Nootropic Supplement Market Analysis by Natural and Synthetic Type, 2023 to 2033
As per the recent research report by Future Market Insights (FMI), a research and competitive intelligence provider, the nootropic supplement market is estimated to reach US$ 4,180 million by 2033, surging at 9.0% CAGR by 2033.
Nootropic Supplement Demand Grows as Consumers Seek Better Brain Health
The growing popularity of consumers wanting robust brain health resulted in high demand in the nootropic supplement market. Increasing expenditure on memory supplements is another key factor driving market growth. Consumers across the globe are shifting their preferences towards supplements containing natural ingredients. This is creating lucrative growth opportunities for nootropic supplement manufacturers.
Information Source: https://www.futuremarketinsights.com/reports/nootropic-supplement-market
What are Nootropics and Their Benefits?
A nootropic supplement, or “smart drug,” is a compound that presents high attractiveness to consumers who prefer more lasting mental activity and focus. Nootropics are used to treat diseases such as Alzheimer’s since they offer numerous benefits for brain health and cognitive aptitude.
Two Formats of Nootropic Supplements: Over-the-Counter and Prescribed
Primarily, this supplement is sold to consumers through two formats. One is through over-the-counter, where an individual has access to a range of nootropic supplements that do not require any prescription from a doctor or a professional. Conversely, the prescribed format refers to the nootropic supplement that can be accessed only after getting approval from a doctor or health professional.
Strong Global Consumer Demand for Supplementing to Improve Health and Wellness
According to a recent market report, 60% of global consumers plan to improve their health and wellness over the next year. This is expected to bode well for supplement demand globally. It also notes that 79% of United States consumers say that taking a supplement is vital to their overall health, 67% of global nutritional supplement users plan to continue using supplement over the next year, and 49% of all supplement users say they’d be willing to spend more on supplement.
Other Factors Driving Growth in the Nootropics Supplement Market
Another important factor influencing the development of the nootropics supplement business is the increasing cost of healthcare, which aids in improving infrastructure. Increasing initiatives by private and public organizations to raise awareness will inflate. There is a rising awareness of cognitive well-being and a desire among individuals to improve mental performance. People are looking for ways to advance focus, memory, and inclusive brain purpose, leading to an increasing demand in the nootropic supplement market.
Surge in Research and Development Activities Drives Growth Opportunities
There is a rising trend towards self-improvement and individual health optimization in several aspects of life, comprising cognitive performance. A nootropic supplement is considered a tool to achieve these goals, aligning with wider self-optimization and wellness movements. A surge in research and development activities drives the growth. This will bring valuable opportunities for expansion.
Increasing Global Popularity of Nootropic Pills Driven by Consumer Desire for Better Brain Health
Consumers’ desire for better brain health has resulted in the use of nootropic pills, and their global popularity has increased demand for them. Another significant reason driving growth in the global nootropics supplement industry is rising spending on memory supplements. Globally, consumers are shifting their preferences toward supplements containing natural components. This creates attractive expansion potential for manufacturers of nootropic substances.
Key Takeaways from the Nootropic Supplement Report
• The North American nootropic supplement industry will be valued at US$ 477.4 million by 2023.
• In North America, the United States holds the leading share of 93.0% of the nootropic supplement ecosystems.
• Based on type, natural ingredient type is expected to hold a share of 64.3% in 2023
• In East Asia, China holds the leading share of 56.7% of the nootropic supplement industry.
• The nootropic supplement business will be worth US$ 4,180 million by 2033.
“In the longer run, changing consumer preferences towards natural and herbal ingredients along with a willingness to spend more on premium nootropic supplement is projected to provide profitable opportunities for participants.” – says Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.)
Competitive Landscape
Onnit Labs, Mental Mojo LLC, NooCube, Mind Lab Pro, TruBrain, Peak Nootropics, Zhou Nutrition, Kimera Koffee, Neu Drink, Accelerated Intelligence Inc, AlternaScript LLC, Cephalon Inc., SupNootropic bio co. Ltd., Teva Pharmaceutical Industries Ltd, and Nootrobox Inc. are the key players.
The business offers a wide range of products that provide individual and nootropics stacks (combinations of different nootropics) targeting brain health. Several companies have been engaged in the nootropics supplement business. Several established players and several medium and small-sized players categorize the segment. Product launches are key growth initiatives businesses undertake to gain a competitive advantage in sales. Product manufacturers are presenting new variations in the nootropic product category to appeal to a broader customer base.
For instance,
• Onnit is known for its Alpha Brain product, popular among athletes. Companies are investing in research and development to generate formulations targeting specific needs.
• In October 2021, Savvy Beverage plans to launch soft drinks and instant coffee comprising nootropic elements to improve brain health.
• In February 2021, Mind Cure Health Inc. announced the launch of its initial nootropic and Adaptogen products to promote care across the mental hygiene spectrum.
Get More Valuable Insights
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the nootropic supplement, presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study incorporates compelling insights on the nootropic supplement industry based on ingredient type (natural and synthetic), product category (over-the-counter and prescribed), form (capsules/tablets, powder, drinks, and gummy), distribution channel (health food stores, pharmacies and drugstores, professional healthcare practitioners, nutrition stores, healthcare professionals, and online retailers), and region.