The new report by Expert Market Research titled, ‘Global Nootropics Market Size, Share, Price, Analysis, Report and Forecast 2021-2026’, gives an in-depth analysis of the global nootropics market, assessing the market based on its segments like type, distribution channel, application, and major regions like Asia Pacific, Europe, North America, Middle East and Africa and Latin America.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2023-2028)
- Historical Market Size (2022): USD 2 Billion
- Forecast CAGR (2023-2028): 14 .6%
- Forecast Market Size (2028): USD 5 Billion
The growth of global nootropics market is primarily driven by the need to enhance mental performance in the competitive and challenging work environment. The increasing competition in academics and work environment is creating a demand for mental performance enhancers. Additionally, the factors such as rising disposable among classes, growing awareness about benefits of nootropics, and growing demand from sports sector is likely to push the growth of the market. Moreover, the growing popularity for plant based or herbal nootropics will aid the growth due to rising popularity herbal products. However, due to various side effects, and lack of awareness may constrain the growth in the forecast period.
Nootropics Industry Definition and Major Segments
Nootropics are drugs or supplements that improve cognitive function, such as, memory, creativity, or motivation, in individuals. These products are not pharmaceutical compounds and are primarily used by students to enhance their brain functions.
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The market is bifurcated by type into:
- Prescription
- OTC
The market is segmented on the basis of distribution channel into:
- Online
- Offline
The market is segregated on the basis of application into:
- Mood and Depression
- Longevity and Anti-Ageing
- Sleep and Recovery
- Memory Enhancement
- Attention and Focus
- Anxiety
- Others
On the basis of regional markets, the industry is divided into:
1 North America
1.1 United States of America
1.2 Canada
2 Europe
2.1 Germany
2.2 United Kingdom
2.3 France
2.4 Italy
2.5 Others
3 Asia Pacific
3.1 China
3.2 Japan
3.3 India
3.4 ASEAN
3.5 Others
4 Latin America
4.1 Brazil
4.2 Argentina
4.3 Mexico
4.4 Others
5 Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.3 Nigeria
5.4 South Africa
5.5 Others
Nootropics Market Trends
Regionally, North America is the largest shareholder of global nootropics market owing to large consumer base in the region. Moreover, the presence of key market players for nootropics market aids to the growth of the region. Additionally, factors such as consumption of multi-vitamin, increasing awareness for cognitive health, easy over the counter availability, and a growing population are driving the market growth. Meanwhile, the Asia Pacific is projected for the fastest growth owing to traditional usage of herbal nootropics in countries such as China and India. Further the foreign investment and collaboration with regional players is expected to propel the growth in the forecast period.
Key Market Players
The major players in the market are Purelife Bioscience Co., Ltd., UCB S.A., HVMN Inc., Gaia Herbs, Inc., and a few others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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