Nootropics Market Size, Competitive Landscape and Market Forecast - 2029
Nootropics Market is segmented By Application (Memory Enhancement, Mood and Depression, Attention and Focus, Longevity and Anti-aging, Sleep, Recovery and Dream Enhancement, Anxiety, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029.
Nootropics Market size was valued about US$ YY million in 2021 and is expected to reach US$ YY million by 2029, growing at a CAGR of 13.5% during the forecast period (2022-2029).
Nootropics Market
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Metrics |
Details |
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Market CAGR |
13.5% |
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Segments Covered |
By Dosage Form, By Type, By Application, By Distribution Channel, and By Region |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
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Fastest Growing Region |
Asia Pacific |
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Largest Market Share |
North America |
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Nootropics are supplements, drugs, and other substances that could improve cognitive function in healthy individuals, mainly creativity, memory, or motivation. They can be made of natural or synthetic substances. Over 80 compounds can be classified as nootropics, including herbs, vitamins, phospholipids, amino acids, choline sources, antioxidants, and psychedelics. Some of these compounds act for the short term, providing a few hours of temporarily enhanced energy, mental focus, or creativity. In contrast, others work over long-term cognitive health and mental performance if taken consistently for weeks.
Market Dynamics
The global nootropics market is primarily driven by the growing awareness regarding the health benefits of nootropics and increasing consumer spending on healthcare and wellness products. The rising trend of cognitive enhancement among healthy people for academic success, professional advantage, athletic performance, personal improvement, and sustaining brain activities during old age is expected to improve product demand during the forecast period. Additionally, the easy accessibility and cost-effectiveness of the product are expected to boost its sale. Moreover, these products treat several cognitive and age-related disorders, such as Alzheimer’s, anxiety, and Parkinson’s.
High adoption of vegan nootropics is expected to drive market growth.
For instance, on February 22, 2022, Australian start-up AusVitality launched its first product with an adaptropic, a supplement that combines adaptogens and nootropics to alleviate burnout and weariness. The Australian Register of Therapeutic Goods (ARTG)-listed tablet product Mindlift contains adaptogens ashwagandha (Withania somnifera) root extract and Rhodiola Rosea root extract, as well as nootropics Bacopa monnieri whole plant extract. It claims to increase mental focus, clarity, and vitality and decrease cognitive tiredness, stress symptoms, and moderate anxiety. Moreover, on August 1, 2022, Mindright, a snack company, launched a first-of-its-kind line of popped chips packed with brain-boosting nootropic chemicals. The new product line is available in three flavors such as Chili Lime, Cinnamon Churro, and Tumeric Ranch. The popped chips are produced with the brand's trademark nootropic blend, which includes ginseng, lion's mane, and L-Theanine, as well as vitamins B6, B12, and antioxidants that improve energy, mood, and focus. The chips are produced with 100% avocado oil rather than standard oils like canola or soybean. Thus, from the above factors, the market is expected to drive in the forecast period.
Side effects and interactions with nootropics drugs are expected to hamper the market growth.
Supplements may not contain what their labels claim. For instance, a study of Rhodiola products discovered that some include toxins or other components not specified on the label. As a result, it is critical to buy supplements only from trustworthy companies that have undergone independent testing. Moreover, L-theanine (nootropic drug) may interact with the following medicines and supplements used to treat high blood pressure stimulants, such as those used to treat attention deficit hyperactivity disorder (ADHD) and caffeine-containing supplements. Thus, from the above factor, the market is expected to hamper the forecast period.
COVID-19 Impact Analysis
The COVID-19 epidemic positively impacted the nootropics industry. According to Memorial Sloan Kettering Cancer Center, One of the dozens of strange symptoms that have surfaced in COVID-19 patients is a syndrome known colloquially as COVID brain or brain fog. It is characterized by disorientation, headaches, and short-term memory loss. In difficult situations, it can cause insanity and even seizures. It usually appears several weeks after someone falls ill with COVID-19. Therefore, the COVID-19 pandemic contributed significantly to the demand for nootropics, as consumers' preferences for brain-health-enhancing supplements, drinks, and bars improve their cognitive health.
