Nootropic Products Market Overview
The Nootropic Products market size is estimated to reach $5.9 billion by 2027, growing at a CAGR of 11.8% during the forecast period 2022-2027. Nootropics are natural or synthetic substances that act as cognitive enhancers for the user. They can be used in various applications such boost motivation, increasing creativity, and reducing anxiety. Moreover, their ability to reduce brain fog and increase memory makes nootropic drugs effective to suppress symptoms of conditions like Alzheimer's disease and attention deficit hyperactivity disorder (ADHD). The general categories of Nootropic Products are dietary supplements, synthetic compounds, and pharmaceutical drugs. Caffeine, L-Theanine, and Creatine are some of the most commonly consumed nootropic products. The rise in the global geriatric population is anticipated to drive the demand for nootropic products during the forecast period. However, low awareness levels in developing regions are challenging the growth of the nootropic products industry.
The report: “Nootropic Products Market Forecast (2022-2027)”, by Industry ARC, covers an in-depth analysis of the following segments of the Nootropic Products Market.
By Type: Dietary Supplements, Synthetic Compounds, and Pharmaceutical Drugs.
By Application: Memory Enhancement, Mood & Depression, Attention & Focus, Longevity & Anti-aging, Sleep & Recovery, and Anxiety.
By Distribution Channel: Online and Offline
By Geography: North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia & New Zealand, and Rest of Asia-Pacific), South America (Brazil, Argentina, and Rest of South America) and Rest of World (the Middle East and Africa).
- Geographically, the North American Nootropic Products market accounted for the largest share in 2021 owing to high disposable income and rising awareness levels of the product’s benefits among the population.
- An increase in the demand for memory enhancement products among college students and working professionals are driving the market during the forecast period. However, side effects associated with the prolonged use of nootropic products are anticipated to challenge growth.
- Detailed analysis on the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Nootropic Products Market Report.
Nootropic Products Market Share, By Geography, 2021(%)
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Nootropic Products Market Segment Analysis-By Application
Based on Application, the Nootropic Products Market is segmented into Memory Enhancement, Mood & Depression, Attention & Focus, Longevity & Anti-aging, Sleep & Recovery, and Anxiety. The Memory Enhancement segment is anticipated to have the largest share of the market in 2021 and is poised to dominate the Nootropic Products market during the forecast period 2022-2027. The growth of the segment is attributed to the rise in the consumption of memory enhancement drugs and supplements by students to improve academic performance. Moreover, they are also used extensively for the treatment of mild Alzheimer’s disease. The Attention & Focus segment is projected to grow the fastest at a CAGR of 12.6% owing to their rising use among the working population. Moreover, the increase in the population suffering from ADHD is also contributing to the growth of this segment.
Nootropic Products Market Segment Analysis-By Distribution Channel
The Nootropic Products Market based on Distribution Channel can be further segmented into Online Channels and Offline Channels. The Offline Channel segment accounted for the largest share of the market in 2021. Offline Channel can be further segmented into Hypermarkets and Supermarkets, Pharmaceutical stores, and Others. The growth of this segment can be attributed to a large number of offline stores in developed countries and the increasing penetration of supermarkets and pharmaceutical outlets in major developing regions. Moreover, the growth in popularity of nootropic dietary supplements is further contributing to the segment’s growth as they do not require prescriptions. However, the Online segment is anticipated to witness the fastest growth at a CAGR of 12.8% during the forecast period 2022-2027 owing to the Covid-19 pandemic. The rising safety concerns and travel restrictions have made online stores an attractive option, as they increase safety and convenience for the end-user.
Nootropic Products Market Segment Analysis-By Geography
The Nootropic Products Market based on Geography can be segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. The North American segment is projected to dominate the Nootropic Products market during the forecast period 2022-2027 with a market share of 34% owing to the presence of highly developed healthcare infrastructure, rising geriatric population, high disposable income, and increase in population suffering from conditions such as ADHD and Depression. Moreover, the high awareness levels regarding the benefits of Nootropic Products among students and working professionals in North America is further increasing demand. The Asia Pacific region is predicted to register the fastest growth owing to the high competition and academic pressure faced by students in schools and colleges of countries such as China, India, Japan, and South Korea. Moreover, the increase in the adoption of herbal nootropic drugs in the Asia Pacific is another major factor driving the growth.
