competition among these players leads to constant
product advancements and marketing strategies to gain a larger market share.
Key Takeaways:
The global brain health supplements market is expected to witness high growth,
exhibiting a CAGR of 8.5% over the
forecast period from 2023 to 2030. This growth is primarily driven by
increasing awareness about brain health and cognitive disorders, the growing
aging population, and advancements in healthcare infrastructure. Additionally,
the rising prevalence of neurodegenerative diseases, such as Alzheimer's and
Parkinson's, is further fueling the demand for brain health supplements.
In terms of regional analysis, North America is expected to be the
fastest-growing and dominating region in the brain health supplements market.
The region has a high prevalence of cognitive disorders, increasing healthcare
expenditure, and a strong presence of key players. Moreover, the Asia Pacific
region is projected to witness significant growth due to improving healthcare
infrastructure, rising disposable income, and increasing consumer awareness
about brain health.
Key players operating in the brain health supplements market include
Alternascript, Accelerated Intelligence, Liquid Health, Health Via Modern
Nutrition Inc., Natural Factors USA, Onnit Labs, Inc., Purelife bioscience Co.,
Ltd., Quincy Bioscience – The Makers of Prevagen, Cerebral success, Amway
Corp., Puori, Ocean Health Pte Ltd., and Schiff. These key players focus on
product innovation, strategic partnerships, and mergers and acquisitions to
strengthen their market position and expand their customer base.
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