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North America Memory Supplements Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The North America memory supplements market was valued at USD 2.65 billion in 2022 and is estimated to witness a CAGR of 5.2% during the forecast period (2023-2030). The market growth is attributed to the rising prevalence of Alzheimer’s disease, an increasing elderly population, and increasing awareness regarding the health benefits of supplements. In addition, the presence of major players in the region is further catalyzing the market growth.
The region is witnessing an increase in the demand for natural and herbal memory supplements. This is due to the rising consciousness about the adverse effects of synthetic supplements. Furthermore, the rising demand for cognitive health supplements with natural ingredients is expected to boost the market growth. For instance, in November 2021, Olly Nutrition, LLC, a subsidiary of Unilever PLC, launched a new line of plant-based nootropic brain supplements. The new line of supplements contains ingredients such as ashwagandha, Rhodiola rosea, and mushrooms, among others.
In addition, the increasing demand for memory supplements in academic and professional settings is expected to drive the market growth. For instance, according to a survey conducted by the National Institute of Health, in March 2020, approximately 59% of college students in the United States reported using supplements to enhance their academic performance. Furthermore, the rising number of working professionals is expected to drive the demand for memory supplements.
Furthermore, the presence of clinical trials and research activities in the region is expected to propel the market growth. For instance, in August 2020, a clinical trial was conducted to evaluate the safety and efficacy of a combination of polyphenols and omega-3 fatty acids for improving memory and cognitive performance in healthy adults. The study also emphasized the potential of polyphenols and omega-3 fatty acids for the prevention and treatment of mild cognitive impairment.
Moreover, the presence of various initiatives by the government in the region is expected to support the market growth. For instance, in June 2021, the Senate of Canada approved Bill C-291, which amended the Food and Drugs Act to make access to natural health products easier and more affordable. This move is expected to provide a boost to the market growth.
Product Insights
The vitamins and supplements segment accounted for the largest market share of around 39.2% in 2020. Memory supplements, such as vitamins, minerals, herbs, and other ingredients, are widely used for boosting memory and concentration. The growing prevalence of memory-related diseases, such as Alzheimer’s, and the increasing awareness about mental health have been driving the demand for memory supplements in North America. According to an article published by MarketWatch, in 2020, memory supplements are the third-largest category of dietary supplements in the North American market.
The nootropics segment is anticipated to register the fastest CAGR of 9.7% over the forecast period. Nootropics, also known as “smart drugs”, are drugs, supplements, and other compounds that are used to enhance cognitive functions, such as memory, creativity, focus, and concentration. The growing demand for natural brain boosters and the increasing awareness about the use of nootropics for improving mental performance are some of the key factors driving the nootropics segment growth. According to an article published by the journal of Psychopharmacology, in April 2019, nootropics are becoming increasingly popular among young adults for improving their performance in academics, sports, and other activities.
Distribution Channel Insights
The pharmacies and drug stores segment captured the major share of over 32.3% in 2022. The growth of this segment is mainly attributed to the presence of a large number of pharmacies and drugstores in the region. Furthermore, the increasing number of health-conscious consumers looking for health supplements, vitamins, and minerals to enhance their cognitive performance has further propelled the segment’s growth. Consumers also prefer to buy memory supplements from pharmacies and drugstores due to their easy accessibility and availability of a wide range of products.
The online segment is anticipated to expand at the highest CAGR of 14.2% over the forecast period. The growth of this segment is mainly attributed to the increasing popularity of e-commerce platforms, such as Amazon and eBay, among memory supplement consumers in the region, as they offer a wide range of products at competitive prices. Furthermore, the convenience and ease of shopping offered by these platforms has further encouraged consumers to search for memory supplements online.
Type Insights
The herbal memory supplements segment accounted for the largest revenue share of 41.3% in the year 2022. Factors such as growing awareness about the health benefits associated with herbal supplement consumption and the availability of various herbal supplements are driving the growth of the segment. Additionally, the increasing trend of using natural memory supplements, primarily among the young population in the U.S., is also contributing to the growth of the segment. Furthermore, the rising demand for memory supplements from the elderly population to improve memory and reduce symptoms of dementia is also aiding the growth of the segment.
