USD 10.69 billion
Nootropics Market Size, Share, Growth Analysis, By Form(Capsules/Tablets, Powder, Drinks, Others), By Distribution Channel(Online, Offline), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35A2160 |
Region:
Global |
Published Date: October, 2024
Pages:
157
|Tables:
85
|Figures:
81
Nootropics Market Insights
Global Nootropics Market size was valued at USD 3.77 billion in 2022 and is poised to grow from USD 4.32 billion in 2023 to USD 12.87 billion by 2031, growing at a CAGR of 14.62% during the forecast period (2024-2031).
Increasing consumer spending on various healthcare services and fitness products is expected to fuel the growth of the market over the forecast period. With the increasing number of students attending college as well as a workforce that demands better qualifications due to the low unemployment rate, prospective candidates have been seeking natural ways to gain a competitive advantage and improve their performance.
In addition, the growing use of the product among athletes and sports professionals as well as among consumers for personal improvement will have a positive impact on the market over the forecast period.
The growing geriatric population coupled with the rising occurrence of various brain-related diseases including dementia and other issues such as arthritis has increased the need for nootropics. Moreover, these products are employed for the treatment of other cognitive and age-related disorders including hyperactivity, as well as Parkinson's disease. Numerous consumers across the globe have been undergoing depression as well as other mood and emotional disorders. Thus, rising demand for mood enhancers is also expected to stimulate industry growth over the next six years.
Increasing cognitive development among healthy consumers for academic and career benefits is expected to drive the demand for nootropics in the next six years. Furthermore, the widespread use of the product for personal development among athletes and sports professionals as well as consumers will positively affect the nootropics market growth during the forecast period.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Racetams
Fastest Growth
Racetams
Growth Rate
14.8% CAGR
Global Nootropics Market 2022-2030 ($ Bn)
Country Share for North America Region- 2022 (%)
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Nootropics Market Segmental Analysis
Global Nootropics Market is segmented by Form, Distribution Channel, and region. Based on Form, the market is segmented into Capsules/Tablets, Powder, Drinks, Others. Based on Distribution Channel, the market is segmented into Online, Offline. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Analysis by Application
The memory enhancement segment is the keystone of the nootropics market, catering to a wide range of consumers including students, professionals and older people. Products in this segment are designed to enhance memory, cognitive retention and overall brain health. Growing concerns about age-related cognitive decline such as Alzheimer’s and dementia have led to an increased demand for memory-enhancing nootropics. The memory enhancement segment includes various nootropics such as Racetams, Choline & Acetylcholine Intermediates, and Natural Nootropics. The segment’s growth is bolstered by advancements in natural and synthetic formulations, including ingredients like Bacopa monnieri and racetams, which have shown promising results in cognitive studies. The memory enhancement segment plays a dominant role due to its broad applicability and continuous innovation.
The mood and anxiety segment is gaining traction due to increased awareness of mental health issues and the rise of stress, depression and anxiety disorders. Nootropics target mood regulation and stress reduction, such as adaptogens (e.g. horseradish and Rhodiola rosea) and amino acids (e.g. L -theanine). Mood and anxiety are growing rapidly due to the increasing prevalence of stress and anxiety-related disorders. This segment includes various nootropics such as Anxiolytics, Mood Enhancers, and Herbal Nootropics. This category appeals to a number of demographics, including working professionals, parents, and even teenagers. A trend in holistic health solutions puts a greater emphasis on emotional well-being position this segment as a key growth driver in the market.
Analysis by Distribution Channel
As per nootropics market analysis, the offline segment is dominating. Nootropic sales through offline channels accounted for 75.7% in 2023. Offline channels including pharmacies, health and wellness stores and supermarkets are playing an important role in driving the nootropics market. Traditional retail outlets such as hypermarkets, supermarkets, pharmacies & drug stores, convenience stores continue to have a strong presence in many industries, giving consumers easier access to these products. Furthermore, companies focus on providing retailers with consumer product awareness has increased in terms of content and suitability. As a result, the offline channel will be the dominant sales platform for the market during the forecast period.
The online segment is expected to grow at a CAGR of 16.2% from 2024 to 2031. Online channels save time as compared to visiting physical stores, providing a convenient way to order. E-commerce platforms, brand websites, and online health marketplaces allow consumers to purchase nootropics anytime and anywhere, offering detailed product descriptions and reviews. This growth is largely attributed to the ease of shopping offered by online platforms such as Amazon, iHerb, Vitacost and others. These online networking sites are primarily based on experience, often operated by third-party vendors, offer a wide range of products from major manufacturers as well as local producers.
Global Nootropics Market Size By Type, 2022 (%)
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Nootropics Market Regional Insights
North America is a dominating segment within the nootropics market. North America is home to several pharmaceutical agencies, nutraceutical manufacturers, and startups focused on the development and commercialization of nootropic merchandise. Companies in North America are always innovating in the nootropics area, formulating new products that incorporate synthetic and herbal components to enhance cognitive functions. North America plays a dominant and influential role in the global nootropics market, driven by several key factors, including advanced healthcare infrastructure, high consumer awareness, and a growing focus on cognitive health. The region, particularly the United States and Canada, is at the forefront of both the development and consumption of nootropic products.
