The global memory supplement market size was USD 2.04 Billion in 2022 and is expected to register a revenue CAGR of 7% over the forecast period, according to the latest report by Reports and Data.
The demand for memory supplements to improve cognitive function and memory retention is increasing among the elderly.
Furthermore, younger age groups are demonstrating an increased need for memory supplements due to the rising prevalence of mental health issues such as sadness and anxiety, as well as the increasing adoption of a sedentary lifestyle. Memory pills are becoming increasingly popular among students and professionals who need to improve their cognitive function and concentration for improved academic and professional performance.
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Competitive Landscape:
- Life Extension
- Himalaya Wellness
- Nootropics Depot
- Purelife Bioscience Co. Ltd.
- Lumonol
- Neurofuse
Some Key Highlights from the Report
- The herbal extracts category dominated the global market for memory supplements in terms of revenue share in 2021. Memory supplements derived from natural plant extracts are gaining popularity due to their perceived cognitive health advantages, which include enhanced memory, focus, and alertness.
- During 2021, the adult demographic held a substantial share of revenue in the global memory supplement market. This can largely be attributed to the advantages of memory-enhancing supplements, such as increased attention, concentration, and mental performance. Adults of various age groups are becoming increasingly cognizant of the importance of maintaining optimal cognitive health to support their daily activities, whether in academia or the workplace. Consequently, there is a growing demand for memory supplements that can boost cognitive performance and deter memory decline.
- The North American market is expected to exhibit the most rapid compound annual growth rate (CAGR) in terms of revenue during the forecast period. This growth is primarily driven by the elderly population's increased utilization of memory supplements. In this region, memory supplements are now viewed as a necessity rather than a luxury among older individuals due to the mounting concerns surrounding cognitive decline. Factors contributing to revenue growth in this region include the availability of cutting-edge products, the presence of key market players, and heightened consumer awareness of the benefits associated with memory supplements.
Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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Further market segmentation
Product Type Outlook (Revenue, USD Billion; 2022 - 2032)
- Herbal Extracts
- Vitamins & Minerals
- Omega-3 Fatty Acids
- Others
End-use Outlook (Revenue, USD Billion; 2022 - 2032)
- Adults
- Geriatric Population
Key Takeaways of the Global Memory Supplement Market Report:
- A comprehensive overview of the global Memory Supplement industry.
- Accurate market projections in terms of market size, share, and volume.
- Thorough study of the global market dynamics, such as major market revenue growth drivers, opportunities, threats, challenges, restraints, and future growth avenues.
- Deep-dive analysis of the upcoming market trends.
- Qualitative and quantitative analyses of the global Memory Supplement market.
- Elaborate study of the leading regional markets in the global Memory Supplement market.
- Complete overview of the market’s competitive landscape.
- Brief look at the company profiles and portfolios.
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