Where are the bright spots – and barriers – in the cognitive health space? We surveyed our nutraceutical industry readership to find out.
Driven by strengthening awareness around the importance of brain health throughout life and the additional needs of an ageing global population, the cognitive health supplements market was worth an estimated $9 billion in 2023.
Throughout the next decade, sales are on course to skyrocket, expanding at a compound annual growth rate (CAGR) of 13.3% to reach a projected valuation of $16.8bn by 2033.
It is within this context that Vitafoods Insights undertook a major survey of nutraceuticals professionals from across its vast global database.
A diverse array of organisations – from multinational ingredient manufacturers to supplement startups, consultants, and both B2B and B2C suppliers – were represented in the survey. Respondents chiefly hailed from R&D (accounting for 24%), closely followed by general management and marketing executives (each accounting for 22%).
Conducted in January 2024, the survey explores the main dynamics that industry players perceive as driving innovation and advancement across the cognitive health supplements space.
Regarding promising application areas in cognitive health, the relatively even spread of potential use cases identified by survey respondents demonstrates the sheer abundance of positioning opportunities in this segment.
“Early-life brain development” was anticipated to hold the strongest market potential for both the EU and US regions (in Asia, it came second), with “Relaxation” identified as the second most popular use case in the EU and US (it came out tops for Asia).
Across all three regions, survey participants thought “Other” benefits would have the greatest market potential, singling out “Executive and student performance”, “Hyperactivity”, and “Mental fog (from menopause)”, among others, as the most promising areas for cognitive health products.
Regarding target demographics, more than one-third (34%) of respondents identified adults aged 30 to 65 as the most important group for cognitive health solutions, with senior citizens (aged 65-plus) trailing closely behind (32%) – a perception aligned with the strengthening healthy ageing dynamic.
It was over a decade ago that Mintel – in a trend it termed “Old Gold” – predicted that longer working lives would present companies with a new gold rush of purchasing power and product needs. In alignment with the market analyst’s projections, the Vitafoods Insights survey results identified “Active Seniors”, selected by 26% of respondents, as the most important consumer profile.
Professionals in the nutraceutical space face a plethora of challenges, yet “Making health claims” was most frequently singled out as a chief pain point, highlighted by 18% of survey respondents.
Communicating the health benefits of an ingredient while remaining aligned with the authorised wording of claims as decided by regulators like the European Food Safety Authority (EFSA) has long proved a balancing act for brands. In relation to this, the task of “Ensuring products are compliant with regulations” was highlighted as another prominent challenge (highlighted by 13% of respondents), as was the task of “Understanding and integrating the latest science” (11%).
Advancements in scientific research on ingredients such as herbal extracts and omega-3 fatty acids are expected to spur demand for cognitive health supplements.
With 10% of survey respondents already incorporating either omega-3s or botanicals into formulations, this suggests logical market entry points for brands not yet present in (although wishing to leverage upon) the cognitive health trend.
“Vitamins” was the collective category incorporated by most survey respondents (13%) into existing products. This offers brands a straightforward route into the cognitive health landscape: they can market brain-supporting complexes containing ingredients already familiar to a broad swathe of customers and end consumers, such as vitamins B6 and B12.
Certainly, “How the health benefit is positioned and marketed” was said by many survey respondents (12%) to be the most important product attribute, trailing only “Price” (14%) in what they perceived as being top of mind for consumers.
Vitafoods Insights asked survey respondents to identify what they perceived to be the major growth opportunities in the cognitive health space.
The most frequently cited application areas alluded to support of mental/emotional health (reduction in stress and anxiety), followed by healthy ageing (prevention of cognitive decline and memory loss) and solutions for infants.
Regarding specific concerns envisaged over the next 12 months, most respondents highlighted anticipated regulatory hurdles – the challenge of securing a health claim for (or having robust science to back up) such products, and the potential launch of competitor supplements whose efficacy is inadequately documented (or, more bluntly, “bogus claims on substandard products”, as one respondent put it).
Given the enormous perceived scope of use cases for cognitive health supplements, companies that can successfully navigate the regulatory complexities – and moreover, can communicate the validated benefits of their formulations to consumers in a way that builds trust – will be well positioned for commercial gain from enhancing the brain.
