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According to a new report published by Grand View Research, the increasing demand for products that boosts memory, and energy is anticipated to drive the demand for the nootropics market. Moreover, in the wake of COVID-19, the demand for such smart drugs, foods, and beverages that boosts memory, focus and attention are fueling the growth of the nootropics market.
The global nootropics market size is expected to reach USD 4.94 billion by 2025. It is projected to register a CAGR of 12.5% during the forecast period. The global nootropics market is gaining traction as a growing number of students and professionals are using smart drugs to increase attention and memory. Continuous product development using synthetic and natural raw materials is further expected to boost the product demand. Furthermore, in order to meet the growing demand for nootropics, manufacturers are focusing on natural ingredients. The market for multi-utility drugs that serve as antidepressants, energy boosters, and anxiety relievers is expected to experience further growth. The key players in the market are anticipated to benefit from the increased demand from the sports industry as a result of their ability to improve brainpower.
The packaging of nootropics is also essential to manufacturers. Pouches, tubes, and containers are made of plastic, glass, and metals. Since students and young adults are the market’s target consumers, packaging and labeling play an important role in product marketing. In addition, constant creativity, such as gums, innovative flavors, and the use of natural ingredients, is expected to expand the market’s customer base.
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Nootropics Market Report Highlights
• On the basis of distribution channels, the offline distribution channel dominated the segment with more than 80% share in 2018. However, in the wake of COVID-19 and changing consumer preferences, the online distribution channel is expected to witness growth at a CAGR of 14.2% during the forecast period.
•On the basis of application, the memory enhancement segment accounted for over 30% in 2018. Increasing competition in academics has fueled the demand for nootropics among students.
•Based on the region, North America held the largest market share of more than 37% in terms of revenue in 2018.
•Asia Pacific is expected to expand at the fastest CAGR of 18.8% during the forecast period. Hectic lifestyles and fluctuating diet patterns among the working population in developing countries are expected to promote the demand for nootropics drugs.
•In May 2020, Tesla nootropics launched a family of the world’s first ready-to-drink nootropic beverages for energy and focus.
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Nootropics Market Segmentation
Grand View Research has segmented the global nootropics market on the basis of application, distribution channel, and region:
Nootropics Application Outlook (Revenue, USD Million, 2015 – 2025)
• Memory Enhancement
• Mood & Depression
• Attention & Focus
• Longevity & Anti-aging
• Sleep & Recovery
• Anxiety
Nootropics Distribution Channel Outlook (Revenue, USD Million, 2015 – 2025)
• Offline
• Online
Nootropics Region Outlook (Revenue, USD Million, 2015 – 2025)
• North America
• The U.S.
• Europe
• Germany
• The U.K.
• Asia Pacific
• China
• India
• Central & South America
• Brazil
• Middle East & Africa
• South Africa
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About Grand View Research
Grand View Research is a U.S. & India-based market research and consultancy firm. It is headquartered in San Francisco. We provide business insights, syndicated research reports, and customized research reports to large as well as small and medium-scale enterprises. Our database features thousands of statistics and in-depth analyses on more than 45 industries. Grand View Research’s extensive database is used by Fortune 500 companies to understand the regional as well as the global business environment.
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