The synthetic memory supplements segment is anticipated to expand at the highest CAGR of 8.7% over the forecast period. The growing demand for synthetic memory supplements among athletes and bodybuilders, as it helps in improving focus, concentration, and cognitive functioning, is driving the growth of the segment. Additionally, the rising incidence of Alzheimer’s disease among the elderly population is also propelling the demand for synthetic memory supplements.
Regional Insights
North America held the largest share in the global memory supplements market in 2022, driven by the presence of well-developed healthcare infrastructure, rising geriatric population, and increasing health consciousness among the population. The U.S. is expected to drive the growth in the North American memory supplements market, due to rising awareness about the importance of cognitive health. Moreover, the increasing prevalence of Alzheimer’s disease in the country is also expected to drive the growth of the market. For instance, in June 2021, Cognizin, a branded form of citicoline, a naturally occurring nutrient, was launched in the U.S. to treat memory-related issues due to Alzheimer’s disease. Furthermore, favorable reimbursement policies for memory-related treatments and the increasing adoption of dietary supplements are also expected to drive the growth of the market.
Financial Projections
In this part of the North America Memory Supplements business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your memory supplements business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a North America Memory Supplements business comes from product sales, advertising, and affiliate programs. Here you will find a list with a description of each of them and other possible sources of profit such as the sale of merchandise, webinars, and coaching services.
Projecting Expenses
In this section, all the regular expenses related to keeping the North America Memory Supplements business running will be described. The list of operating expenses includes research and development, inventory, wages, advertising, marketing and promotion, taxes, and other miscellaneous expenses.
Key companies & market share insights
Some of the major companies operating in the North American memory supplements market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In August 2022, NatureMade launched a new line of memory supplements, Memory Plus, which contain ingredients such as omega-3 fatty acids, vitamin E, and ginkgo biloba.
– In September 2022, GNC launched a line of memory supplements, Brain Fuel Plus, which contain ingredients such as omega-3 fatty acids, ginkgo biloba, CoQ10, and B vitamins.
– In October 2022, CVS Pharmacy launched a line of memory supplements, Memory Support, which contain ingredients such as omega-3 fatty acids, ginkgo biloba, and Huperzine A.
Some of the prominent players in the North American memory supplements market include:
– NatureMade
– GNC
– CVS Pharmacy
– Walgreens
– Walmart
– Rite Aid
– Costco
– Amazon
– Target
– Vitamin Shoppe
Global North America Memory Supplements Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the North America Memory Supplements products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Natural Supplements
– Nutraceuticals
– Vitamin Supplements
– Herbal Supplements
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Pharmacies & Drug Stores
– Supermarkets & Hypermarkets
– Online
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Synthetic Supplements
– Organic Supplements
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– US
– Canada
– Mexico
Frequently Asked Questions
[Q]: What is the Potential of Product Innovation in the North America Memory Supplements Market?
[A]: With technology breakthroughs accelerating, businesses are implementing cutting-edge production methodologies to improve productivity and output while also instilling excellent manufacturing standards and product innovation. Product positioning and customer-specific category specification has been a source of worry for the manufacturer. However, the simple introduction of extra functionalities within the product is increasingly raising its demand from customers.
In the North America memory supplements market, innovation is on the rise. Innovations in supplements are expected to influence the market. Consumers are interested in items that bring simplicity, convenience, and speed to their normal routine, whether they be product improvements, design innovations, feature additions, or smart feature add-ons.
[Q]: Who are the Key Players in the North America Memory Supplements Market?
[A]: The key players in the North America memory supplements market are Pfizer Inc., Glanbia Nutritionals Inc., GNC Holdings Inc., Nestlé S.A., Amway, Abbott Laboratories, and Amax NutraSource Inc.
[Q]: What are the factors driving the North America memory supplements market?
[A]: Key factors such as the increase in awareness of memory supplements, rising geriatric population, and an increase in the number of people suffering from memory-related diseases are expected to drive market growth over the forecast period.
[Q]: Which Region Offers the Largest Opportunity for Sales of Memory Supplements?
[A]: With an absolute dollar opportunity of $7.2 B (USD), North America is expected to be the largest market for memory supplements.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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