Nootropics, also informally called brain boosters or smart drugs, refer to substances that enhance cognitive functioning, particularly creativity, memory, executive functions and motivation. The nootropics market has witnessed significant growth despite a slew of legislative measures to impede and demonise it due to a variety of factors.
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The nootropics market is a fragmented and complex market since the market covers various segments, including medical nootropics, and sees the presence of several established and new players. Product innovations, attractive product packaging, endorsements and mergers and acquisitions characterise the market.
The memory enhancement segment has occupied the largest share in the market and Adrafinil, Phenylalanine, Modafinil, Phosphatidylserine and Noopept, are few of the products in this segment. Memory enhancers are also among the top prescription nootropics and are commonly used for treatment of Alzheimer’s.
However, manufacturers have been attempting to capture a market share across the entire market spectrum, which includes the attention and focus, longevity and anti-aging, anxiety, sleep and recovery, and mood and depression segments. Of these, the attention and focus segment has been the fastest growing segment.
Certain manufacturers have developed products aimed at targeted audiences; for example, Nootrobox’s HVMN Ketone is a product that focuses on sportspersons by increasing physical performance and endurance. Others focus on product novel products; for example, Koios focuses on nootropic beverages, while Neurohacker Collective’s Qualia Nootropic Energy Shot is another liquid nootropic.
Manufacturers have also been moving towards natural nootropics such as caffeine, various types of tea, eggs, fish oil, Brahmi, arctic root, spinach, liver, beets, peanuts, turmeric, pine bark and ginseng, since demand for them has been rising owing to concerns over long-term damage that may be caused by chemical nootropics.
Nootrobox and Gaia Herbs are two companies that have recently launched natural nootropic products. Nootrobox’s Go Cubes brand consists of coffee cubes in three flavours (latte, pure drip and mocha), while Gaia Herbs’ Bacopa is made from Bacopa extracts, its Nootropic Focus is made from saffron, spearmint and lemon balm, and Agile Mind is made from Bacopa, turmeric and ginkgo.
Some of the key players in the global nootropics market include United Pharmacies, Nootrobox, Accelerated Intelligence, Clarity Nootropics, AlternaScript, Purelife Bioscience, Nootrico, Cephalon, Teva Pharmaceutical Industries, Peak Nootropics, Neurohacker Collective, Koios, Onnit Labs, Powder City, Gaia Herbs, and SupNootropic Biological Technology.
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Drivers of the Nootropics Market
Growing consumption of nootropics among students and young working professionals in order to successfully fulfil their obligations has been a leading driver of the nootropics market. Growing concerns and awareness over mental health has also driven the sales of prescription nootropics. Another positive driver for the market has come in the form of greater acceptance of over-the-counter (OTC) nootropics by governments and enforcement agencies.
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Impact of Covid-19
The economic crisis caused due to the Covid-19 pandemic is likely to slow growth in the nootropics market since consumption of nootropics is directly related to people’s disposable incomes, which are speculated to reduce significantly.
However, it remains unlikely that the market will witness negative growth as a consolidated consumer-base of students and the elderly persists. Simultaneously, rising unemployment may also spur the prescription nootropics segment in certain developed countries.
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Europe has been the largest regional segment for the nootropics market, mainly led by its young student population. The North American market is the other large regional segment, but sees greater variation as compared to Europe as nootropics are more commonly used for a range of reasons.
The East Asian regional segment has recorded the largest growth, followed by the South Asian segment. Young working professionals have led the market growth in these segments. Simultaneously, rapidly rising mental health awareness in these regions has also driven the prescription nootropics segment.
Latin America, Oceania, Middle East and Africa are the other major regional segments. These segments remain import dependent and hence offer good opportunities for manufacturers despite their relatively smaller size.
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The report on Nootropics market covers exhaustive analysis on:
- Market Segments
- Market Dynamics
- Historical Actual Market Size, 2015 - 2019
- Market Size & Forecast 2020 to 2030
- Supply & Demand Value Chain
- Market Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
- Market Drivers and Restraints
Regional analysis for Nootropics market includes
- North America
- Latin America
- East Asia
- South Asia
- Middle East & Africa
Report on Nootropics market highlights:
- Shifting industry dynamics
- In-depth market segmentation
- Historical, current and projected industry size
- Recent industry trends
- Key competition landscape
- Strategies of key players and product offerings
- Potential and niche segments/regions exhibiting promising growth
- A neutral perspective towards market performance
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.