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The nootropics market is projected to grow by USD 2.93 billion with a CAGR of 12.42% during the forecast period 2021 to 2026.
This market research report provides valuable insights into the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the market segmentation by formulation (capsules, powder, drinks, and others) and geography (North America, Europe, Asia, and the Rest of the World (ROW)). The market report also offers information on several market vendors, including Accelerated Intelligence Inc., Applied Food Sciences Inc., Careforsons LTD., Gaia Herbs Inc., Gridiron Nutrition, Health Via Modern Nutrition Inc., Kraken Koffee LLC, Mental Mojo LLC, NEU MIND LLC, Nutraceutical Corp., Onnit Labs Inc., Opti-Nutra Ltd., Peak Nootropics, Performance Lab Ltd, Powder City, Purelife Bioscience Co Ltd., Reckitt Benckiser Group PLC, Roar Ambition Ltd, TruBrain Inc., and Wolfson Brands Ltd. among others.
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The research studied the historical data considered for years, with 2021 as the base year and 2022 as the estimated year, and produced drivers, trends, and challenges for the market.
Key Nootropics Market Driver
The increasing urban population is one of the key drivers fueling the market's growth. There has been a rise in the urban population both in developed and developing nations. According to the data stated by The World Bank Group globally, over 50% of the population lives in urban areas today. The rise in the urban population has led to a change in lifestyles among people. The rising instances of urbanization have improved the living standards of people along with increasing disposable incomes. However, with the increase in life expectancy, the prevalence of dementia and chronic diseases such as Alzheimer's are also rising. Such factors will drive market growth during the forecast period.
Key Nootropics Market Trend
Growing demand in online retail is one of the key market trends fueling market growth. Increasing online marketing activities enable manufacturers to offer consumers easy access to a variety of nootropic supplements. E-commerce platforms such as Amazon.com, Inc, IndiaMart.com, and Alibaba.com sell a wide range of nootropic supplements at lower rates than traditional offline local vendors across different geographical regions. Such discounts and offers and the availability of several brands of nootropic supplements attract consumers to buy products in bulk through online retail channels. This is expected to increase the online purchases of nootropic supplements during the forecast period.
Key Nootropics Market Challenge
Low penetration in developing regions is one of the factors hampering the market growth. There is an increase in the popularity of nootropic supplements in developed countries due to awareness in terms of the benefits of consuming these products. However, in developing and under-developed countries, such as those in Africa and the Middle East, the penetration of brain health nutrition is comparatively low when compared with developed countries, such as Germany and the US. This is because of the low affordability and lack of awareness in these regions. In developing countries, where the purchasing power of the people is low, manufacturers offer low-priced nootropic supplements, which are also low in quality. Also, people are reluctant to purchase these products as they are not considered a necessity.
This market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global nootropics market as a part of the global pharmaceuticals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the market encompasses successful business strategies deployed by the key vendors. The market is fragmented, and the vendors are deploying growth strategies such as price, quality, innovation, reputation, brand identity, and distribution to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
The market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our In-house experts produce extensive information on the value chain and parent market of the nootropics market, which vendors can leverage to gain a competitive advantage during the forecast period. The Value Chain information provides an end-to-end understanding of product insight and profit and also the optimization and evaluation of business strategies The players across the value chain include selective data and analysis from entire research findings as per the scope of the report.
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46% of the market’s growth will originate from North America during the forecast period. The US is the key market for nootropics in North America. Market growth in this region will be slower than the growth of the market in Asia.
The increasing expenditure on health and wellness will facilitate the market's growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID-19 Impact and Recovery Analysis
The outbreak of COVID-19 adversely affected all countries in North America, especially the US, in 2020. However, by the second half of 2021, lockdown restrictions were somewhat relaxed across North America, which allowed the movement of people. Moreover, with pharmaceuticals and nutraceuticals being essential, the demand for and supply of nootropics were not affected much in North America in 2021. Thus, the market will register growth during the forecast period.
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The market share growth in the capsules segment will be significant during the forecast period. This report provides an accurate prediction of the contribution of all the segments to the growth of the market size and actionable market insights on the post-COVID-19 impact on each segment.
Nootropics Market Scope |
|
Report Coverage |
Details |
Page number |
117 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 12.42% |
Market growth 2022-2026 |
$2.93 billion |
Market structure |
Fragmented |
YoY growth (%) |
10.98 |
Regional analysis |
North America, Europe, Asia, and the Rest of the World (ROW) |
Performing market contribution |
North America at 46% |
Key consumer countries |
US, UK, Germany, China, and Japan |
Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
Key companies profiled |
Accelerated Intelligence Inc., Applied Food Sciences Inc., Careforsons LTD., Gaia Herbs Inc., Gridiron Nutrition, Health Via Modern Nutrition Inc., Kraken Koffee LLC, Mental Mojo LLC, NEU MIND LLC, Nutraceutical Corp., Onnit Labs Inc., Opti-Nutra Ltd., Peak Nootropics, Performance Lab Ltd, Powder City, Purelife Bioscience Co Ltd., Reckitt Benckiser Group PLC, Roar Ambition Ltd, TruBrain Inc., and Wolfson Brands Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Formulation
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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