The global nootropics market size is expected to reach USD 33.85 billion by 2030, according to a new study by Polaris Market Research. The report “Nootropics Market Share, Size, Trends, Industry Analysis Report, By Form (Capsules/Tablets, Powder, Drinks, Others); By Distribution Channel (Offline, Online), By Regions; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The revenue growth of the global industry is anticipated to be driven by critical factors such as increasing consumer inclination towards smart drugs, a rise in the cases of Alzheimer’s and depression, consumer awareness, a rise in consumer spending on supplements, and increasing R&D activities to develop more effective nootropics.
Nowadays, most people are trying to improve overall body and brain functioning with the help of various smart drugs. Nootropics are being consumed by sports stars and athletes so as improve their performance. Consumption of these improves the overall brain and body operations. This trend is anticipated to impact the growth of the industry positively.
Have Questions? Request a sample or make an Inquiry before buying this report by clicking the link below: https://www.polarismarketresearch.com/industry-analysis/nootropics-market/request-for-sample
According to the World Health Organization (WHO), depression is a widespread ailment that affects 3.8 percent of the world’s population, with 5.0 percent of adults and 5.7 percent of people over 60 years old suffering from depression. Approximately 280 million people worldwide suffer from depression. Moreover, per the report published by the Alzheimer’s Association in 2022, the number of people aged 65 and over with Alzheimer’s disease is expected to reach 12.7 million by 2050.
Alzheimer’s disease or dementia kills one out of every three seniors. Nootropics are an essential medicine for Alzheimer’s and depression as it improves the brain’s overall function. Hence, the demand is anticipated to surge, and these factors are expected to propel industry growth. Also, the rise in the consumption by various athletes and sports players to improve their mental ability is attracting the young population, which is expected to boost the revenue growth of the industry.
Nootropics Market Report Highlights
- Capsules/Tablets are anticipated to grow at a considerable CAGR over the forecast period as most nootropics are present in tablet or capsule form in the target market. Also, tablets are easier to consume and carry than any other form of nootropic.
- The offline segment accounted for a significant share accelerated by expanding large retail chains like Costco, Walmart, etc., in developing countries.
- The drinks segment is anticipated to grow at a high CAGR during the forecast period as most companies are offering nootropics in this format.
- North America is expected to grow at a significant CAGR over the projected period because of the increasing consumer spending on supplements and drugs. Also, several major players are present in this region.
- The global market is highly competitive owing to prominent market players worldwide, including Onnit Labs, Mental Mojo, LLC, Mind Lab Pro, TruBrain, and others.
Polaris market research has segmented the nootropics market report based on form, distribution channel and region:
Nootropics, Form Outlook (Revenue – USD Billion, 2018 – 2030)
Nootropics, Distribution Channel Outlook (Revenue – USD Billion, 2018 – 2030)
Nootropics, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa