Nootropics Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMPH1065 | Last Updated On: Jun 23 2022 | Available Formats

> Global Nootropics Market Expected to reach a high CAGR of 13.65% By 2029: DataM Intelligence

Global 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

 

Market Overview

The Global "Nootropics Market" is expected to grow at a CAGR of 16.5% over the forecasting period ( 2022-2029).

Nootropics are supplements, drugs, and other substances that could improve cognitive function, mainly functions like creativity, memory, or motivation, in healthy individuals. They can be made of natural or synthetic substances. Over 80 different 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, while others work over long-term cognitive health and mental performance if taken consistently for weeks. While many substances are purported to improve cognition, research is at a preliminary stage as of 2019, and the effects of the majority of these agents are not fully determined.

Market Dynamics

The global market for the Nootropics Market is primarily driven by the growing awareness regarding the health benefits of the 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 the product demand during the forecast period. Additionally, the easy accessibility and cost-effectiveness of the product are expected to boost the sale of the product. Moreover, these products are used in the treatment of several cognitive and age-related disorders, such as Alzheimer’s disease, anxiety, and Parkinson’s disease.

However, the high cost of the products, stringent regulatory framework, and low product awareness may hinder the market progress in the forecast period.

Market Segmentation

By Application, the global Nootropics market is segmented into Memory Enhancement, Mood and Depression, Attention and Focus, Longevity and Anti-aging, Sleep, Recovery, and anxiety, and others. Memory enhancement holds the most substantial market share, and it is anticipated to remain the dominant share during the forecast period. Memory enhancing nootropics enhance learning capacity and information retention, increase brain functions, enhance the ability of learned behaviors to resist disruption, and protect the brain from chemical harms. These properties make nootropics attractive to entrepreneurs, students, scientists, artists, and Silicon Valley executives as they are increasingly using memory enhancers to sharpen their minds to gain a competitive edge. Moreover, the growing awareness, easy accessibility, and the booming market for supplements are expected to drive the market.

Geographical Share

Geographically, the global market is divided into North America, Europe, South America, Asia-Pacific, and the Middle East and Africa.

North America holds the most significant market share globally owing to the high awareness in consumer population for preventive and cognitive health and increasing number of self-directed consumers. Europe accounts for the second-largest market for nootropic drugs and is driven by the considerable rise in the demand for cognitive healthcare products among the youth in the region. The Asia Pacific is expected to be the fastest-growing nootropic market owing to the favorable regulatory scenario in the area. Moreover, countries like India and China have a great history of natural and herbal-based cognitive drugs that boosts brain functions and other body functions, the foreign investment in collaboration with the local players has determined substantial growth in the nootropics market.

Competitive Analysis

Key players are adopting strategies such as mergers and acquisitions, partnerships, and regional expansion to stand out as strong competitors in the market. New product launches and increasing R&D are other ways the leading players improve their market presence.

In April 2019, Gaia Herbs, the leading herbal brand in North America, unveiled its new line of vegan nootropic supplements- Bacopa, Agile Mind, and Nootropic Focus.

In April 2019, Reckitt Benckiser, global producer of popular consumer health, hygiene, and home products, launched Neuriva, a dietary supplement and holistic approach to support brain health

In November 2018, Cognitive Clarity Inc. announced the debut of Percepta, the world's first plant-based nootropic targeting the accumulation of brain plaques and tangles in normal aging.

In September 2018, Koios Beverage Corp. announced the launch of two additional products its existing line of beverages. The first product is a beverage infused with cannabidiol (CBD), a cannabinoid derived from hemp plants, along with Koios' proprietary nootropic stack.

Key Takeaways

  • The global market for the Nootropics Market is primarily driven by the growing awareness regarding the health benefits of the nootropics and increasing consumer spending on healthcare and wellness products.

  • Memory enhancement holds the most substantial market share, and it is anticipated to remain the dominant share during the forecast period.

  • North America holds the most significant market share globally owing to the high awareness in consumer population for preventive and cognitive health and increasing number of self-directed consumers. 

  • New product launches and increasing R&D are other ways the leading players improve their market presence. For instance, in April 2019, Reckitt Benckiser, a global producer of popular consumer health, hygiene, and home products, launched Neuriva, a dietary supplement and holistic approach to support brain health.

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