San Francisco, 07 February 2024: The Report Nootropics Market Size, Share & Trends Analysis Report By Form (Capsules/ Tablets, Powder, Drinks), By Distribution Channel (Online, Offline), By Region, And Segment Forecasts, 2023 - 2030

The global nootropics market size was estimated to reach USD 11.17 billion in 2030 and is expected to grow at a CAGR of 14.6% from 2023 to 2030, according to a new report by Grand View Research, Inc. The global market has witnessed increased growth in the last few years, which is expected to continue over the forecast period. This growth is driven by the increasing awareness among consumers regarding the cognitive health benefits of nootropics and their desire to improve mental performance. As the global population ages, there is a growing interest in products that support brain health, and nootropics are seen as a viable option. In addition, the prevalence of stress and mental health concerns is propelling individuals to explore cognitive enhancers.

Nootropic capsules have higher penetration as they are easy to take and do not require any preparation or mixing. Consumers can simply swallow a capsule with water, making it a convenient option for those with busy lifestyles. Capsules provide precise and consistent dosages of nootropic ingredients. This is particularly important when it comes to cognitive enhancers, as accurate dosing is crucial for achieving the desired effects. Capsules are a common form of pharmaceuticals and dietary supplements, which can enhance the perceived credibility of nootropic products.

Nootropics manufacturers are increasingly prioritizing natural ingredients in response to the growing consumer demand for such products. For instance, in October 2021, XITE, a nootropic energy drinks brand, launched a nootropic vegan protein bar to appeal to the growing consumer base of mind health-conscious consumers. The bars are packed with nootropics, such as caffeine, L-theanine, and ashwagandha, which are claimed to improve cognitive function, focus, and energy level. Similarly, in April 2023, Gaia Herbs launched new vegan supplements called Bacopa made using Bacopa; Nootropic Focus made with saffron, lemon balm, and spearmint; and Agile Mind made with Bacopa, gingko, and turmeric.

The market is expected to expand at a rapid pace over the forecast period considering the technological advancements as well as modernization in the field. Rising consumer spending on various healthcare as well as wellness products is expected to fuel industry growth over the forecast period. In addition, cost-effectiveness as well as easy accessibility to these products is further expected to boost product needs among consumers.

The demand for natural and plant-based nootropics has increased with growing interest in holistic health. These compounds are recommended because they are sourced from plants and are consistent with natural, sustainable, and ethical wellness practices. In accordance with the holistic health concept, they are viewed as a means of improving cognitive performance while encouraging balance between the mind and body. This market surge is an effect of the rising consumer focus on health and wellness. With the increasing number of students attending college as well as a workforce that demands better qualifications due to the low unemployment rate, prospective candidates have been seeking natural ways to gain a competitive advantage and improve their performance.

The rising trend of cognitive enhancement among healthy consumers for academic and professional advantage is expected to fuel the need for nootropics over the next six years. In addition, the growing use of the product among athletes and sports professionals as well as among consumers for personal improvement will have a positive impact on the market over the forecast period.

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The growing geriatric population coupled with the rising occurrence of various brain-related diseases including dementia and other issues such as arthritis has increased the need for nootropics. Moreover, these products are employed for the treatment of other cognitive and age-related disorders including hyperactivity, as well as Parkinson's disease. Numerous consumers across the globe have been undergoing depression as well as other mood and emotional disorders. Thus, rising demand for mood enhancers is also expected to stimulate industry growth over the next six years.

Nootropics Market Report Highlights

• Based on form, the capsule/ tablets nootropics segment held the largest share of 49.2% in 2022. Capsules and tablets effectively mask the unpleasant taste of many nootropics, making them easier to swallow compared to powdered supplements. In addition, the encapsulation or tableting process prolongs ingredients’ shelf life by shielding them from exposure to air and moisture, reducing the risk of contamination
• In terms of distribution channel, the online segment is anticipated to grow at a CAGR of 16.2% from 2023 to 2030. The convenience and popularity of online shopping and the availability of a wide variety of nootropics through this channel are key factors driving the distribution segment
• North America held a major share of over 41.2% of the global market in 2022. This can be attributed to the rising trend of health consciousness among North Americans, leading to a heightened interest in maintaining a healthy diet and lifestyle. The region's focus on wellness and preventive healthcare drives the demand for nootropics

Manufacturers are responding to the rising demand for nootropics by focusing on research and development, as well as new product launches, quality control, vegan and plant-based options, and specialized products for various niches. For instance, in July 2022, BioAdaptives Inc. launched MindnMemory, an advanced nootropic designed to boost memory, clarity, mental focus, and concentration. This stimulant-free formulation is known for its gradual onset and sustained effects, avoiding the abrupt "high" and "crash" associated with caffeine and similar substances.

The unique formulation draws inspiration from traditional Chinese medicine and Ayurvedic culture, catering to the increasing demand for a high-quality product that promotes optimal cognitive performance. It is intended for individuals dealing with age-related cognitive decline and anyone, including e-gamers, looking to improve perception, judgment, accuracy, reaction speed, and mood.

Nootropics Market Report Scope

Manufacturers are adopting various strategies to maintain a competitive edge, with a primary focus on introducing a wide variety of nootropics in terms of ingredients, formulations, and delivery methods to cater to different cognitive needs and consumer preferences. Manufacturers are also investing in educating consumers about the benefits and proper usage of nootropics.

List of Key Players in the Nootropics Market

• Onnit Labs, Inc. 
• Reckitt Benckiser Group PLC
• Mental Mojo, LLC
• NooCube
• Mind Lab Pro (Performance Lab Group Ltd)
• TruBrain
• Neu Mind, LLC
• Nooflux LLC
• Zhou Nutrition
• Kimera Koffee