North America Memory Supplements Market Is Projected To Boost The Growth Of This Segment

 North America Memory Supplements Industry Overview

The North America memory supplements market size is expected to reach USD 1.44 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 8.9% from 2021 to 2028. Memory supplements are anticipated to gain higher acceptance for the purpose of improving attention and focus. Increasing demand among sportspersons for supplements that improve concentration and focus is expected to generate growth opportunities for the North American market.

Individuals greatly involved or interested in academics are also expected to contribute to the demand for memory supplements over the next few years. In addition, these products are likely to gain high acceptance among people suffering from various cognitive ailments and conditions, such as Alzheimer’s, dementia, depression, anxiety, and insomnia.

The natural molecules product segment dominated the market in 2020 with more than 54.0% share. The rising use of memory supplements containing natural ingredients as compared to synthetic supplements that are artificially made is projected to boost the growth of this segment.

The coronavirus pandemic has pushed many consumers across North America to turn to online distribution channels when it comes to buying medication and the same holds true for memory supplements. Lockdown orders across countries in the region, coupled with the uncertainty of the offline market reopening, have compelled customers to shift to the e-commerce market.

Considering the increasing demand for memory supplements across North America, several companies have been expanding their distribution networks to meet the rising demand. For instance, in August 2018, Synergy CHC Corp expanded its reach to Mexico through the launch of the Focus Factor brand in the country. Synergy CHC’s products are available in more than 160 locations of Sam’s Club Mexico division.

 

North America Memory Supplements Market Segmentation

Grand View Research has segmented the North America memory supplements market on the basis of product, distribution channel, and country:


Based on the Product Insights, the market is segmented into Natural Molecules, Herbal Extract, and Vitamins & Minerals.

  • The natural molecules segment captured the largest share of more than 54.0% in 2020. The rising use of products containing natural ingredients as compared to synthetic supplements that are artificially made is projected to boost the growth of this segment.

 

  • The herbal extract segment is likely to expand at the fastest CAGR of 10.1% from 2021 to 2028. The natural plant-based content in the herbal memory supplement products includes ginkgo biloba, curcumin, ginseng, and green tea extracts, which help in enhancing and sharpening memory and increase the oxygen supply to the brain that improves an individual’s cognitive functions and aids in relieving mental fatigue.

 

  • The growth of this segment is attributed to the increasing preference for herbal products among consumers as they appear to be safer than other supplements. Supplements with herbal extracts have been used to maintain brain health and treat various brain and memory-related issues. Herbal supplements are popular across the U.S. and as per a study conducted by the Centers for Disease Control and Prevention (CDC), in 2019, over half of the people in the U.S. take herbal supplements daily.


Based on the Distribution Channel Insights, the market is segmented into Offline, and Online.

  • The offline distribution channel held the largest share of more than 60.0% in 2020. This segment is projected to maintain its lead throughout the forecast period as most consumers prefer buying health products from hypermarkets and supermarkets and pharmacy stores, where they can physically examine the products.

 

  • The online distribution channel is expected to register the fastest CAGR of 9.3% from 2021 to 2028. The shift in consumers’ shopping behavior is one of the major factors driving the sales of the product through the online channel. Benefits offered by online platforms, including doorstep delivery, free shipping, subscription services, and significant discounts, are attracting millennials and the younger generation to opt for this channel.

 

Key Companies Profile & Market Share Insights

The North American market is characterized by the presence of a few well-established players and several small- and medium-sized players. Strategic partnerships are among the key strategic initiatives taken up by the industry players to develop new products and promote their existing products.

For instance, in 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. Additionally, in 2017, HVMN Inc. partnered with researchers of Oxford University for product development (Ketone Ester). This research was worth USD 60 million. Some prominent players in the North America memory supplements market 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.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

Contact:

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Grand View Research, Inc.

Phone: 1-415-349-0058

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Email: sales@grandviewresearch.com

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