"Overview of Nootropics market"
The Nootropics market registered US$ XX Bn in 2018 and it is estimated to reach more than US$ 6.83 Bn by 2027, likely to grow with a CAGR of 9.8 % during the forecast period.
The global Nootropics market has witnessed significant growth since the last few years and is anticipated to grow rapidly in the future. Some of the factors driving the growth of the global market include rising demand for smart drugs, inclination towards natural nootropics, and the rise in the vegan population in developed economies such as Europe and North America.
Inclination towards Natural Nootropics is anticipated to fuel the growth of the Nootropics market
Since the last few years, consumers are inclining towards natural nootropics such as fish oil, caffeine, pink bark, matcha tea, ginseng, green tea, turmeric, Kucha tea, Brahmi, eggs, peanuts, and beets. According to a study conducted by ACE (American Council on Exercise) half of the America population prefer purchasing products that contain natural ingredients. Moreover, the rapid growth in the vegan population favouring the growth of plant-based nootropics, which encourages the manufacturers to develop vegan supplements for nootropics. For instance, in April 2019 Gaia Herbs, one of the leading companies in the herbal industry announced the launch of their new line of vegan nootropic supplements. The product was branded as Bacopa. Also, the nootropics have a major demand for the sports industry aimed at improving brain health. These factors are anticipated to propel the growth of the global nootropics market during the forecast period of 2018 to 2024.
Memory Enhancement Segment had dominated the Global Nootropics Market in 2018
On the basis of application, the global nootropics market is dominated by the memory enhancement segment. The segment occupies the largest market share in 2018. This is mainly due to increasing competition in the education industry. The segment has major applications in students. The rising prevalence of organic nootropics than other synthetic based nootropics is expected to create new opportunities for the growth of the memory segment. In Europe, a number of students consume memory enhancement supplements due to the pressure of examinations. Some of the prominent memory enhancement drugs include Phosphatidylserine, Adrafinil, Phenylalanine, Noopept, and Modafinil.
According to a study conducted by the World Health Organisation, “more than 300 million people suffer from depression globally.” Anxiety disorder is a major issue in the United States. More than 40 million people suffer from an anxiety issue every year. Rising awareness regarding mental health disorders is anticipated to boost the demand for nootropics drugs which is fuelling the growth of the global market.
On the other hand, the attention and focus segment is projected to witness the fastest growth over the forecast period.
Online Segment is projected to be the Fastest-Growing Segment
By distribution channel, the online segment is expected to show phenomenal growth whereas the offline segment held the larger market share which makes it the dominant segment. The growth of the online segment can be attributed to superior features associated with online shopping. The e-commerce websites offer easy payment methods, hassle-free shopping, and easy returns, which result in the growing adoption of these channels among consumers. This is expected to favour the growth of the segment in the future.
North America Had Dominated Global Market, However, Asia Pacific Is Anticipated Expand At Rapid during the Forecast Period
On a regional basis, North America is anticipated to dominate the global market over the forecast period. The U.S. is the largest contributor in North America for the nootropics market. In the United States, more than 50% population uses supplements to maintain their brain health. Also, the presence of major players in the region supports the growth of nootropics market in North America.
Conversely, Asia Pacific is projected to witness fastest growth in coming years. In Asia Pacific, China held the largest share in 2018 which makes it the dominant region in Asia Pacific. Australia also contains significant share. Piracetam and Modafinil are most prevalent products in the region. The companies are engaged in partnering with local players in order to expand their operation in Asia Pacific. Additionally, the rapidly growing education sector in developing Asian countries including Bangladesh, China, and India is propelling the growth of APAC region.
Key Players are anticipated to Adopt Strategies for Organic Growth during the Forecast Period
The global nootropics market is fragmented in nature. There are multiple regional and global companies operating in the market. The companies are engaged in expanding their operation in developing regions such as China, Japan, etc. Also, players have started organic methods such as product launch, merger & acquisition, partnership, and collaborations to strengthen their foothold in global market.
Key players operating in global nootropics market include Accelerated Intelligence Inc., Powder City, HVMN, SupNootropic bio co., Ltd., Onnit Labs, Inc., United Pharmacies, Peak Nootropics, Purelife bioscience Co., Ltd., and Teva Pharmaceutical Industries.
Global Nootropics Market by Application
- Memory Enhancement
- Mood & Depression
- Sleep & Recovery
- Attention & Focus
- Longevity & Anti-aging
Global Nootropics Market by Distribution Channel
Global Nootropics Market by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America