The Nootropics Brain Supplements Market is estimated to be valued at US$ 4.1 Bn in 2023 and is expected to exhibit a CAGR of 11.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Nootropics brain supplements are cognitive enhancers that are designed to boost brain functions such as memory, focus, creativity and mood. Some common nootropics ingredients include caffeine, L-theanine, Bacopa monnieri, rhodiola rosea and lion’s mane mushroom. They come in the form of capsules, tablets, powders, and liquids. Increasing awareness about age-related cognitive decline and busy lifestyles that require optimum mental performance are major factors fueling the demand for nootropics supplements.
Market Dynamics:
The rising millennial population globally is one of the major drivers of the nootropics brain supplements market. Millennials are under stress due to work pressure, increasing mental health issues and seeking academic and career enhancement. They are actively looking for natural and organic solutions to boost mental alertness, memory and learning abilities. Additionally, growing elderly population and subsequently rising prevalence of age-related cognitive decline is also propelling the demand for nootropics supplements. As per estimates, over 118 million people worldwide suffered from dementia in 2015 which is projected to triple by 2050. Moreover, ongoing clinical research validating the efficacy of nootropics ingredients in improving various cognitive functions will further augment the market growth during the forecast period.
Segment Analysis
The nootropics brain supplements market is dominated by the cognitive enhancement sub-segment due to the growing focus on boosting mental skills such as memory, creativity, motivation, and attention. Key players are increasingly focusing on developing supplements for cognitive enhancement and targeting student and young professional demographics.
PEST Analysis
Political: Regulations governing the supplements industry influence the nootropics market. For example, the Dietary Supplement Health and Education Act in the US regulates label claims and good manufacturing practices.
Economic: Changes in disposable income levels affect consumer spending on nootropics supplements. Developing economies with improving incomes present lucrative opportunities.
Social: Changing attitudes toward preventive healthcare and cognition support are driving the demand for nootropics. Social media promotion and word-of-mouth endorsements from influencers also influence trends.
Technological: Advanced biotechnology and material science research facilitate the development of effective formulations incorporating novel delivery mechanisms and ingredients backed by clinical studies.
Key Takeaways
Global Nootropics Brain Supplements Market Demand is expected to witness high growth, exhibiting 11% CAGR over the forecast period, due to increasing adoption by students and professionals seeking to boost focus, memory, and productivity without dependence on prescription medications. The market size for 2023 is estimated at US$ 4.1 Bn.
North America represents the largest regional market for nootropics supplements due to high health awareness, discretionary spending capacity, and tech-driven work culture demanding enhanced cognition. The US accounts for over 50% of the global revenue currently.
Key players operating in the nootropics brain supplements market are Onnit Labs, LLC, HVMN Inc., Peak Nootropics, Nootropics Depot, Pure Nootropics, Mind Nutrition Ltd., Natural Stacks LLC, CILTEP, Nuzena, Nootrobox (now HVMN Inc.), TruBrain, Nutrafol, Neurohacker Collective, Neurofuse, and Mind Lab Pro. These companies collect feedback from users and researchers to continuously upgrade their formulations comprising natural and synthetic nootropics.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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