Memory Support Supplement Market – Industry Growth & Consumer Trends
The Memory Support Supplement Market is segmented by formulation, natural ingredients, and sales channels.
Memory Support Supplement Market Outlook from 2024 to 2034
The global memory support supplement market is anticipated to be valued at USD 2,467.1 million in 2024 but by 2034 that number is forecasted to grow to USD 4,989.4 million. Demand for memory support supplements is anticipated to grow at 7.3% through the ensuing decade.
Attributes
Key Insights
Estimated Global Memory Support Supplement Market Size (2024E)
USD 2,467.1 million
Projected Memory Support Supplement Market Value (2034F)
USD 4,989.4 million
Value-based CAGR (2024 to 2034)
7.3%
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Memory Support Supplement Market Overview
As the world population ages at a rapid pace, there is more demand for products that help with cognitive function.
Sedentary lifestyles and brains affected by continuous forays into digital worlds are creating doubts about memory retention and thus memory support supplements are becoming more common.
It is not just people with cognitive problems who access the product, as students and gamers are also taking the recourse of the product to gain a competitive edge.
As consumers become more proactive about their health and well-being, preventive measures such as incorporating memory support supplements into daily routines are becoming commonplace, driving market growth.
2019 to 2023 Memory Support Supplement Market Growth Outlook Vs. 2024 to 2034
Global memory support supplement sales grew at a CAGR of 6.1% from 2019 to 2023.
E-commerce played a pivotal role in helping grow the demand for memory support supplements during the historical period, especially with the closure of physical stores during the pandemic.
As with other supplements, consumers are preferring memory support supplements made from natural ingredients, increasing the demand for plant-based versions of the product.
Through 2034, the memory support supplement market is projected to grow at 7.3% CAGR.
Manufacturers are constantly on the lookout for ingredients that increase the effectiveness of the supplement, thus a significant amount of money is invested in research and development.
Novel ingredients are being complemented by advancements in manufacturing technologies.
Memory support supplements are poised to continue their upward trajectory as holistic approaches to improving mental health occupy people’s minds more.
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Trends in Memory Support Supplement Market
Use of natural ingredients like ginseng and ginkgo biloba is making offering fresh, attracting more consumers.
Demand for product label transparency and third-party testing will positively impact sales.
The rising popularity of preventive healthcare is driving the demand for memory support supplements.
The demand for cognitive-enhancing supplements, including omega-3 fatty acids, phosphatidylserine, acetyl-L-carnitine, and vitamins and minerals like B vitamins, vitamin D, and magnesium, is increasing.
Advanced delivery systems like microencapsulation, nanoemulsions, and sublingual formulations give the industry a modern look.
Nootropics, or "smart drugs," are gaining traction in the memory support supplement market and they are one promising avenue for investors to improve demand.
Memory support supplements are increasingly becoming a part of personalized nutrition, being tailored to fit specific individuals.
Restraining Factors in the Memory Support Supplement Market
As with many other holistic approaches, the product suffers from a lack of scientific evidence pointing to its effectiveness and thus science-minded people are skeptical of it.
False claims and pseudoscientific marketing have proven to do more harm than good, turning consumers off of the product.
Pharmaceutical drugs offer a strong alternative to the product, with the advantage of more availability and more backing from the scientific community.
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Country-wise Insights
The table below shows the estimated growth rates of the top four countries. The United States, Germany, and India are set to record high CAGRs of 4.5%, 6.7%, and 7.6%, respectively, through 2034.
Countries
Value-based CAGR (2024 to 2034)
United States
4.5%
China
3.7%
India
7.6%
Germany
6.7%
Growing Interest in Natural Supplements to Boost Sales in the United States
The United States memory support supplement industry is predicted to register a CAGR of 4.5% through 2034. Key factors deciding the upward trajectory are:
Manufacturers in the United States have to follow the Food and Drug Administration (FDA)’s guidelines when it comes to labeling, safety, and marketing claims.
The memory support supplement market in the United States is characterized by constant product innovation, with manufacturers constantly introducing new formulations, ingredients, and delivery formats to cater to consumer preferences.
Due to their perceived safety and efficacy, consumers favor natural and plant-based ingredients in memory support supplements, such as botanical extracts and herbal remedies.
