Global Nootropics Market 2020 (Includes Business Impact of COVID-19)

                                          
Global Nootropics Market Size, Revenue Shares, Growth Rates, Trends, Opportunities, Drivers, Challenges, and Forecast till 2029 is a recently created report and outcome of a deep study on the target market. The report focuses on product types available currently, pipeline products (if any), applications, driving and challenging factors, trends, opportunities, etc. as a part of dynamics of the market. Also, a significantly vast collection of new information and data has been added to further strengthen our earlier findings, study, analysis, and publication. Furthermore, report offers revenue details for the segments, regions, and key countries considered in the report as mentioned in the scope of the report section, apart from global nootropics market value and growth rate over the next 10 years. Profiles of key prominent players functioning in the global market have been included in the finished report along with details such as company revenue, details of business segments and revenues, change in percentage of revenue growth as compared to the previous year, recent major developments and launches by the company, contact details, etc. The global nootropics market is divided on the basis of application, distribution channel, and region/ country.

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Nootropics: Overview

Nootropics, often referred as smart drugs or cognitive enhancers, are supplements, drugs, or other substances that may help to enhance cognitive functionality, specifically executive functions, creativity, motivation, and memory, in individuals with good health. While various research and development activities have been going on, as of 2019, research in this field is still at its preliminary stage, and effects of majority of these supplements are not yet fully determined. However, sales of these drugs or supplements have been increasing since a few years.

Global Nootropics Market: Dynamics

Increasing demand for cognitive enhancers or smart drugs among the global population in order to enhance memory and stay focused on studies or work and sports is a major factor estimated to drive market growth. From the recent past, preference of consumers has rapidly shifted toward consumption of natural and organic supplements, and the vegan population is also rising at a faster pace. These aforementioned factors, coupled with increasing focus of manufacturers to develop natural or organic ingredients-based supplements in order to target customers is projected to drive market growth to a significant extent. These natural nootropics include matcha tea, Kucha tea, green tea, caffeine, beets, spinach, eggs, peanuts, fish oil, among various other options. Moreover, as per the American Council on Exercise, nearly 50% consumers in the US prefer purchasing and consuming natural ingredients-based products. In addition, in 2019 for instance, a US-based company -Gaia Herbs -recently launched a range of supplements for vegan population -Bacopa -which is Bacopa-based drug; a saffron- spearmint- and lemon balm-based supplement -Nootropic Focus, and gingko, turmeric and Bacopa-based supplement -Agile Mind. Furthermore, increasing prevalence of depression among population, coupled with increasing demand for these supplements as antidepressants are additional key factors projected to drive market growth. For instance, as per the World Health Organization, more than 300 Mn individuals regardless of age are suffering from depression globally.

However, high cost of certain supplements, no clear evidence of whether the supplements are helpful and are working, and possible side-effects of overconsumption of these supplements are major factors that could affect market growth.

Segment Insights: Global Nootropics Market

Insights, based on Applications:

The memory enhancement segment recorded the largest revenue share in the last year. This is due to rising competition among students in academics, which is resulting in higher demand for nootropics supplements to improve brain functions such as memory, etc. Increasing adoption of smart drugs in order to cope up with examination and competition stress is projected to support market growth to substantial extent. In addition, rising demand for nootropics supplements from elderly population to enhance memory is another key factor driving segment growth. These supplements are gaining popularity and importance among patients suffering from Alzheimers disease. The most popular supplements for memory enhancement are Modafinil, Adrafinil, Noopept, Phosphatidylserine, and Phenylalanine. The attention and focus segment is projected to record the highest CAGR over the 10-year period. This can be due to increasing working population, rising stress levels, need for extra boost to focus on work. In addition, rapidly increasing number of participation in any kind of sports is additional factor boosting segment growth in the market. These drugs have ability to improve focus of the brain, which is one of the important prerequisites for winning physical games and e-sports as well. For instance, a US-based company -Koios -which manufactures and sells nootropic-based beverages promotes and markets its products in e-sports market by celebrity endorsements and sponsorships including one of their products -Impulse.

Insights, based on Distribution channels:

The offline segment recorded the largest share in terms of revenue in the last year and is projected to witness high revenue growth in the year to come. This is due to increasing consumer preference to purchase from drug stores. The online segment revenue is projected to grow at the highest growth rate in the next 10 years, owing to rising preference for purchasing online, especially by the younger population such as students. These online websites and apps offer hassle-free shopping, easy payment transactions, and easier operations. In addition to this, various nootropic manufacturers are focusing on making their products visible online in order to reach a large consumer base across the globe.

Insights by Region: Global Nootropics Market

The North America market is estimated to record the largest revenue share in the global market, due to presence of a large number of players, higher adoption of nootropics by students and working population to enhance memory and improve focus. In addition, growing number of individuals suffering from anxiety disorders, sleep disorders, depression, etc. is also anticipated to propel market growth in North America. high consumption of vitamin supplements, rising number of approvals for these drugs such as FDA-classified ˜Generally Regarded As Safe products, and strong marketing strategies are additional important factors driving North America market growth. According to WHO, in the US, anxiety is among the most common brain disorder, and in 2018, approximately 40 Mn adult individuals in the country suffered from this disorder.

Revenue from the Asia Pacific market is projected to expand at a significantly higher CAGR over the next 10 years, due to rising stress levels, competitive scenarios in every field, rising demand for anti-aging and longevity supplements, especially from women, and easy availability of these drugs on e-commerce websites. In addition, rising population, increasing competition, availability of various drugs such as Piracetam and Modafinil, presence of players in China and high demand from the Australia market are other key factors augmenting market growth.

Global Nootropics Market Segmentation:

Market Segmentation by Application:

  
Memory Enhancement
  
Mood & Depression
  
Attention & Focus
  
Longevity & Anti-aging
  
Sleep & Recovery
  
Anxiety

Market Segmentation by Distribution Channel:

  
Offline
  
Online
  
Market