North America Memory Supplements Industry Overview
The North America memory supplements market size was valued at USD 731.7 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.9% from 2021 to 2028. The market is anticipated to witness significant growth in the next few years on account of the surging number of self-directed consumers and growing awareness of these products among students and the elderly. The COVID-19 pandemic has led to the strict imposition of lockdown and stay-at-home orders across North America. Such restrictions have led to job losses, extended working hours, less work-life balance, and limited social interaction. During this period, people were confined to their homes, which severely impacted their mental health.
The COVID-19 pandemic has fueled the demand for memory supplements among consumers mainly because of two reasons: the deteriorating mental and emotional state of people and elderly people who are suffering from Alzheimer’s and dementia. Thus, these consumers are increasingly spending on memory supplements due to the uncertainty associated with the continued COVID-19 cases across the region.
Gather more insights about the market drivers, restraints and growth of the North America Memory Supplements market
With the growing awareness and rising concerns related to individual productivity, the demand for memory supplements is expected to increase from consumers. Moreover, an increasing number of students and working individuals have been looking for additional ways to gain a competitive advantage in their respective fields and achieve high productivity. This scenario is expected to favor the growth of the market over the next few years.
Additionally, college students exhibit the maximum need for dynamic cognitive functioning, which drains their brainpower. This is anticipated to drive the demand for memory supplements, particularly nootropics, which are known to boost learning ability and improve brain health. The acceptance of brain health supplements is a growing trend observed in the nutritional supplements industry. The rising consumer focus on mental health and well-being is favoring the market growth.
Over the past few years, consumers have been opting for naturally derived supplements. Green tea, matcha tea, Kucha tea, beets, eggs, spinach, peanuts, liver, arctic root, brahmi, turmeric, pine bark, ginseng, and fish oil are among the popular natural ingredients used in memory supplements. The growing vegan population in North America is anticipated to boost the demand for plant-based supplements in the upcoming years.
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Nutritional Supplements Market - The global nutritional supplements market size is expected to reach USD 358.8 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.3% from 2022 to 2030.
Brain Health Supplements Market - The brain health supplements market size was valued at USD 7.68 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 8.3% from 2022 to 2030.
North America Memory Supplements Industry Segmentation
Grand View Research has segmented the North America memory supplements market on the basis of product, distribution channel, and country:
North America Memory Supplement Product Outlook (Revenue, USD Million, 2016 - 2028)
- Natural Molecules
- Herbal Extract
- Vitamins & Minerals
North America Memory Supplement Distribution Channel Outlook (Revenue, USD Million, 2016 - 2028)
- Offline
- Online
North America Memory Supplement Country Outlook (Revenue, USD Million, 2016 - 2028)
- U.S.
- Canada
- Mexico
Market Share Insights:
March 2021: Quincy Bioscience sponsored the ‘Memories’ segment of Wheel of Fortune, an American game show. This will enhance the awareness of the company’s products among the millions of viewers of the show.
Key Companies profiled:
Some prominent players in the North America Memory Supplements Industry include
- HVMN Inc.
- Reckitt Benckiser Group plc
- Synergy CHC Corp.
- Purelife Bioscience Co., Ltd.
- AlternaScript LLC
- Liquid Health, Inc.
- Natural Factors Nutritional Products Ltd.
- Onnit Labs, Inc.
- Quincy Bioscience
- Snap Supplements
Order a free sample PDF of the North America Memory Supplements Market Intelligence Study, published by Grand View Research.
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