Nootropics Market: Global Size, Share, Trends, Growth and Forecast 2022-2032
Nootropics are compounds, supplements, drugs, or other substances that typically claim to enhance cognitive functionality, specifically executive functions, creativity, motivation, focus, intelligence and memory, in healthy individuals. They can be natural or synthetic and are often referred to as smart drugs, cognitive enhancers, memory enhancers, mood enhancers, intelligent enhancers or neuron enhancers because of their ability to improve brain performance and high-level cognitive abilities.
Nootropics are available in both prescription and non-prescription type, where prescription nootropics are medications consumed to counteract medical conditions such as Alzheimer’s disease, ADHD and narcolepsy, while the non-prescription drugs instead of treating diseases, are consumed for increasing concentration abilities or brain performance due to their cholinergic mechanisms.
Herbs, vitamins, phospholipids, amino acids, choline sources, antioxidants, and psychedelics are some examples of nootropics. Out of 80 different categories of nootropics, few act for a short-term, providing a few hours of temporarily enhanced energy and abilities, while others work over long-term cognitive health and mental performance if taken consistently over a period of time.
The global nootropics market size is expected to expand at a CAGR of around 12-16% over the period of next 5 years.
The growth of this market is attributed towards major relying factors including; the growing demand for smart drugs and mental ability enhancing drugs globally, the continuous product development using both synthetic and natural raw materials across different regions, the massively surging population suffering from depression & mental fatigue, the increasing research and development activities by manufactures and the rising awareness regarding the health benefits of nootropics and regarding mental illnesses among people worldwide etc.
Additionally, the consumers spending on healthcare and wellness products since the last few years have continuously been on an up-surging trend. With rise in work-related stress and depression or anxiety at work and in the personal lives of consumers especially among students, working professionals and the sports industry, improved physical and cognitive performance becomes utmost critical and essential. For the purpose of achieving academic success, memory strength, personal improvement, professional advantage, athletic performance, improved concentration ability, and others, the demand for nootropic products is increasingly rapidly thereby promising vast opportunities for the growth of the market.
Moreover, a major shift of a large number of population across various regions all around the globe towards the consumption of natural and organic ingredients & supplements has been seen. Natural nootropics such as caffeine, matcha tea, green tea, Kucha tea, spinach, beets, peanuts, eggs, liver, Brahmi, arctic root, turmeric, ginseng, pine bark, and fish oil is being demanded increasingly. Alongside, the global vegan population has grown massively, especially in the developed regions such as North America and Europe recently. Consequently, Nootropics manufacturers are emphasizing on plant-based products and natural ingredients to cater to the rising demand and on continuous innovation such as gums, new flavors with the use of natural ingredients. This is creating tremendous growth opportunities for the market players and is also aiding in boosting the growth of the market considerably.
Furthermore, other factors such as the increasing demand for multi-utility drugs, the availability of these drugs at the various online and offline platforms, the growing collaboration with government organizations and other corporate and nonprofit agencies for creating awareness and treatment centers for diseases or other memory related and mental alertness issues and the burgeoning popularity and acceptance of nootropics as a supplement or drug further compliments the growth of the market comprehensively.
However, factors such as the possible side-effects of overconsumption of these supplements, the high cost of the products, the stringent regulatory framework, the lack of awareness among consumers regarding these products, increasing hesitation among people to visit psychiatrists or neurologists in emerging countries hamper the growth of this market.
NOOTROPICS MARKET SEGMENTATION:
By Drug Type:
- Prescription Nootropics
- Modafinil (Provigil)
- Methylphenidate (Ritalin)
- Memantine (Axura)
- OTC Nootropics
- Ginkgo Biloba
- Panax Ginseng
- Rhodiola Rosea
- Creatine monohydrate
- Bacopa monnieri
- Omega-3 fatty acids
By Product Type:
By Distribution Channel:
- Memory Enhancement
- Mood & Depression
- Attention & Focus
- Longevity & Anti-aging
- Sleep & Recovery
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
The North American region holds the largest market share in the nootropics market and the trend is expected to continue over the foreseeable future owing to factors such as the presence of the highest number of nootropics consumers in the region, the high prevalence of mental disorders in the region, the rising consumer awareness about brain health, the growing consumption of vitamin supplements in the region, the increasing investments in R&D activities in the region, the presence of major players in the region and the surging number of approvals for nootropic drugs in the region etc. The major contributor in the region is the U.S.
The Asia Pacific region is the fastest growing region in the nootropics market and the same is projected to witness heavy growth in the upcoming years also. The growth in the region can be attributed to factors such as the rapidly improving health care infrastructure in the region, the increasing collaboration between multinational companies with local players in the region, the rapid growth of the professional and sports sector in the region the increasing awareness regarding cognitive health in the developing countries in the region, the growing investment by the biotechnology and pharmaceutical companies in the region, the increasing number of favorable government policies in the region. Moreover, the ever-increasing population, the availability of various drugs such as Piracetam and Modafinil and the high presence of players are other key factors augmenting the market growth in the region. The major contributors in the region include India, Japan, China and Australia.
FEW KEY PLAYERS IN NOOTROPICS MARKET:
- Peak Nootropics
- Teva Pharmaceutical Industries
- United Pharmacies
- Nootrobox Inc.
- Cephalon Inc.
- PureLife Bioscience Co. Ltd.
- SupNootropic Biological Technology Co. Ltd.
- AlternaScript LLC
- Powder City LLC
- Nootropic Source
- Clarity Nootropics
- Accelerated Intelligence Inc.
- Onnit Labs Inc.
- HVMN Inc.
- Other Players
- In February 2021, Givaudan Active Beauty launched Nootropics, a collection of six natural and traceable extracts featuring Guarana, Ginger, Green tea, Gotu Kola, Ginkgo and Green coffee, known for their functions as food supplements and their cosmetic properties.
- In February 2021, Koios Beverage Corp. announced that it has entered into a distribution agreement with United Natural Foods, Inc., the largest publicly traded wholesale distributor of organic, natural, and specialty food in the United States and Canada. Koios is a producer of functional beverages including Fit Soda, a sugar-free carbonated beverage dubbed “Benefits with Bubbles”, and KOIOS, a nootropic beverage containing ingredients that have been shown to improve mental function, focus, and memory.
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