USD 10.69 billion
Global Nootropics Market Size, Share, Growth Analysis, By Type(Racetams and Ampakines), By Application(Memory Enhancement, and Mood and Anxiety), By Distribution Channel(Offline and Online) - Industry Forecast 2024-2031
Report ID:
SQMIG35A2160 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
85 |
Figures:
81
Global Nootropics Market Insights
Global Nootropics Market size was valued at USD 10.69 billion in 2021 and is poised to grow from USD 12.27 billion in 2022 to USD 37.02 billion by 2030, growing at a CAGR of 14.8% in the forecast period (2023-2030).
Nootropics are a class of cognitive enhancers that aim to improve mental functions such as memory, creativity, and focus. They include natural and synthetic compounds like caffeine, ginseng, and modafinil. Nootropics work by increasing blood flow to the brain, boosting neurotransmitter levels, and protecting brain cells from damage. They are popular among students, professionals, and athletes seeking to enhance their cognitive abilities. However, the long-term effects of some nootropics are still unclear, and their use should be approached with caution and under the guidance of a medical professional. It is projected that increasing consumer demand for brain enhancers and smart pharmaceuticals would drive market expansion. These smart medications are widely used by both professionals and students to enhance concentration and memory. Multivitamin tablets are frequently taken by adults in the United States to enhance mental functions like cognition, memory, alertness, concentration, creativity, and attention. Also, according to an article posted on dualdiagnosis.org in March 2021, smart medicines and nootropics are becoming more popular in the U.S. as more people use them to boost their mental capacity.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Racetams
Fastest Growth
Racetams
Growth Rate
14.8% CAGR
Global Nootropics Market 2022-2030 ($ Bn)
Country Share for North America Region- 2022 (%)
Global Nootropics Market Size By Type 2022-2030 ($ Bn)
Global Nootropics Market Size By Type 2022-2030 (%)
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Global Nootropics Market Segmental Analysis
Global Nootropics market is segmented by type, application, distribution channel, and region. By type, the market can be segmented into racetams, and ampakines. Based on application, the market is segmented into memory enhancement, and mood and anxiety. By distribution channel, the market is segmented into Offline retail, and Online retail. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Type
By type, the market can be segmented into racetams and ampakines. Racetams are the most commonly used nootropics in the market, and they account for a dominant share of the global market. The Racetams segment includes various types of nootropics such as Piracetam, Aniracetam, Oxiracetam, Pramiracetam, and Phenylpiracetam. Piracetam is the most widely used Racetam and has been in the market for many years. However, Phenylpiracetam is the fastest-growing nootropic in this segment, owing to its high potency and effectiveness in enhancing cognitive function.
Ampakines are the fastest growing class of nootropics that have gained popularity due to their ability to improve cognitive function and memory. This segment includes various nootropics such as Sunifiram, IDRA-21, and CX717. Currently, Sunifiram is the dominating nootropic in this segment due to its high potency and effectiveness in enhancing cognitive function. However, CX717 is the fastest-growing nootropic in this segment, owing to its ability to improve memory and cognitive function without causing overstimulation.
Analysis by Application
By application, the market can be segmented into memory enhancement, and mood and anxiety. Memory enhancement is the dominant application of nootropics, and it accounts for a significant share of the overall nootropics market. The memory enhancement segment includes various nootropics such as Racetams, Choline & Acetylcholine Intermediates, and Natural Nootropics. Currently, Racetams dominate this segment, owing to their effectiveness in enhancing memory and cognitive function. Piracetam is the most widely used Racetam in this segment, and it continues to be the dominating nootropic due to its high efficacy and safety profile.
Mood and anxiety is growing rapidly due to the increasing prevalence of stress and anxiety-related disorders. This segment includes various nootropics such as Anxiolytics, Mood Enhancers, and Herbal Nootropics. Currently, Anxiolytics dominate this segment, owing to their ability to reduce anxiety and stress. Benzodiazepines are the most commonly used Anxiolytics, and they continue to be the dominating nootropic in this segment. However, Herbal Nootropics are the fastest-growing segment in this category, owing to the increasing demand for natural and safe alternatives to traditional pharmaceutical drugs.
Global Nootropics Market Size By Type, 2022 (%), 2023 (%)
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Global Nootropics Market Regional Insights
North America dominated the market due to the high adoption of cognitive enhancers among professionals and students. The United States dominated the regional market, with the presence of several key players in the market, including Purelife Bioscience Co., Ltd., Peak Nootropics, and Nootrobox, Inc. The increasing demand for natural nootropics, such as caffeine and herbal supplements, is also driving the market's growth in the region.