China to Create Lucrative Opportunities for Manufacturers
Demand for the product in China is set to advance at a CAGR of 3.7% during the projected period, highlighting steady gains. A number of factors influence the industry in China, including:
Chinese manufacturers make use of local ingredients to offer unique products to consumers in the country.
Online sales of the product in China are booming, to go along with the overall move of the younger generation towards online means.
Natural brain health supplements are being fawned upon in both online sources and health campaigns, positively influencing demand.
Rising Aging Population in Germany to Uplift the Market
The market is in line to book a CAGR of 6.7% in Germany. Factors responsible for the solid growth include:
Vast geriatric population of Germany is necessitating the adoption of these supplements.
Manufacturers and industry stakeholders are making people more aware about the product through the means of educational campaigns that target everyone from children to old people.
Growing Awareness of Mental Health Propelling Demand in India
The Indian market is supposed to register a CAGR of 7.6% for the forecast period. Some of the key factors are enumerated below:
Consumers in India getting more aware of cognitive health is not only helping the adoption of the product post-problems but is also seeing more people in the country take the supplements as a precaution.
India is also witnessing a young generation continuously glued to screens and to take advantage, stakeholders are increasing their online presence.
Steady Growth Projected for the United Kingdom Memory Support Supplement Market
Demand for memory support supplements is increasing steadily in the United Kingdom. Emerging patterns in the United Kingdom market are as follows:
The United Kingdom memory support supplement market is influenced by health and wellness trends, with consumers seeking preventive healthcare and holistic wellness approaches to support brain health and cognitive function.
The United Kingdom research and clinical studies evaluate efficacy and safety of memory support supplements, informing consumers and healthcare professionals about product benefits and limitations.
Category-wise Insights
The below section shows the natural segment dominating by ingredient type. The segment is predicted to reach USD 1,537.0 million in 2024. Based on form, the capsules/tablets segment is anticipated to total USD 1,428.5 million in 2024.
Top Segments
Estimated Market Value (2024)
Natural (Ingredient Type)
USD 1,537.0 million
Over-the-Counter (Product category)
USD 1,838.0 million
Capsules/Tablets (Form)
USD 1,428.5 million
Health Food Stores (Distribution Channel)
USD 750.0 million
Demand in the Market to Remain High for Natural Ingredients
Consumers are increasingly prioritizing health and wellness, leading to a shift away from synthetic ingredients towards natural alternatives.
Consumers are increasingly leaning towards the use of organic ingredients and thus natural supplements are preferred by a large contingent of customers.
Natural supplements are growing through the development of individual ingredients like ashwagandha and resveratrol, and the rising knowledge about their health benefits.
Convenience of Tablets/Capsules Fueling their Demand through 2034
Capsule rules the roost in this market too, for many of the same reasons as in other sectors, due to its portability as well as its convenience.
Capsule/tablets have an enhanced shelf life, are easy to transport as well as store, and thus are convenient for the elderly population.
Over-the-Counter Product Category to Gain Impetus
Increase in the number of physical medical stores, especially those open 24 hours is imparting growth to the over-the-counter category.
Over-the-counter drugs can be obtained without prescriptions, making their consumer base wide, ranging from children to the elderly.
Competitive Landscape
Leading pharmaceutical companies dominate the cognitive health market. They are investing in research and development to introduce novel memory supplements. Innovative start-ups and niche players disrupt the market by focusing on natural and holistic approaches.
Leading memory support supplement manufacturers invest in research and development to create tailored formulations for specific needs. Partnerships and distribution agreements are a common strategy in the industry. Other organic strategies include an increase in advertising activities and celebrity endorsements.
For instance
In 2022, Onnit Labs, Inc. added a new clinical trial to understand the effects of its "new mood serotonin booster" medication, designed to help regulate stress and mood.
In June 2021, Motiva Supplements launched 'Neuro Booster', a product designed to enhance brain health and help Alzheimer's patients by providing increased absorption of six essential functional foods.
In 2020, Elysium Health, Inc. and the University of Oxford collaborated to launch Longevity. It is a brain health supplement with clinically verified B vitamins and a powdered omega-3 lysine compound.
Key Companies Profiled
Mindbodygreen
Bulletproof
Brainmd
Qualia
Solgar
Metagenics
Pure Encapsulations
Designs for Health
Life Extension
Gaia Herbs
Reserveage Nutrition
Klaire Labs
Superbeets
Seeking Health
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