AUG 31,2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Nootropics Market.
The Nootropics Market is projected to grow from USD xx million in 2020 to USD xx million by 2026 at a CAGR of over 7.4% during the forecast period.
Nootropics are drugs or supplements that are consumed by sportsmen and adults to enhance memory and other cognitive abilities. These are available in both OTC form and prescription drug type, wherein the prescription nootropics are drugs that are used to treat diseases such as ‘attention deficit hyperactivity disorder’ (ADHD), Alzheimer’s disease, and narcolepsy. Whereas non-prescription drugs or OTC do not treat diseases but are consumed for improving brain performance and concentration capabilities.
Market Dynamics
Increasing demand for smart drugs and brain boosters is likely to augment the demand for nootropics.
- A large number of professionals and students consume these smart drugs to enhance memory and focus.
- Continuous product development using both natural and synthetic raw materials is further expected to propel market growth.
- Furthermore, the surge in the vegan population in developed countries of Europe and North America is further expected to boost the need for plant-based nootropic products.
- In addition, the surging demand for multi-utility drugs that work as an energy booster, antidepressants, and anxiety resistance further offer immense opportunities to the product manufacturers.
Segment Analysis
Distribution Channel Trends
Based on distribution channels, the global nootropics market has been bifurcated into offline and online.
- Among these, the online segment held a substantial market share in 2020 and is projected to register a robust CAGR of almost 14% during the review period.
- This is mainly attributed to the growing preference for nootropics by students.
- Easy payment platforms that fit into regulatory standards of various countries have made payment operations easier.
- Thus, key industry participants focus on online distribution channels to widen their customer base.
Regional Trends
By region, North America dominated the nootropics market in 2020 with an astounding share of around 40% and is projected to grow at a healthy CAGR during the review period.
- This can be attributed to the presence of major healthcare companies, increasing consumer awareness about brain health, and changing lifestyles are expected to boost regional growth.
- Around 50% of the adult population in the US consumes vitamin supplements, this is a key contribution to the regional nootropic industry.
Key Players:
- Accelerated Intelligence Inc. (UK),
- AlternaScript (The U.S),
- HVMN (The U.S),
- Onnit Labs, Inc. (The U.S),
- Peak Nootropics (The U.S),
- Teva Pharmaceutical Industries (Israel),
- Purelife Bioscience Co., Ltd. (China),
- United Pharmacies (Moldova), SupNootropic bio co.,ltd (The U.S), and
- Powder City (The U.S).
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Nootropics Market analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors