Market Insights
The nootropics market was estimated to grow from USD 10.7 billion in 2021 to USD 28.66 billion by 2028 at a CAGR of over 15.07% during 2022-2028.
Market Dynamics
Increasing demand for smart drugs and brain boosters is likely to augment the demand for nootropics.
- A large number of professionals and students consume these smart drugs to enhance memory and focus.
- Continuous product development using both natural and synthetic raw materials is further expected to propel market growth.
- Furthermore, the surge in the vegan population in developed countries of Europe and North America is further expected to boost the need for plant-based nootropic products.
- In addition, the surging demand for multi-utility drugs that work as an energy boosters, antidepressants, and anxiety resistance further offer immense opportunities to product manufacturers.
Market segmentation
Market segmentation has been done correctly to help the users define and better understand their target audiences and ideal customers. Market segmentation in this report allows you to identify the right market for your products and then target your marketing more effectively.
Based on distribution channels, the nootropics market has been bifurcated into offline and online.
- Among these, the online segment held a substantial market share in 2021 and is projected to register a robust CAGR of almost 14% during the review period.
- This is mainly attributed to the growing preference for nootropics by students.
- Easy payment platforms that fit into the regulatory standards of various countries have made payment operations easier.
- Thus, key industry participants focus on online distribution channels to widen their customer base.
By region, North America dominated the nootropics market in 2021 with an astounding share of around 40% and is projected to grow at a healthy CAGR during the review period.
- This can be attributed to the presence of major healthcare companies, increasing consumer awareness about brain health, and changing lifestyles are expected to boost regional growth.
- Around 50% of the adult population in the US consumes vitamin supplements, this is a key contribution to the regional nootropic industry.
Covid-19 Impact on the Nootropics Market-
As the novel coronavirus (COVID-19) crisis takes over the world, our team of market analysts is continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and their estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Competitive landscape
Relying on data to make business decisions and to have a competitive advantage, is a critical aspect every key player needs to be familiar with. The report throws light on the competitive scenario of the Nootropics Market along with a list of Key players.
Here are few –
- Accelerated Intelligence Inc. (UK),
- AlternaScript (The U.S),
- HVMN (The U.S),
- Onnit Labs, Inc. (The U.S),
- Peak Nootropics (The U.S),
- Teva Pharmaceutical Industries (Israel),
- Purelife Bioscience Co., Ltd. (China),
- United Pharmacies (Moldova), SupNootropic bio co.,ltd (The U.S), and
- Powder City (The U.S).
Report Features -
This market report includes the following features –
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market environment analysis: Growth drivers and constraints.
- Market trend and forecast analysis.
- Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, M&As etc.
- Attractive market segments and associated growth opportunities.
- Emerging trends.
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