Nootropics Industry Overview
The global nootropics market size to be valued at USD 29.24 billion by 2028 and is expected to grow at a compound annual growth rate (CAGR) of 15.0% during the forecast period. Rising demand for brain boosters and smart drugs is anticipated to fuel market growth. A large number of students and professionals consume these smart drugs to improve focus and memory. Continuous product development using both synthetic and natural raw materials is projected to further fuel the product demand.
The COVID-19 pandemic made a significant contribution in boosting the demand for nootropics as the consumers' inclination has shifted towards brain-health boosting supplements, drinks, and bars to improve their cognitive health. Moreover, several startups and retailers were benefited from online sales of nootropics owing to the COVID-19 pandemic. Furthermore, the demand for organic nootropics such as coffee and supplements with natural ingredients like Brahmi, arctic root, turmeric, ginseng, and pine bark witnessed a surge as consumers are seeking natural nootropics products.
Gather more insights about the market drivers, restraints, and growth of the Global Nootropics market
A significant amount of the adult U.S. population consumes multi-vitamin tablets for improving functional capabilities of the brain such as improving cognition, memory, alertness, concentration, creativity, and attention. Moreover, according to the article published on dualdiagnosis.org, in March 2021, smart drugs and nootropics are on the rise in the U.S. as various consumers consume them to improve mental power, which is expected to continue during the forecast period.
Nootropics help the brain to focus, which is highly beneficial for sports enthusiasts. Therefore, companies have been strategically targeting these consumers. For instance, Koios, a nootropic beverage firm located in Colorado, U.S. markets its products in the sports industry by appointing professional players for commercials and sponsoring famous e-sports teams. Citicoline, Choline bitartrate, Alpha-GPC, Caffeine, and N-Acetyl-L-Tyrosine are the naturally derived nootropics that help in improving focus.
Product manufacturers have been introducing new products to cater to the overwhelming demand from consumers. For instance, in April 2019, Gaia Herbs launched a new product - ‘Bacopa’, which is a vegan supplement made using natural ingredients. It contains lemon balm, saffron, and spearmint.
In May 2021, Neuratech (Zoii PTY LTD), a startup based in Brisbane, planned to launch 3x new nootropics. These products are designed to solve and support specific problems related to brain wellness and are available in powered and beverage form in flavors including vanilla and hot chocolate.
Browse through Grand View Research's Consumer F&B Industry Research Reports.
Gluten-free Bakery Market - The global gluten-free bakery market size was valued at USD 1.64 billion in 2021 and is expected to register a compound annual growth rate (CAGR) of 10.8% from 2022 to 2030.
Wheatgrass Products Market - The global wheatgrass products market size was estimated at USD 174.73 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.3% from 2022 to 2030.
Nootropics Market Segmentation
Grand View Research has segmented the global nootropics market on the basis of form, distribution channel, and region:
Nootropics Form Outlook (Revenue, USD Million, 2016 - 2028)
- Capsules/Tablets
- Powder
- Drinks
- Others
Nootropics Distribution Channel Outlook (Revenue, USD Million, 2016 - 2028)
- Online
- Offline
Nootropics Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa
Market Share Insights:
April 2021: Unilever announced that it had signed an agreement to buy Onnit, a holistic company based in Austin, Texas (US) that focuses on supplements for maintaining physical fitness. This agreement resulted in a purposive vision to make improvements in the wellbeing of consumers through scientific solutions
February 2022: Vaga.org and Vagarights.com have merged to improve the online experience for nootropics research and reviews. The merging of both the organizations has been successful in providing accurate scientific information and suitable research. Hence, both the companies will carry forward the brand, VAGA and this resulted in providing individuals with insightful content on health and wellness
Key Companies profiled:
Some prominent players in the global Nootropics market include
- Onnit Labs
- Reckitt Benckiser Group plc.
- Mental Mojo, LLC
- NooCube
- Mind Lab Pro
- TruBrain
- Neu Drinks
- Peak Nootropics
- Zhou Nutrition
- Kimera Koffeee
Order a free sample PDF of the Nootropics Market Intelligence Study, published by Grand View Research.
No comments:
Post a Comment