Market Definition
Nootropic Supplements are consumed to enhance the functioning of the brain by boosting the memory, alertness, cognitive functioning, etc., of the individuals. Various types of natural & synthetic ingredients are added in the formulation of nootropic drugs for improving brain function in healthy persons. Nowadays, the competitive, busy, and stressful lifestyle has led to the deterioration of the health of individuals. Therefore, to enhance memory, alertness, creativity, and other brain activities & to sustain in the competitive society, the customers around the world are adding nootropic supplements to their diet as they are easy to consume & are readily available in the market. Moreover, the presence of the nootropic supplements in various food items available in the market helps the customers choose at their convenience & easily add the supplements to their diet
Market Insights
The Global Nootropic Supplement Market is projected to grow at a CAGR of around 14.71% during the forecast period, i.e., 2022-27. The industry has grown as a result of several factors, including the rise in demand for smart medicines & other brain-boosting supplements by students, athletes, professionals, and others to improve their focus & memory. Moreover, the increasing investment by the companies to develop new products with the changing customer preference is providing customers with numerous options based on their needs.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2017-20 |
| Base Year: 2021 | |
| Forecast Period: 2022-27 | |
| CAGR (2022-2027) | 14.71% |
| Regions Covered | North America: The US, Canada, Mexico |
| South America: Brazil, Rest of South America | |
| Europe: Germany, The UK, France, Italy, Spain, Rest of Europe | |
| Asia-Pacific: China, India, Japan, South Korea, Australia, Rest of Asia Pacific | |
| Middle East & Africa: Saudi Arabia, UAE, Israel, Turkey, Egypt, Rest of Middle East & Africa | |
| Key Companies Profiled | Onnit Labs, Mental Mojo, LLC, NooCube, Mind Lab Pro, TruBrain, Peak Nootropics, Zhou Nutrition, Kimera Koffee, Neu Drink, Accelerated Intelligence Inc, AlternaScript LLC, Cephalon, Inc, SupNootropic bio co, Ltd, Teva Pharmaceutical Industries Ltd, Nootrobox Inc, Others |
| Unit Denominations | USD Million/Billion |
Furthermore, the COVID-19 pandemic contributed significantly to the growth of these supplements in the market, as during the pandemic, several individuals faced mental health issues like anxiety, depression, etc., that further shifted their preference toward Nootropic supplements to boost their mental health, focus, creativity, etc.
Therefore, during COVID-19 various retailers launched their online stores to cater to the increased demand during the period. Additionally, other significant factors, such as increased awareness, the convenience of availability, and the affordability of nootropic products, are further driving the market growth.
Key Trends in the Market
Mental illness is prevalent & one of the most common diseases in society. According to the World Health Organization (WHO), depression is a common illness in the world & approximately 3.8% of the world's population is affected by it, including 5% among adults. However, the awareness & attention to mental health were less prominent around the world. Further, COVID-19 led to increased mental instability & depression among the population during the lockdown phase, which shifted their focus toward mental health & well-being.
Thus, the customers started to shift towards a healthy diet with supplements to boost their mental health & stability. However, the increasing awareness among the population about mental health & available medication for it has helped the Nootropic supplements to gain attention in the global market.
Impact of COVID-19 on the Global Nootropic Supplement Market
In 2020, the outbreak of the COVID-19 pandemic & the lockdown imposed by the governments around the world affected the supply chain & trade of goods & people, that further led to the unavailability of raw materials affecting the production of new products in the global market. However, the increased usage of the internet, and growth in health issues like immunity, depression, etc., during the pandemic period accelerated the popularity of the Nootropic supplements in the market. Post-pandemic the need for memory-improving drugs also witnessed a surge in the demand due to increased stress levels among consumers.
Hence, the increased stress level, growing penetration of the internet among customers & online advertisements have played a significant role in creating awareness about Nootropic products in the market during the COVID-19 period, thereby enhancing the market growth.
