Market Trends of Cognition Supplements Industry
The Increasing Adoption of Vitamins and Minerals Driving Market Growth
An increasing number of elderly individuals are failing to meet their Recommended Dietary Allowances (RDA) due to inadequate dietary intake, fueling a surge in vitamins & minerals dietary supplement consumption, especially cognition supplements. As the geriatric population, grappling with challenges like Alzheimer’s and dementia, grows, so does the demand for vitamins and brain health supplements. Statistics Canada highlights that approximately 750,000 Canadians are living with Alzheimer's or other forms of dementia as of 2022.
This surge in dietary supplements is largely driven by a growing emphasis on preventive healthcare, coupled with robust endorsements and marketing campaigns for lifestyle enhancement products. Stress, anxiety, and depression are on the rise, attributed to increasingly busy lifestyles and a swelling working population. Data from the United States Bureau of Labor Statistics in 2022 revealed a workforce of 158,527 individuals. The mental health decline is often linked to demanding work schedules, heavy workloads, and the rapid pace of modern life. Even college students aren't immune, facing stress and anxiety from challenging coursework and academic pressures. Consequently, consumers are turning to vitamin and mineral health supplements, finding solace in their ability to uplift moods and maintain mental acuity throughout the day. The incorporation of various macro and micronutrients, alongside herbs, in these supplements is further fueling market growth.
North America holds a Significant Market Share in the Market Studied
North America holds a significant market share in the cognition supplements market as the demand in the region is predicted to rise due to an increasing number of product launches having herbal and natural ingredients, thereby contributing to the growth of the market in the region. For instance, in August 2022, the United States-based health supplement producer KaraMD launched ‘Total Clarity’, a supplement that supports cognitive health, energy, and immunity. The company says that these supplements are made from mushrooms that are non-GMO.
The rise in urbanization and evolving lifestyles has led to a rise in anxiety and stress among teenagers and millennials in the nation. The pressure of exams, tests, academic rankings, and challenging syllabi in schools is contributing to mental health issues such as stress and depression in this demographic. As per Blue Shield of California, a nonprofit health plan corporation, close to 87% of American youth were consistently experiencing mental health challenges in 2023. Additionally, the constant pressure to excel in their professional and career pursuits further intensifies the stress experienced by millennials. Moreover, the positive impact of various claims made by brain health supplements on memory, focus, mood, sleep, creativity, relaxation, and other brain functions is contributing to the market growth. In 2022, the Centers for Disease Control and Prevention reported that around 36.8% of the American population is facing a lack of adequate sleep. Thereby, such factors are likely to propel the market during the study period.
