Nootropic Products Market size is estimated to reach $4.87 billion by 2025, growing at a CAGR of 12.85% during the forecast period 2020-2025. Nootropics are the supplement or the drugs that are used to enhance brain function, memory, creativity and other brain boosts. Nootropic products usages has been increasing rapidly, owing to increased usage around the world for brain enhancement. The increasing population of depression, mental fatigue are driving the nootropic products market around the globe. Increasing research and developments by the manufactures to make nootropics from the natural products is driving for the growth of this nootropic products market.
By Application – Segment Analysis
The Application segment of Nootropic Products Market has Memory enhancement, Reduce brain fog, Mood improvement, mental speed, Alertness & focus, Sleep & recovery, and Anxiety. The memory enhancement segment registers for the highest market share in 2019 and is set to continue growth for the forecast period (2020-2025), owing to the increased usage by the students for the academics and usage by the people having Alzheimer disease. Attention and focus segment is also set to have a growth owing to the increased usage in the sports industry and by the working population. Availability of naturally derived nootropics and increased health awareness to use natural products for brain improvements is the other factor boosting the market.
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By Distribution channel- Segment Analysis
The global Nootropic Products Market based on type has offline and online segments. The Offline which is sun-categorized in to hypermarkets or supermarkets, pharmaceutical stores and others, registers for the highest market share in 2019 and is set to continue for the forecast period (2020-2025), owing to the availability of different types of brands and increased preference by the consumers to buy at the stores. The online segment is also set to grow during the forecast period owing to the increased usage by the students and the aged population for brain enhancement. The easy payment method and ease of selection for different types of products in online stores is driving the market in this segment.
By Geography – Segment Analysis
Based on Geography the nootropic product market is segmented into North America, Europe, Asia-Pacific and Rest of the World. North America segment has a dominating market in the year 2019 and is set to have the fastest growth during the forecast period 2020-2025. North America holds the largest market share owing to the increase in consumption for brain improvement. The market in Asia-Pacific is estimated to grow owing to the increase in awareness among the population of counties like India and China for the usage of nootropics for memory enhancement. Europe is also set to have good growth, as a large number of students and adult population use for memory enhancement, Alertness & focus, Sleep & recovery, and Anxiety
Drivers – Nootropic Products Market
Increased number of consumers for nootropic products
The demand for Nootropic products is driving forward owing to the increase in the number of consumers like students for the academic performance, sports-persons for the focus and alertness, adults for the improvement of memory. This rising demand of drugs for the brain and having the availability of naturally derived nootropics is driving the market. Increased funding by government and private sectors to develop more natural and synthetic Nootropic products are supporting market growth globally.
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Challenges – Nootropic Products Market
Lack of awareness of nootropic products
Lack of awareness among the people about the brain enhancing supplements and lack of awareness among the side effects of regular consumption of the drugs is a challenge for market growth during the forecast period 2020-2025.
Nootropic Products Industry outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Nootropic Products Market. Key companies of this market are Onnit, Purelife Bioscience Co. Ltd, Peak Nootropics, AlternaScript LLC, Accelerated Intelligence, Inc Powder City LLC, HVMN, Cognitive Clarity Inc, United Pharmacies, Teva Pharmaceutical Industries, and others.
In March 2018, Cognitive Clarity Inc., launches Percepta, a unique plant-based nootropic nutraceutical, designed to target the accumulation of plaques and tangles in the brain that directly contribute to normal age-related memory loss.
In July 2020, birdbrain labs company has launched a nootropic infused energy drink, which is used to make the people brain suck less.
Geographically, North America’s Nootropic Products Market accounted for the highest revenue share in 2019 and it is poised to dominate during the forecast period 2020-2025 owing to the high usage of nootropics in countries like U.S.
Growing awareness regarding the mental health and raising demand by the sports industry for the decision-making by the brain.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Nootropic Products Market report.
According to WHO reports, depression is a common illness in the world with more than 264 million population, this report support the increasing demand for the usage of the nootropics.
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