LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global brain health supplements market to grow at a CAGR of more than 8% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global brain health supplements market for 2017-2021. The market is segmented based on distribution channel (online stores and retail outlets), and geography (APAC, EMEA, and the Americas).
The global brain health supplements market is expected to grow gradually during the forecast period. The growth is majorly attributed to the increase in demand due to rising cases of memory loss among men and women and the growing aging population. Further, the rapid aging population in western counties is likely to increase the cases of chronic diseases, such as cancer and osteoporosis. The need to perform day-to-day tasks that become difficult with age will further drive the need for various brain health supplements in the market.
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Technavio research analysts highlight the following three factors that are contributing to the growth of the global brain health supplements market:
- Growing urban population
- Increase in sales outlets
- Increase in older adult population
Growing urban population
The global urban population is increasing rapidly. There has been a rise in the urban population both in developed and developing nations. The rise in the urban population has led to a change in lifestyles among people. The rising instances of urbanization have improved the living standards of people with increasing disposable incomes. However, with rising age, the instances of dementia and chronic diseases such as Alzheimer’s also increase.
Amber Chourasia, a lead health and wellness research analyst at Technavio, says, “The increase in awareness among people about the availability and benefits of brain health supplements such as reduction in memory lapses, better cognitive health, reduced depression and stress along with a rise in disposable income will lead to a growth in the sales of brain health supplements, which can boost the market opportunities for brain health supplements in the coming years.”
Increase in sales outlets
The growing customer base for these products has necessitated the increase in the availability of brain health supplements in a variety of retail stores, such as supermarkets, hypermarkets, and pop-up stores, making it suitable for consumers to purchase them. The increased availability of these products online has also affected the global sales positively.
“There is a notable growth in the number of retail outlets in developing and emerging countries such as China and India to meet the demand for healthcare products, including brain health supplements owing to the presence of a massive population with health disorders in the region,” adds Amber.
Increase in older adult population
People are experiencing adverse effects on their health leading to major medical problems due to improper diet and absence of physical activity in the modern world. These problems are more prevalent in the older people than in the younger.
Older people are generally prone to age-related diseases such as dementia and Alzheimer’s. They also suffer auditory and visual memory lapses limiting their day-to-day functioning. Products such as brain health supplements that prevent age-related disorders, such as dementia and Alzheimer’s, and help maintain lower blood sugar levels, as well as low-cholesterol and low-fat foods are in high demand among this age group.
Top vendors:
- Amway
- AlternaScript
- Accelerated Intelligence
- Onnit Labs
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
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