Nootropics Market Size, Share, Growth & Industry Trends [2031]

Report Description

The nootropics market size was valued at USD 12.5 Bn in 2022 and is likely to reach USD 40.05 Bn by 2031, expanding at a CAGR of 13.85% during 2023–2031. The market is driven by the growing need for improving cognitive performance and the increasing prevalence of mental health issues and the aging population seeking ways to maintain healthy brain function.

The demand for nootropics is growing due to the rising demand for smart drugs and brain boosters. Researchers and industry professionals are turning to these cognitive-enhancing substances to improve their focus and memory. Continuous advancements in product development utilizing both synthetic and natural raw materials which fuel the demand for products. Furthermore, organic nootropics such as coffee and supplements with natural ingredients including Brahmi, arctic root, ginseng, turmeric, and pine bark witnessed a surge as consumers increasingly interested in natural nootropic products. 

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Rising demand for nootropics from the sports industry for mind-boosting drugs is expected to drive the market. Increasing acceptance of nootropics as both enhancers and medication is attracting new market players, further fueling its expansion. Nootropic drugs offer various benefits such as acting as antidepressants, energy boosters, and anxiety resistance, hence they are preferred by individuals.

• For instance, In May 2021, Neuratech (Zoii PTY LTD), a Brisbane-based startup launched three new nootropics in the market. These innovative products were designed to address and enhance various aspects of brain wellness. It is available in both powdered and beverage forms, the nootropics offered flavors such as vanilla and hot chocolate. They are providing consumers with attractive yet enjoyable options to support their cognitive health.

• According to World Health Organization (WHO) in March 2023, depression is a prevalent mental disorder that affects around 280 million of the population. It is estimated that approximately 5% of adults experience depression worldwide. Furthermore, depression tends to impact women more frequently than men.

Nootropics Market Dynamics

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Major Drivers

Increasing prevalence of unhealthy lifestyles among the population is one of the factors driving the market. Unhealthy lifestyles lead to mental disorders such as depression, stress, anxiety, and Alzheimer's. Depression is a common mental disorder that can affect the physical and psychological health of a person, even leading to extreme steps of self-harm or suicidal tendency. According to the World Health Organization (WHO), more than 700 000 individuals die due to suicide every year across the globe. This is expected to drive the demand for various nootropics in the coming years.

Increasing awareness about cognitive health is another factor expected to propel the market. and performance optimization continues to grow, more consumers are becoming interested in exploring solutions such as nootropics. This presents an opportunity for companies to educate consumers about the benefits, risks, and responsible use of nootropics, helping to shape a well-informed consumer base.

Existing Restraints

The high cost of various nootropics supplements is likely to hinder the market. The price variation occurs due to the quality of raw materials and ingredients, efficacy, and innovation behind each formula. The lack of healthcare infrastructure in developing economies and the lack of awareness among people about nootropics is anticipated to hamper the market in the coming years.

Major Opportunities

Increasing trend of smart drug consumption to improve brain functions creates lucrative opportunities for the market. The population around the world is associated with various sports events that consume nootropics supplements to make their brains sharper and calm. The manufacturers in this market are utilizing various marketing strategies that target sports-oriented or active lifestyle-seeking people to develop their brand image among the population.

Scope of Nootropics Market Report

The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Nootropics Market Segment Insights

Product Type Segment Analysis

Based on product type, the nootropics market is divided into prescription, over-the-counter (OTC), homemade, and natural. The prescription segment is expected to expand at a major growth rate during the projection period due to increasing awareness among individuals regarding the risk of dangerous and unpleasant side effects of taking medicines without consulting doctors.

A sedentary lifestyle leads to an increasing prevalence of various chronic diseases and viral flues affecting health. Non-prescription drugs create a risk to health and lead to dizziness, diarrhea, and heart-related issues. Prescription-based medicines are consumed for increasing concentration abilities or brain performance.

The natural segment is expected to expand at a significant growth rate in the coming years due to rising demand among the population for boosting brain functions with natural nootropics. Natural supplements or drugs increase alertness and wakefulness while working. This helps to improve the quality of sleep by boosting attention span and concentration. In addition, Dietary supplements are beneficial for brain energy by stimulating blood flow to the brain cells.

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Dosage Form Segment Analysis

On the basis of dosage form, the global market is segregated into powder, drink, capsule/tablet, and injection. The capsule/tablet segment is projected to register a considerable CAGR during the forecast period due to ease of consumption and higher preference from individuals. Capsules have a fast-acting capacity, it gets easily dissolve in the body and quickly relieve the symptoms. They have higher bioavailability which means more drugs are absorbed into the bloodstream.

Nootropics are mostly available in capsule/tablet form. Tablets are a more accessible form to consume and carry than any other dosage form. Also, it provides an ease to healthcare practitioners during prescribing the drug in capsule/tablet form.

The drink segment is projected to register a considerable CAGR during the forecast period due to the rising trend of ready-to-drink beverages. Nootropic ingredients are being incorporated into RTD shots and drinks to help to improve the functions.  Drink forms have the ability to be digested more quickly than food, allowing them to boost brain functioning instantly.

Application Segment Analysis

Based on application, the nootropics market is segmented into mood & depression, attention & focus, memory enhancement, and longevity & anti-aging. The memory enhancement segment is expected to register a robust growth rate during the forecast period owing to the rising occurrence of dementia among the growing geriatric population of the world. According to World Health Organization published data on 15^th March 2023, more than 55 million individuals living with dementia, which acts as an important factor for clinical trials and innovation in potential drugs.

The mood & depression segment is expected to hold a significant share of the market owing to the rapid demand growth for enhancing cognitive functions using natural products. Some nootropics have mood-enhancing properties and may help reduce symptoms of stress, anxiety, and depression. Adaptogenic herbs such as Rhodiola rosea and ashwagandha are commonly used for their potential stress-relieving effects.

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Distribution Channel Segment Analysis

On the basis of distribution channel, the nootropics market is divided into online and offline. The offline segment is again classified as retail pharmacies and hospital pharmacies. The offline segment is expected to hold a significant market revenue share during the forecast period.

Effective collaboration with health and wellness retailers, such as specialty stores focusing on natural products, and fitness centers can be beneficial for the offline segment growth. These retailers frequently provide to health-conscious consumers who actively seek out products to support their well-being. Nootropics is part of a holistic approach to health and wellness, companies can tap into a targeted customer base that is interested in optimizing their cognitive function for personal well-being.

The increasing penetration of independent retail companies such as Walgreens, Tesco, Costco, and Walmart expanding their supply chain in various developing regions. Offline channels promote the purchase of OTC (over-the-counter) supplements and drugs through high discounts and attractive rewards.

Regional Analysis

In terms of region, the global nootropics market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market during the projection period due to increasing the presence of players in the regions and increasing awareness of nootropics among consumers. Major players such as Mental Mojo LLC, and Onnit Labs LLC are present in the region. Research studies suggest that individuals in the region are highly aware of the medical substances present in smart drugs that help to improve brain function.

Asia Pacific is projected to grow rapidly during the forecast period, owing to increasing anxiety, depression, and stress disorders. This in turn drives the demand for nootropic drugs from individuals. According to the studies stress and anxiety disorders are increasing due to some of the common reasons in the Asia Pacific such as high workloads and long working hours. The lack of mental health awareness among individuals in emerging economies such as India, Japan, and China is leading to the rising prevalence of depression disorders. Nootropic manufacturers focus on reducing and aiding anxiety and stress by using natural ingredients in their products.

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