As per the nootropics market outlook, the Asia Pacific region is expected to grow at a CAGR of 15.7% during the forecast period. Increasing awareness of the daily food needs has driven consumer demand for certain supplements, including active ingredients and nootropics, particularly in response to the COVID-19 pandemic in Asia Pacific. Asia-Pacific is experiencing a surge in customer interest toward cognitive fitness and mental wellbeing, especially in international locations like China, India, Japan, and South Korea. The place’s rapidly growing population, coupled with the growing cognizance of the significance of intellectual clarity, consciousness, and memory, is fueling demand for the nootropic products.
Global Nootropics Market By Geography, 2022-2030
- Largest
- Fastest
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Nootropics Market Dynamics
Nootropics Market Drivers
Increased Awareness of Cognitive Health
- The increasing global awareness on mental health and mental wellbeing is a key driver for the nootropics market. With increasing cases of cognitive decline, memory loss and cognitive fatigue due to age, stress and lifestyle factors, people are turning to mood stabilizers to improve brain function. This tendency is particularly strong in students, professionals and older people who require better concentration, memory and mental clarity.
Growing Demand for Natural Herbal Nootropics
- The shift towards natural and organic products is fueling the demand for plant-based herbal nootropics. Consumers are looking for safe and sustainable alternatives to synthetic products. Products such as ginkgo biloba, ginseng, and bacopa monnieri are gaining popularity due to their perceived efficacy and minimal side effects. This preference aligns with the broader wellness movement, with consumers prioritizing clean labeled natural products, further supporting the growth of the market segment.
Nootropics Market Restraints
Increased Cost of Premium Nootropics
- The cost of high-quality, clinically backed nootropic products is a barrier to widespread adoption. Premium nootropics, which are often formulated using extensive research and patented ingredients, are significantly more expensive than the generic alternatives. This ongoing cost limits the accessibility of budget-conscious consumers, especially in developing countries, thus restricting the market growth.
Lack of Legal Clarity and Standards
- A major challenge in the nootropics market is the lack of clear regulatory guidelines and standards. Many nootropic products are marketed as dietary supplements, which generally do not require stringent approval processes. The lack of uniform regulation hinders the widespread acceptability of the market, especially in areas governed by stringent health and safety standards.
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Nootropics Market Competitive Landscape
The nootropics market is highly competitive and fragmented, with key players focusing on innovation, strategic partnerships and marketing to capture market share. Major pharmaceutical companies like Pfizer and Novartis are using their expertise to develop the clinically proven nootropic solutions. In October 2021, Australia-based start-up Savvy Beverage announced an instant coffee and soda drink containing nootropic ingredients to improve brain function. The product line is an extension of its current product line of functional coffee pods, which are compatible with Nespresso coffee machines.
Top Player’s Company Profiles
- Onnit Labs, Inc.
- Reckitt Benckiser Group PLC
- Mental Mojo, LLC
- NooCube
- Mind Lab Pro (Performance Lab Group Ltd)
- TruBrain
- Zhou Nutrition
- Kimera Koffee
- Purelife Bioscience Co. Ltd.
- Nootrobox Inc.
- Nootropic Source
- AlternaScript LLC
- HVMN Inc.
- Powder City LLC
- Nootropics Depot LLC
- Peak Nootropics
- Nootropic Geek LLC
- Mind Nutrition Ltd.
- Neurofuse Inc.
- BrainMD Health
Recent Developments
- In September 2022, Newriva, a mental health product provider under Reckitt, partnered with chef and nutritionist Alton Brown to promote a holistic approach to brain health.
- In August 2022, Nu: tropic, a UK provider of nootropic products, announced the launch of a nootropic-based snack bar. The bars are made from Norwegian black oats and contain important brain nutrients such as choline, phosphatidylserine and omega-3.
- In October 2021, Australian startup Savvy Beverage launched instant coffee and sodas with nootropic ingredients to boost brain function. The product line is an extension of its current line of functional coffee makers, which are compatible with Nespresso coffee machines.
Nootropics Key Market Trends
- Rise in the Emergence of Customized Nootropics: Personalized health solutions are becoming a major trend, and customized nootropic formulas are gaining momentum. Companies are using AI and data analytics to create customized products based on individual psychological needs, genetics and lifestyle factors. This approach increases customer engagement and generates better results, as well as customer loyalty. The trend reflects a broader shift towards health care equity and personal well-being.
- Integration of Nootropics in Functional Foods and Beverages: These products appeal to a wide audience of millennials and employees included, seeking psychological benefits without the need for such standalone supplements are expected to create new opportunities. To meet the growing demand for convenient and on-the-go solutions, energy drinks, protein bars and tea are increasingly being incorporated into the functional foods and beverages.
Nootropics Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to SkyQuest analysis, increased awareness of mental health and increased demand for natural, herbal brain boosters drive significant growth of market. Consumers including students, professionals and older people are looking for solutions to improve focus, improve memory and mental clarity and increase the demand for synthetic and natural nootropics. Emerging trends including the personalized nootropic formulations and the addition of mood-enhancing ingredients to functional foods and beverages highlight the new potential in the market. However, challenges such as the lack of regulatory standardization and high cost of the premium products restrain market expansion.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 3.77 billion |
| Market size value in 2031 | USD 12.87 billion |
| Growth Rate | 14.62% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
Recent Developments
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Nootropics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Nootropics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Nootropics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Nootropics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Nootropics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Nootropics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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