Global Nootropics Market Report and Forecast 2024-2032

Global Nootropics Market Outlook

The global nootropics market attained USD 3.01 billion in 2023. The global nootropics industry is expected to grow at a CAGR of 14.6% in the forecast period of 2024-2032 to attain USD 10.28 billion by 2032.

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North America holds a Leading Share of the Global Market of Nootropics

North America has the highest number of nootropics consumers regionally and holds the major market share of nootropics. The U.S. Food and Drug Administration has classified non-prescription nootropics product under the Generally Regarded as Safe (GRAS) category, thereby easing market expansion. Hence, it is the home of the largest market players in the nootropics industry. Consumption of multi-vitamin tablets for improving functional abilities is fairly common among the population of this region. High awareness for cognitive health, the rise of self-directed buyers, and a growing population are some of the factors that drive the market dominance of North America. The Asia Pacific is expected to be the fastest growing market in the forecast period. Countries such as China and India have a great history of cognitive based natural drugs. Foreign investment in collaboration with regional players holds immense potential for the growth of the nootropics industry.

Nootropics: Market Segmentation

Nootropics are drugs or supplements that claim to improve cognitive function, specifically executive functions, memory, creativity, or motivation, in healthy individuals. These have been in the market for several decades, such as caffeine and multivitamins - substances approved by FDA as dietary supplements and classified as GRAS (generally regarded as safe). Currently, these products are being marketed and sold to academic and professional overachievers to augment their brain functions.

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The market is bifurcated by type into:

• Prescription
• OTC

The market is segmented on the basis of distribution channel into:

• Online
• Offline

The market is segregated on the basis of application into:

• Mood and Depression
• Longevity and Anti-Ageing
• Sleep and Recovery
• Memory Enhancement
• Attention and Focus
• Anxiety
• Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Rising Internet Penetration to Aid the Market Growth of Nootropics

Due to a highly competitive and challenging work environment, the market for brain boosters has witnessed a rise and is expected to grow in the forecast period. The rising demand for improved decision making in the sports industry and growing awareness with respect to mental health are also boosting the rise of the market for nootropics. Due to increasing awareness, rising disposable incomes, and increased demand for productivity, the market is expected to grow rapidly in emerging countries such as China and India. As cognitive enhancers made from natural and herbal substances have already been common in these areas historically, mergers between foreign and local companies are expected to push the market for nootropics in these areas forward. However, on the flip side, various side effects, addiction, lack of awareness, the stigma around visiting psychiatrists and neurologists in developing countries might impede the growth of the nootropics industry.

Key Industry Players in the Global Nootropics Market

The report gives a detailed analysis of the following key players in the global nootropics market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Purelife Bioscience Co., Ltd.
• UCB S.A.
• HVMN Inc.
• Gaia Herbs, Inc.
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report

Nootropics Market Report Snapshots

Nootropics Market Size

Nootropics Companies