The Global Nootropics Market size is expected to reach $24.6 billion by 2027, rising at a market growth of 14.7% CAGR during the forecast period.
Nootropics refer to supplements, psychological enhancers, smart drugs, pharmaceuticals, or other substances which can help people to improve their cognitive function, especially executive functions, creativity, motivation, and memory. Prescription and non-prescription are two forms of nootropics available in the market.
In addition, prescription nootropics are drugs that are used to treat conditions such as Alzheimer’s, ADHD, and narcolepsy. On the other hand, non-prescription medicines are used to improve concentration and brain performance but they are not used to treat ailments.
The converted energy is constantly expended by neuron cells to keep the cell compartments repaired. The glucose-generated energy is essential for maintaining, electrical, and neurotransmitter functions. Also, the use of nootropics would protect the brain from toxins while also reducing the effects of ageing. The stimulation of new neuron cells contributes to the effects of natural nootropics in increasing brain function. The speed of brain activities can be boosted as a result of the new neural cell, which would improve the thinking and memory abilities along with improving neuroplasticity.
In the market, there are a variety of supplements, nutraceuticals, and functional foods that work as cognitive enhancers and nootropic agents. Herbal plants such as Prunus amygdalus, Baccopa monniera, Hibiscus sabdariffa, Clitoria ternatea, and Centella asiatica, among others, have a quick nootropic impact and can be employed as the main ingredient in a variety of nootropic formulations, nutraceuticals, and supplements.
COVID-19 Impact Analysis
With the outbreak of the COVID-19 pandemic, various restrictions were imposed by the governments across the world, which has significantly impacted the business world. The imposition of complete lockdown, ban on imports & exports and the unavailability of various raw materials and labour force has negatively impacted different business verticals. However, nootropics market has witnessed a positive impact of the pandemic on its growth.
The COVID-19 pandemic contributed significantly to the demand for nootropics, as consumers are inclined towards brain-health supplements, drinks, and bars to improve their cognitive health. Furthermore, because of the COVID-19 pandemic, various entrepreneurs and retailers shifted to online nootropics sales.
Market Growth Factors:
Growing popularity of smart drugs among professionals and students
Nootropics are used by a huge number of professionals and students to improve memory and focus. Continuous product development employing both natural and synthetic raw materials is likely to boost market growth even more. Furthermore, the growing vegan population across various developed countries is likely to increase the demand for plant-based nootropics.
Growing adoption of nootropics by sports industry
There is an increase in the demand for various products that helps athletes who are looking forward to boost their workout and practice sessions. In sports industry, supplements play an important role in supporting brain chemicals of the athletes like acetylcholine for accelerating the intensity of workouts along with improving the muscle development. It is important for a sportsperson to maintain their body health and mental health, for which they consume various supplements.
Market Restraining Factors:
Side effects of nootropics
There are many prescription-based nootropics like Ritalin and Adderall that can lead to stomach pain, anxiety, nausea, and sleep disturbances. Along with that, these products can result in severe addiction of the consumers. Several students and adults want to learn things fast, for which they use these drugs to assist them in concentrating on their work or studies. Constant utilization of these medications can result in the addiction and other secondary problems related with substance abuse.
Distribution Channel Outlook
Based on distribution channel, the nootropics market is divided into offline and online. The offline segment garnered the maximum revenue share in the nootropics market in 2020. Independent retail giants such as Walmart, Walgreens, Tesco, and Costco are expanding their penetration, improving product visibility and drawing a bigger consumer base. In addition, consumers find it more convenient to shop at the physical or offline stores since they can touch and check their products before a purchase. This would further escalate the growth of the segment.
On the basis of form, the nootropics market is segmented into capsules/tablets, powder, drinks and others. The capsules/tablets segment acquired the highest revenue share in 2020 and is anticipated to continue this trend during the forecast period. It is owing to the fact that capsules/tablets are among the most preferred way among the customers to consume any nutraceuticals. For companies, the packaging cost reduces when they opt for nootropics in the form of capsules or tablets, which is the reason behind the popularity of nootropics in this form among the market players and hence, fuel the growth of the segment.
Region-wise, the nootropics market is analyzed across North America, Europe, Asia Pacific and LAMEA. North America emerged as the leading region in the nootropics market with the maximum revenue share in 2020 and is anticipated to maintain its dominance over the forecast period. Factors like rising presence of major market players in the region, growing focus on health, and increasing awareness related to nootropics, are estimated to escalate the growth of the regional market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Mental Mojo, LLC, Onnit Labs, Inc., Peak Nootropics (Advanced Nootropics), Reckitt Benckiser Group PLC, Mind Lab Pro (Opti-Nutra, ltd.), Zhou Nutrition LLC (Nutraceutical International Corporation)TruBrain, Wolfson Holdco Limited (NooCube), NEU MIND, LLC, and Kraken Koffee, LLC.
Strategy deployed in Nootropics Market
Jul-2017: Kimera Koffee launched a combination of premium beans with nootropics. Through this combination, the company is fulfilling the demand for nootropics by the consumers along with saving a significant cost for them.
Scope of the Study
Market Segments covered in the Report:
By Distribution Channel
• Offline and
• Drinks, and
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Mental Mojo, LLC
• Onnit Labs, Inc.
• Peak Nootropics (Advanced Nootropics)
• Reckitt Benckiser Group PLC
• Mind Lab Pro (Opti-Nutra, ltd.)
• Zhou Nutrition LLC (Nutraceutical International Corporation)TruBrain
• Wolfson Holdco Limited (NooCube)
• NEU MIND, LLC
• Kraken Koffee, LLC
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