Asia Pacific region is expected to grow at the fastest CAGR due to the growing awareness and adoption of cognitive-enhancing supplements among the youth population. Countries like India, China, and Japan are expected to witness significant growth in the market due to increasing disposable incomes, rising healthcare expenditures, and a growing preference for alternative medicine. Moreover, the growing prevalence of age-related cognitive decline in the region is expected to drive the demand for nootropics.
Global Nootropics Market By Geography, 2022-2030, 2024-2031
- Largest
- Fastest
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Global Nootropics Market Dynamics
Drivers
Growing demand for cognitive enhancers
- One of the key drivers of the global nootropics market is the growing demand for cognitive enhancers among students and professionals. With increasing workloads, academic pressure, and competition, people are looking for ways to enhance their cognitive functions such as memory, creativity, and focus. Nootropics provide a solution by boosting brain function and improving mental clarity. Moreover, the growing prevalence of age-related cognitive decline is also driving the demand for nootropics among the elderly population.
Restraints
Lack of standardization and regulation
- One of the key restraints of the global nootropics market is the lack of standardization and regulation in the industry. Many nootropics are not approved by regulatory bodies such as the FDA, which can create safety concerns among consumers. Additionally, the long-term effects of some nootropics are still unclear, which further compounds the safety concerns. The lack of standardized dosages and quality control in the manufacturing process also creates uncertainty around the effectiveness of nootropics.
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Global Nootropics Market Competitive Landscape
The global nootropics market is fragmented with the presence of several small and large players. The market is highly competitive with companies focusing on expanding their product portfolios, improving product quality, and investing in research and development. Companies are also using various strategies such as mergers and acquisitions, partnerships, and collaborations to strengthen their market position. Moreover, the growing demand for natural and herbal nootropics is creating opportunities for new entrants in the market. However, the lack of standardization and regulation in the industry is a significant challenge for companies operating in the market.
Top Player’s Company Profiles
- Cephalon Inc.
- Purelife Bioscience Co. Ltd.
- Teva Pharmaceutical Industries Ltd.
- Nootrobox Inc.
- Nootropic Source
- AlternaScript LLC
- Onnit Labs LLC
- HVMN Inc.
- Powder City LLC
- Nootropics Depot LLC
- Peak Nootropics
- Nootropic Geek LLC
- Focus Supplements Ltd.
- Mind Nutrition Ltd.
- Smart Drug Smarts
- BioMindX Corporation
- Neurofuse Inc.
- Neurohacker Collective LLC
- BrainMD Health
- TruBrain Inc.
Recent Developments
- In March 2023, the pharmaceutical company Roche announced that it was acquiring the nootropics company Synaptic Pharmaceuticals for an undisclosed sum.
- In March 2023, HVMN is set to launch a new nootropic supplement called Mind X, which is designed to improve cognitive function and mental clarity.
- In February 2023, the Canadian company Nutraceutical Labs announced a partnership with the sports nutrition company Optimum Nutrition to develop a line of nootropics aimed at athletes.
- In June 2022, the nootropics company TruBrain announced a $10 million funding round to expand its product line and marketing efforts.
- In February 2022, Brainworks, a brain health company, announced a $5 million funding round to further develop its line of nootropic supplements.
Global Nootropics Key Market Trends
- The global nootropics market is expected to experience significant growth in the coming years due to increasing demand for cognitive enhancers among students, professionals, and the elderly population. The market is witnessing a shift towards natural and herbal nootropics as consumers become more health-conscious. Moreover, companies are focusing on developing innovative products to cater to the growing demand for cognitive enhancement supplements. The market is also expected to face challenges due to the lack of regulation and standardization in the industry, which may affect consumer confidence and limit market growth.
Global Nootropics Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global nootropics market analysis, the market is witnessing significant growth due to increasing demand for cognitive enhancers among students, professionals, and the elderly population. Companies are focusing on expanding their product portfolios, investing in research and development, and using various strategies to strengthen their market position. However, the lack of regulation and standardization in the industry is a significant challenge for the market's growth. The market is expected to witness a shift towards natural and herbal nootropics in the coming years.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 10.69 billion |
| Market size value in 2031 | USD 37.02 billion |
| Growth Rate | 14.8% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
Recent Developments
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Nootropics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Nootropics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Nootropics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Nootropics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Nootropics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Nootropics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Nootropics Market Report Snapshots
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