Nootropics Market Size Is Expected To Reach USD 29.24 Billion By 2028

Nootropics Industry Overview

The global nootropics market size is expected to reach USD 29.24 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 15.0% from 2021 to 2028. Nootropics are gaining popularity as cognitive enhancers and smart drugs as these are particularly used for improving memory, increasing mental alertness and concentration, and boosting energy levels and wakefulness. According to an article published by the Alcohol and Drug Association (ADF), in November 2021, CILTEP and Alpha Brain are the most used nootropic supplements among young consumers.

The growing availability of over-the-counter (OTC) nootropics, nootropics coffee, functional shots, and bars across online and offline channels is driving the consumption of nootropics. Further, shifting inclination towards natural and herbal products has been playing a vital role in boosting the market growth. Some of the commonly found herbs in nootropics include ginkgo Biloba, ginseng, curcumin, echinacea, L-theanine from green tea, turmeric, guarana, and bilberry.

The capsules/tablets segment held the largest revenue share in 2020 and is expected to maintain its lead over the forecast period. The consumption of capsules/tablets is the most convenient way to take supplements, which is expected to continue throughout the forecast period, thereby boosting the segment growth.

The offline segment held the largest revenue share in 2020 and is expected to maintain its lead throughout the forecast period. Offline channels are the primary channels for purchasing these products. These include major supermarket and hypermarket chains, pharmacies and drugstores, and grocery stores. An increasing number of consumers rely on these stores for buying nootropics including bars, coffee, and functional drinks due to the large availability of brands. The market for nootropics is consolidated owing to the presence of a large number of leading players. 

Nootropics Market Segmentation

Grand View Research has segmented the global nootropics market on the basis of form, distribution channel, and region:

Based on the Form Insights, the market is segmented into Capsules/Tablets, Powder, Drinks, and Others.

• The capsules/tablets segment held the largest revenue share of over 45.0% in 2020 and is expected to maintain its lead over the forecast period. Capsules/tablets have seen an uptick in demand as the product manufacturers are marketing them in these forms, which is expected to continue during the forecast period.

• The drinks segment is projected to register the fastest CAGR of 16.0% from 2021 to 2028. Nootropics ingredients are being incorporated into RTD drinks and shots to help improve functions such as focus and memory. Nootropics in drinks form are gaining popularity due to their ability to be digested more quickly than food, allowing them to boost the brain instantly.

Based on the Distribution Channel Insights, the market is segmented into Offline, and Online.

• The offline segment held the largest revenue share of over 70.0% in 2020. The increasing penetration of independent retail giants such as Walmart, Walgreens, Tesco, and Costco is boosting product visibility and attracting a larger consumer base. Consumers prefer to explore these products before buying, which is driving the sales through these channels.

• The online distribution channel is projected to register the highest CAGR of 15.4% from 2021 to 2028. Consumers are switching from offline to online channels owing to the change in their purchasing patterns and a considerable shift in lifestyles. Online platforms offer high levels of convenience, increased product visibility, and at-home delivery features, which is eventually driving the segment.

Nootropics Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

The market is characterized by the presence of a few well-established players and several small and medium players. Product launches are among the key strategic initiatives undertaken by the industry players to gain a competitive edge in the market. The product manufacturers are introducing new variants in the nootropics product categories to capture a larger consumer base.

For instance, in October 2021, Savvy Beverage is planning to launch instant coffee and soda drinks containing nootropic ingredients to enhance brain health. Similarly, in February 2021, Mind Cure Health Inc. announced the release of its original nootropic and adaptogen product offerings for promoting support across the spectrum of mental hygiene. The product offerings include three nootropics formulations in capsule and powder form and a teen-centric formulation in capsule form with added energy, focus, and protection from immune threats.

Recent Developments

• In April 2021, Unilever announced that it had signed an agreement to buy Onnit, a holistic company based in Austin, Texas (US) that focuses on supplements for maintaining physical fitness. This agreement resulted in a purposive vision to make improvements in the wellbeing of consumers through scientific solutions 
• In February 2022, Vaga.org and Vagarights.com have merged to improve the online experience for nootropics research and reviews. The merging of both the organizations has been successful in providing accurate scientific information and suitable research. Hence, both the companies will carry forward the brand, VAGA and this resulted in providing individuals with insightful content on health and wellness
• Koios Beverage Corp. has teamed up with McLane Co. to expand its Fit Soda distribution network in convenience shops and gas stations across the country.It boosts human productivity without the inclusionof dangerous pharmaceuticals by using a proprietary blend of nootropics and natural organic ingredients. Moreover, the teaming up with McLane Co. has also been beneficial for Koios as its beverages will be carried in more than 600 locations across the country, thereby increasing its trend and making further expansion

Some prominent players in the global nootropics market include:

• Onnit Labs
• Reckitt Benckiser Group plc.
• Mental Mojo, LLC
• NooCube
• Mind Lab Pro
• TruBrain
• Neu Drinks
• Peak Nootropics
• Zhou Nutrition
• Kimera Koffee

Order a free sample PDF of the Nootropics Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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