According to the latest report published by Acute Market Reports “Nootropics Market – Growth, Future Prospects, and Competitive Analysis, 2019-2029,” the global nootropics market was valued at USD 1.3 billion in 2019, and is expected to expand at a CAGR of 18% from 2021 to 2029.
Browse the full report Nootropics Market – Growth, Future Prospects, and Competitive Analysis, 2021–2029 at https://www.acutemarketreports.com/report/nootropics-market
Nootropics, also known as cognitive enhancers, are synthetic or organic drugs that enhance cognitive functions such as memory, focus and motivation of individuals. Nootropics have been on the market for decades and are made from ingredients such as multivitamins and caffeine, substances that have been FDA approved as dietary supplements and classified as GRAS (Generally Regarded As Safe). Academics and professionals focusing on improving cognitive health remained the key target among the consumers of the product.
At present, these products are being repackaged, repurposed and sold to academic and professional overachievers to augment their brain function. Companies operating in this space primarily succeed as lifestyle brands through smart marketing. However they can only be recognized as healthcare brands only after they develop products that secure regulatory approval thus establishing certified efficacy and safety to their products.
Memory enhancing nootropics currently have the largest market share in 2019 as there is a growing awareness of the benefits that are claimed for students and the working population. Memory enhancement would continue to lead the market during the forecast period 2021 to 2029. Easy accessibility to such products, increasing awareness of the claimed benefits, and increasing uptake of supplements remained the key drivers to enhance the demand of nootropics.
North America remained as the largest market for nootropics in the year 2019. Population growth, increased consumer awareness of preventive and cognitive health, self-managed consumer growth, and channel proliferation are driving factors for the nootropic market in North America. Europe stood as second largest market for nootropics in 2019. The market is driven by a significantly increased demand from youth focusing on cognitive health. The Asia Pacific region is expected to be the fastest growing region for nootropic market. The key reason is the total population in the region that is forming a good consumer base along with favorable regulatory scenario in the region is assuring growth during the forecast period of 2021 to 2029. Interest in innovative delivery formats, increasing awareness on the benefits of nootropics and focus on new product innovation remain the key driver for the growth of the market.
Limited entry barriers to Nootropics market resulted in emergence of new entrants delivering niche products. Key players in the market include Nootrobox Inc., Cephalon Inc., PureLife Bioscience Co. Ltd., Peak Nootropics, Nootrico, SupNootropic Biological Technology Co. Ltd., AlternaScript LLC, Accelerated Intelligence Inc., Onnit Labs LLC, Powder City LLC, Ceretropics, Nootropic Source, Clarity Nootropics and others.
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