Nootropic Products Market Drivers
Increase in Alzheimer’s Disease is Projected to Drive Market Growth
The rise in prevalence of Alzheimer’s disease is driving the market as Nootropic Products are used to suppress the symptoms of mild Alzheimer’s. It is projected that there are around 44 million people suffering from Alzheimer’s disease or a related form of dementia globally. The US alone has around 5.5 million people with the disease. Of these, 5.3 million people are geriatric. Moreover, the risk of the condition doubles every 5 years after the age of 65. Alzheimer’s disease is the 6th leading cause of death in the US. The deaths owing to the disease have increased by around 89% since the year 2000. The average life expectancy after diagnosis is estimated to be around 4 to 8 years.
The rise in ADHD is Anticipated to Boost Product Demand
The growing cases of ADHD are increasing the demand for Nootropic Products. The prevalence of ADHD worldwide was estimated to be around 2.2% among children and adolescents below the age of 18. Besides, the prevalence of the condition in adults between the ages of 18 and 44 was estimated to be 2.8%. According to the World Health Organization (WHO), the prevalence of childhood ADHD was highest in the US at 8.1% and lowest in Iraq at 0.1%. Apart from the US, other developed regions such as the UK and France also witnessed a high prevalence of ADHD at 6.0% and 7.3%, respectively.
Nootropic Products Market Challenges
The Side-Effects of Nootropic Products is Anticipated to Hamper Market Growth
The major adverse effects associated with prolonged or short-term use of Nootropic Products is challenging demand. For instance, consumption of more than 400mg of caffeine per day can lead to dizziness, diarrhea, headache, insomnia, irregular heartbeat, and even seizures. Moreover, excessive caffeine consumption by pregnant women can increase the risk of pregnancy loss. The consumption of Adderall without a medical prescription can cause anxiety, low sex drive, and excessive sweating. The user can also suffer from cardiac arrest if the drug is mixed with alcoholic beverages. Besides, long-term consumption of some Nootropic Products can lead to addiction, thereby causing further problems for the user.
Uncertainty Regarding Product Effectiveness is Projected to Limit Growth Opportunities
Various studies have failed to prove that the consumption of some Nootropic Drugs has the ability to significantly improve brain performance. This is anticipated to limit market growth as these studies show that Nootropic Products only provide a placebo effect to the user. For instance, according to a study published by the US National Institute of Health (NIH), the use of nootropic products only affected the perceived change in performance and tiredness but did not impact actual cognitive ability in any manner. The placebo effect caused by consuming these drugs was what caused the rise in perceived performance and tiredness of the user. However, the actual outcome did not have a significant difference. This combined with the high risk of adverse effects and addiction is hampering the market growth.
Nootropic Products Industry Outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Nootropic Products Market. Top 10 companies of the industry include:
- Purelife Bioscience Co
- Peak Nootropics
- AlternaScript LLC
- Accelerated Intelligence
- Powder City LLC
- Cognitive Clarity Inc
- United Pharmacies
- Teva Pharmaceutical Industries
- In October 2021, Australia-based start-up Savvy Beverage announced the launch of an instant coffee and soda drink containing nootropic ingredients to enhance brain function. This new product is an extension to its current product line of functional coffee pods which are compatible with Nespresso coffee machines.
- In July 2020, Bird Brain Labs announced the launch of a line of Nootropic Infused Energy Drinks designed to enhance brain function. The drinks come in a pack of 4, 12, or 24 and are primarily targeted for office use. Currently, they have three original flavors available, namely Original Citrus, Berry Lemonade, and Sour Apple.
- In March 2020, Elite Pharmaceuticals announced the launch of their generic version of Adderall XR, an extended-release mixed salt of a single entity Amphetamine product with strengths of 5mg, 10 mg, 15 mg, 20 mg, 25 mg, and 30 mg capsules. Adderall XR is a once-daily central nervous system stimulant and is used for treating ADHD.
Market – Forecast (2022 - 2027)
Report Code: FBR 99916
Drugs Market - Forecast (2022 - 2027)
Report Code: HCR 0112
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