Global Nootropics Market - 2023-2030

Global Nootropics Market - 2023-2030

The Global Nootropics Market reached US$ 11,055.5 million in 2022 and is projected to witness lucrative growth by reaching up to US$ 31,266.5 million by 2030. The global nootropics market is expected to exhibit a CAGR of 14.3% during the forecast period (2023-2030).

The consumption of smart drugs, or nootropics, to enhance brain function and cognition is experiencing a rapid rise in popularity. This trend is particularly evident among individuals involved in various sports, who seek to improve their mental acuity and focus. Consequently, companies are capitalizing on this consumer base by targeting their products specifically toward athletes.

For instance, Koios, a nootropic beverage company located in Colorado, actively promotes its products through commercials featuring professional athletes. As a result, this emerging trend is expected to have a favorable impact on the revenue growth of the market segment catering to athletes seeking cognitive enhancement.

Nootropics, also known as cognitive enhancers or smart drugs, are substances that are used to enhance cognitive function, memory, creativity, focus, and overall mental performance. These substances can be natural or synthetic compounds and are often taken in the form of supplements, beverages, or pharmaceutical drugs.

Nootropics work through various mechanisms of action. Some enhance neurotransmitter function, such as increasing the production or release of acetylcholine or modulating dopamine receptors. Others promote cerebral blood flow, provide neuroprotective effects, or enhance neuroplasticity, which is the brain's ability to reorganize and form new neural connections.

Common natural and herbal nootropics include substances like caffeine, ginkgo biloba, bacopa monnieri, and rhodiola rosea. Synthetic compounds like racetams (e.g., piracetam, aniracetam), modafinil, and phenylpiracetam are also commonly used. Additionally, certain nutritional supplements like omega-3 fatty acids, vitamins, and minerals may have cognitive benefits and are sometimes categorized as nootropics.

Furthermore, the growing demand for cognitive enhancement, increased awareness and education, and the increasing endorsement of nootropics by celebrities, athletes, and social media are the factors expected to drive over the forecast period.

For instance, according to a 2023 article in the DBEM Journal, notable individuals such as Dr. Andrew Huberman, Rich Roll, and Dr. Gabrielle Lyon have endorsed a specific nootropic brand called Thesis. Dr. Andrew Huberman mentioned that he has been using Thesis for over a year and considers their nootropics to be a transformative addition to his routine.

Similarly, Dr. Gabrielle Lyon, known for working with CEOs, celebrities, and high-performing individuals, recommended and personally took Thesis for enhanced focus and cognition. She even credited the brand's nootropics for assisting her in delivering a successful TEDx talk. Thus, from the above factors, the market is expected to drive over the forecast period.

Market Dynamics

Increasing Launches of Nootropics by the Key Market Players is Expected to Drive Market Growth.

In March 2022, No. 8 launched a mental wellness brand that aims to tackle the rising mental health crisis by combining the benefits of nootropics with mindful practices. This launch comes at a time when anxiety and depression rates have seen a significant increase globally, including in the United States. No. 8 introduces a line of gummies in four variants: Sleep, Energy, Calm, and Focus.

These gummies are formulated using natural ingredients and are designed to have low sugar content, be vegan, non-GMO, gluten-free, and free from artificial sweeteners and synthetic fillers. The gummies incorporate natural nootropics, which have demonstrated their effectiveness in clinical trials involving healthy adults. Thus, from the above factors, the market is expected to drive over the forecast period.

Lack of Regulation and Oversight in Nootropics is Hampering the Growth of the Global Nootropics Market.

The regulatory landscape surrounding nootropics is often unclear and inconsistent. In many countries, including the United States, dietary supplements and some natural ingredients used in nootropics are not subject to the same rigorous testing and regulations as pharmaceutical drugs. This lack of oversight can lead to concerns regarding product quality, safety, and efficacy.

Moreover, the utilization of cognitive enhancers is burdened by social stigma because of misconceptions and stereotypes that categorize nootropics as ""smart drugs"" or a means of cheating. This stigma can discourage individuals from exploring the potential benefits of these substances. Thus, owing to the above factors, the market is expected to hamper over the forecast period.

COVID-19 Impact Analysis

The COVID-19 pandemic has had a mixed impact on the nootropics market. The pandemic has significantly increased global awareness and concern regarding mental health issues such as stress, anxiety, and depression. As a result, there has been a growing interest in solutions that can help improve cognitive function and overall mental well-being, including nootropics.

Moreover, with the implementation of lockdowns, restrictions on physical activities, and remote work arrangements, people have been seeking ways to enhance focus, productivity, and mood while dealing with the challenges of working from home. This has led to an increased demand for cognitive enhancers and nootropics to support cognitive performance and mental clarity.

In contrast, the COVID-19 pandemic has also resulted in increased scrutiny and regulatory attention for dietary supplements and health products, including nootropics. Regulatory agencies have been prioritizing public health concerns, leading to potential delays in product approvals or stricter regulations in some regions. These factors, combined, have significantly influenced the dynamics of the nootropics market.

Russia-Ukraine Conflict Analysis

The Russian-Ukrainian war, which began in 2014, has had limited direct impact on the nootropics market. The conflict primarily involves political, territorial, and military disputes between Russia and Ukraine, and its effects are primarily felt in those areas. However, it's worth noting that geopolitical tensions and regional instability can indirectly impact various industries, including the market for nootropics.

In addition, if the conflict impacts regions where specific ingredients or manufacturing facilities for nootropics are located, it can cause disruptions in the supply chains of related products. This can lead to delays or shortages of certain nootropic formulations.

Also, in times of political instability, governments may prioritize other areas of focus, such as national security and emergency response. This can lead to delays or changes in regulatory processes that govern the production and sale of nootropic products.

Segment Analysis

The global nootropics market is segmented based on dosage form, type, application, distribution channel, and region.

The Online Pharmacies Segment is Expected to Hold a Dominant Position in the Market Over the Forecast Period.

The online pharmacies segment accounted for the highest market stake accounting for approximately 1/3 of the nootropics market in 2022. The rise of e-commerce has significantly impacted the way people purchase medications and health products, including nootropics. Online pharmacies have become popular platforms for accessing a wide range of products conveniently and efficiently.

Convenience is one of the key factors driving the popularity of online pharmacies. Instead of visiting physical stores, consumers can conveniently browse and purchase products from the comfort of their homes. Online platforms are accessible 24/7, allowing individuals to make purchases at their convenience, without the limitations of traditional pharmacy operating hours.

Moreover, online pharmacies offer a broader selection of products compared to brick-and-mortar stores. They often have a vast inventory of medications, supplements, and health products, including various nootropic options. This extensive range allows consumers to explore different brands, formulations, and dosages, enabling them to find the specific nootropic supplement that meets their needs and preferences.

For instance, Walgreens operates an online platform where customers can purchase medications and health products, including some nootropics. They offer home delivery and a wide selection of products.

Similarly, CVS Pharmacy is another well-known retail pharmacy chain that offers an online platform for purchasing medications and health products. They provide a variety of supplements and over-the-counter medications, including potential nootropic options.

Thus, owing to the above factors, the market segment is expected to hold the largest market share in the forecast period.

Geographical Analysis

Increasing Awareness Among Consumers, the Presence of Major Key Players, and Rising Spending on Drugs and Supplements Dominate the North American Region.

North America is expected to dominate the nootropics market, accounting for around one-third of this market.

For instance, the major market players such as Onnit Labs LLC, Mental Mojo, LLC, etc., are present in this region. Moreover, according to the article published in The Washington Post, Americans spend more than 30 billion dollars on vitamins, minerals, and botanical supplements. These factors are having a positive impact on the growth of nootropics market in this region.

Competitive Landscape

The major global players in the market include Nootrobox, Inc., Purelife Bioscience Co. Ltd., Peak Nootropics, Nootrico, SupNootropic Biological Technology Co. Ltd., AlternaScript LLC, Accelerated Intelligence, Inc., Onnit Labs LLC, Powder City LLC, Ceretropic and Nootropic Source among others.

Why Purchase the Report?
• To visualize the global nootropics market segmentation based on the dosage form, type, application, distribution channel, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of nootropics market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global nootropics market report would provide approximately 49 tables, 53 figures, and 195 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies