The global nootropics supplements market is driven by increasing demand for cognitive enhancers along with rise in research and development for nootropic supplements.
PORTLAND, Ore, Nov. 2, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Nootropics Supplement Market by Type (Capsules and Tablets, Powder, Liquid), by Product Type (Synthetic nootropics, Herbal nootropics, Amino acid nootropics), by Distribution Channel (Hypermarket/Supermarket, Specialty stores, Pharmacy, Online channels): Global Opportunity Analysis and Industry Forecast, 2022–2032". According to the report, the global nootropics supplements market was valued at $2.5 billion in 2022, and is projected to reach $4.4 billion by 2032, growing at a CAGR of 6.3% from 2023 to 2032.
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Prime determinants of growth
The growth of the global nootropics supplements market is majorly boosted by increased awareness of cognitive health, driven by stress, aging, and work pressures. Regulatory scrutiny has increased, which has fostered transparency and trust among consumers. Personalized nootropic solutions have emerged, which are tailored according to individual needs, thus driving the demand for nootropic supplements. In addition, research and development efforts have driven innovation, which has led to novel products and heightened consumer awareness. Moreover, globalization and e-commerce have promoted competition and product diversity around the world, thus creating opportunity for the nootropic supplements market in the coming years.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $2.5 Billion |
Market Size in 2032 | $4.4 Billion |
CAGR | 6.3 % |
No. of Pages in Report | 300 |
Segments covered | Type, Product Type, Distribution Channel, and Region. |
Drivers | · Increased research and development · Expanding target audience · Globalization of the market |
Opportunities |
· Increasing demand for cognitive enhancers · The increasing prevalence of chronic diseases
|
Restraints |
· Lack of awareness · Availability of Alternatives
|
The capsules and tablets segment to maintain its leadership status throughout the forecast period
Based on type, capsules and tablets segment held the highest market share in 2022, accounting for more than two-fifths of the global nootropics supplements market revenue and is estimated to maintain its leadership status throughout the forecast period. The market for nootropic capsules and tablets is growing due to increased awareness of their cognitive benefits, rising demand for cognitive enhancement, and the popularity of natural remedies. These forms of nootropics are preferred for their ease of use and precise dosing. They are becoming more sophisticated with a wider range of ingredients, though safety concerns persist, despite studies suggesting they are generally safe in moderate use. Thus, the demand for capsules and tablets are growing significantly boosting the market growth. Powder segment held the major CAGR of 6.9% in 2032.
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The synthetic nootropics segment to maintain its leadership status throughout the forecast period
Based on product type, the synthetic nootropics segment held the highest market share in 2022, accounting for nearly half of the global nootropics supplements market and is estimated to maintain its leadership status throughout the forecast period. Synthetic nootropics, which are engineered in controlled laboratory settings, undergo strict regulatory oversight compared to natural counterparts. They are developed to enhance specific cognitive functions, such as focus and memory. Extensive clinical trials are mandated to establish their safety and efficacy. In addition, these synthetic substances offer several benefits, including medicinal purity, targeted action, and the potential for increased efficacy through chemical modifications. Moreover, they often exhibit effectiveness at lower dosage levels, although this raises the risk of overdose. Herbal nootropics segment held the major CAGR of 7.3% in 2032.
The pharmacy segment to maintain its leadership status throughout the forecast period
Based on distribution channel, the pharmacy segment held the highest market share in 2022, accounting for more than two-fifths of the global nootropics supplements market and is estimated to maintain its leadership status throughout the forecast period. The pharmacy distribution channel in the nootropic supplements market has witnessed significant trends. Increasing consumer awareness of cognitive health, driven by factors such as an aging population and rising stress levels, is boosting demand for nootropic supplements, thus making them more accessible through pharmacies. Stricter regulations on product safety and quality control favor pharmacies over other smaller retailers. Moreover, the shift towards e-commerce has allowed pharmacies to expand their product offerings online. Consumers increasingly sought guidance from pharmacists when selecting nootropic supplements, further establishing pharmacies as trusted sources in this market. Online channels segment held the major CAGR of 7.7% in 2032.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022 and is likely to dominate the market during the forecast period. This region also held the major CAGR of 7.4% in 2032. The expansion of the nootropic supplements market in the Asia-Pacific region is driven by several factors, including rising awareness of their benefits, increased demand for natural remedies, and a rising prevalence of mental health issues. Offline distribution currently dominates, but online channels are rapidly expanding, driven by e-commerce trends and convenience. Capsules/tablets are the favored form, although powdered supplements are gaining traction due to ease of consumption. China leads the market, with Japan and India following closely, while South Korea, Singapore, and Malaysia also exhibit rapid growth.
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Leading Market Players: -
- Lincoln Cannon LLC
- Natural Stacks
- Peak Nootropics
- Kimera Koffee
- Onnit Labs, Inc.
- Powder City
- Purelife Bioscience Co., Ltd.
- Nootropics Depot
- Gaia Herbs, Inc.
- Mental Mojo, LLC
The report analyzes government regulations, policies, and patents to provide information on the current market trends and suggests future growth opportunities globally. Furthermore, the study highlights Porter's five forces analysis to determine the factors affecting market growth.
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