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Nootropics Market is estimated to increase at 14.5% CAGR during 2022-2029, reaching USD 30.1 billion| Size, Share, Trends & Analysis Report
Nootropics Market
Nootropics Market was valued to be USD 10.2 billion in 2021, and is estimated to touch USD 30.1 billion in 2029, increasing at a significant higher CAGR of 14.5% from 2022-2029
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/nootropics-market/
The factors driving the growth of Nootropics Market includes rise in consumer expansion of health and wellness industry, growing demand for smart drugs and brain boosters and increasing focus by manufacturers on using natural or organic ingredients. According to the report published by Statista, the Global Health and Wellness Market was calculated around USD 4.37 trillion in 2020 and is expected to reach USD 7 trillion by the end of 2025, which is expected to boost the demand for nootropics products in the approaching years. Moreover, increase in the launch of innovative products, growing popularity of matcha tea, eggs, turmeric, and ginseng-based products, rising drug approvals, improvements in the living standards, introduction of new drugs and rapid urbanization, are some of the additional factors supplementing the Nootropics Market Share. In addition, the increasing investments by leading players on research and development, strategic mergers, and acquisitions between key industry players, rising prevalence of Alzheimer's illness and growing population growth rates, are further propelling the Nootropics Market size.
However, side effects such as headache, fatigue, and insomnia due to consumption of nootropic products is restricting the growth of Nootropics Market.
The prominent players operating in the market are SupNootropic Biological Technology Co., Ltd., Teva Pharmaceutical Industries, Onnit Labs, Inc., HVMN Inc., Cephalon, Inc., Accelerated Intelligence, Inc., Purelife Bioscience Co., Ltd., Gaia Herbs, LLC, United Pharmacies, Powder City LLC and AlternaScript LLC., among others.
Based on Application, the Memory Enhancement segment is predicted to capture the largest market share during the forecast period
As per the Nootropics Market Research, growing demand for smart drugs and rising prevalence of Alzheimer's illness across the globe, are some of the factors responsible for the segment's growth.
Based on Distribution Channel, the Offline segment is projected to hold the highest market share over the forecast period
Offline retail outlets offer wide variety of nootropic supplements and rise in the lunch of new products, are propelling segment's growth.
Based on Region, the North American region is anticipated to expand at a remarkable CAGR during the forecast period
Growing demand for multi-vitamin supplements, easy availability of nootropic products at distribution channels, rising awareness amongst consumers about the health benefits of nootropic products, growing population growth rates and high per capita incomes, are some of the important factors augmenting the market growth in North American region.
Key Developments
In 2019, Gaia Herbs, LLC introduced vegan nootropic supplements to support the brain health of consumers, which is planned to be distributed through natural and independently owned health food stores across the globe.
In 2018, HVMN Inc. introduced HVMN to enhance the physical and cognitive and performance of consumers.
Market Segmentation
Segmentation by Application
Memory Enhancement
Mood & Depression
Attention & Focus
Longevity & Anti-aging
Sleep & Recovery
Anxiety
Segmentation by Distribution Channel
Offline
Online
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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