Moreover, due to the COVID-19 pandemic, various companies and shops gained from online sales of nootropics. Furthermore, as customers seek natural nootropics products, demand for organic nootropics such as coffee and supplements containing natural substances such as Brahmi, arctic root, turmeric, ginseng, and pine bark has increased. Thus, from the above statements, the market is affected positively in the forecast period.
Segment Analysis
Tablets segment is expected to hold the largest market share in nootropics
The tablets segment accounted for the largest market share in 2021. The segment benefits because it is a low-cost, safe, and effective method of delivering long-lasting, chewable oral medication. The majority of nootropics are available in tablet form. Tablets are simpler to carry and consume than any other form of media. It also makes it easier for healthcare providers to prescribe medicine in tablet form. Thus, from the above factors, the market segment accounted for the largest market share in the forecast period.
Geographical Analysis
North America region holds the largest market share in the global nootropics
North America region accounted for the largest market share in 2021. The increasing prevalence of anxiety, owing to the high awareness in the consumer population of preventive and cognitive health and the increasing number of self-directed consumers, product launches and collaborations by the market players are the factors to drive the market in the forecast period. For instance, according to the American Psychological Association, anxiety and depression rates among US adults were around four times higher between April 2020 and August 2021 than in 2019. Males, Asian Americans, young adults, and parents with children experienced the greatest increases. From January through December 2019, the average monthly percentage of US adults reporting anxiety symptoms ranged from 7.4% to 8.6%. In contrast, from April 2020 to August 2021, the range of average sub-monthly percentages of US adults reporting anxiety symptoms is shown. 28.2% – 37.2%.
Moreover, on 28th July 2022, BioAdaptives Inc. launched MindnMemory, an enhanced nootropic aimed to improve memory, mental focus, clarity, and attention. MindnMemory has a steady, smooth onset and lasting effect, retaining good effects without the abrupt "high" and "crash" induced by caffeine and comparable compounds. The company developed and tested this stimulant-free formulation based on Traditional Chinese Medicine and Ayurvedic Culture in response to a high demand for a premium product that supports peak performance. MindnMemory is intended to aid people suffering from age-related cognitive loss and anyone, especially e-Gamers, seeking peak perception, judgment, accuracy, reaction speed, and mood elevation. Thus, from the above statements, the North American region accounted for the largest market share in the forecast period.
Competitive Landscape
Major key players in the nootropics market are Nootrobox, Inc., Purelife Bioscience Co. Ltd., Peak Nootropics, Nootrico, SupNootropic Biological Technology Co. Ltd., AlternaScript LLC, Accelerated Intelligence, Inc., Onnit Labs LLC, Powder City LLC, Ceretropic and Nootropic Source.
On February 2, 2022, Vaga.org and Vagarights.com merged to strengthen the online nootropics research and review experience. The merger of both organizations has resulted in reliable scientific knowledge and appropriate research.
Nootrobox, Inc.:
Overview:
HVMN (formerly known as Nootrobox) is a privately held company founded in 2014 and headquartered in San Francisco. The company offers a range of products for daily keto support and overall brain and body optimization. It offers Rise, a daily nootropic designed to enhance long-term cognitive performance and to increase working memory and resilience to stress; Kado, a complete Omega-3 healthkit; Sprint, a nootropic for energy and focus; Yawn, a rejuvenating sleep aid; and Go cubes, which are chewable gummy coffee.
Product Portfolio:
Nootrobox: Nootrobox is a system of four nootropic blends designed to provide energy & focus, improve memory, protect your brain and body, and improve sleep quality.
The global nootropics report would provide an access to an approx. 45+market data table, 40+figures and 180pages.
Frequently Asked Questions
What is the Projected CAGR value of the Nootropics Market?
Nootropics Market is expected to grow at a CAGR of 16.5% during the forecasting period 2022-2029.
Which region controlled the global market during 2022-2029?
North America region Controls the Nootropics Market during 2022-2029.
Which is the fastest growing region in the Nootropics Market?
Among all regions, Asia Pacific is the fastest growing market share during the forecast period.