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
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.
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|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.
Based on the Product Type:
Among the two, the Natural Nootropic Supplements grabbed a sizeable market share in the historical years. Natural Supplements are preferred by the customers susceptible to the use of synthetic ingredients due to their potential side effects on a human's body & brain. Some of the natural nootropic supplements available in the market with an extensive demand among consumers are Caffeine, Ashwagandha, Ginkgo biloba, Panax ginseng, etc. Furthermore, natural supplements provide an abundance of nutrients, vitamins, minerals, etc., that support overall health & do not cause any side effects to the human body, thus making them popular among consumers.
Based on Product Category:
Here, the Over-the-counter Nootropic Supplement market flourished due to factors, such as the increase in demand for no-prescribed drugs & their availability in the non-medicinal stores. These could be consumed without consulting doctors & has fewer side effects, which saves time & cost of visiting the doctor. Furthermore, over-the-counter nootropic supplements enhance the brain activities like memory, alertness, etc., but do not cure any kind of disease, whereas the prescribed supplements consist of the drugs used to cure diseases like Alzheimer’s, Parkinson’s disease, Dementia, etc.
These diseases are prevalent in the old age population & according to the World Bank data 2020, the old age population is approximately 9% of the total world population. However, the young & adult age group prefer to consume over-the-counter nootropic supplements to enhance their cognitive health. Moreover, the majority of the consumers consist of adults & children, hence the demand for over-the-counter supplements is more as compared to the prescribed supplements on the market.
Based on Form:
Among them, the Capsules & Tablets form holds a significant market share as they are small, easy to carry, etc. The tablets & capsules contain more quantity of nutrients as compared to Gummies, drinks, etc. Furthermore, the adults & the aged group customers prefer capsules & tablets as these could be consumed easily & do not have any taste. Additionally, tablets and capsules offer a longer shelf-life for the use of supplements and are portable & simple to use for consumers.
Apart from capsules & tablets, Nootropic Drink is also preferred by children & sportspersons as they are available in various flavors & the nutrients readily dissolve inside the body of the consumer, hence propelling the demand for the product.
Based on Distribution Channel:
Here, the Online Channel has shown significant growth in recent years, owing to the increased use of the internet during the COVID-19 pandemic & the presence of a variety of Nootropic supplements in online stores of various brands, allowing customers to choose as per their needs & benefits. Moreover, the shift in customers' preference to shop online & the well-developed e-commerce sector in various parts of the world are leading to the growth of online distribution channels.
Based on Application
Among them, the Attention & Focus application gained maximum traction in the Global Nootropic Supplements Market. Attention & focus-based Nootropic supplements stimulate or inhibit certain neurotransmitters and are commonly used to enhance the attention & focus of an individual. Hence, these supplements are also called brain boosters, smart drugs, and cognitive enhancers. Further, the respective supplements have also gained momentum as parents often add nootropic supplements to their children's diet to enhance their focus & retaining ability. Moreover, the sportspersons & other players also use nootropic supplements to build up their overall cognitive capabilities during practice & warmups.
Geographically, the Global Nootropic Supplement Market expands across:
Of all the regions around the world, North America held a significant market share & is expected to continue to lead the global market during the forecast period, owing to the presence of a large number of OEMs & awareness among the citizens about nootropic supplements, etc. Additionally, the availability of different market participants gives buyers a wide range of options to choose from based on their requirements. Furthermore, the presence of various online stores in the market & the developed e-commerce sector has contributed to the growth of the nootropic supplement in the region.
Recent Developments by Leading Companies
Key Driver: Increasing Awareness About Cognitive Health Among Customers to Escalate the Market Growth
The increasing penetration of the internet in various countries around the world has helped customers learn about the benefits of nootropic products & their usage. Along with this, the readily available & wide range of Nootropic products on online platforms provides customers to choose products as per their needs & convenience. Furthermore, the increasing health consciousness among the customers during the COVID-19 & post-COVID period has created a demand for these products to improve the cognitive health of the customers, thereby increasing the growth of the market.
Possible Restraint: Side Effects Like Nausea, Headache, etc., to Hinder the Growth of the Market
Nootropic supplements provide numerous advantages to brain health, but some supplements also cause side effects like stomach pain, nausea, anxiety, etc. Along with this, the excess use of these supplements by the students & other adult consumers could lead to such health issues, and sometimes it could also lead to addiction. Furthermore, these supplements are popular among these age groups due to the desire to learn things fast & to boost the brain functionality to achieve their goals. Hence, the side effects & addiction of these supplements could restrain the growth of nootropic supplements in the global market.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The Global Nootropic Supplement Market is expecting around 14.71% CAGR during 2022-27.
A. The Capsules & Tablets segment is anticipated to emerge as an opportunity area for the leading players in the market during the forecast period.
A. The Increasing Use of Nootropic Supplements by the Sports Industry is a leading growth opportunity driving the market growth.