NOOTROPICS BRAIN SUPPLEMENTS MARKET ANALYSIS

Global nootropics brain supplements market is expected to reach US$ 9.09 Bn by 2030, from US$ 4.09 Bn in 2023, at a CAGR of 12.1% during the forecast period.

Global Nootropics Brain Supplements Market- Regional Insights

• North America: North America, particularly the U.S., is a significant market for nootropics brain supplements. The region has a strong focus on health and wellness trends, and there is growing interest in cognitive enhancement and brain health. The availability of a wide range of products, coupled with a relatively permissive regulatory environment, has contributed to the market's growth in this region. North America is expected to hold the largest market share of 7% in 2023.
• Europe: European market for nootropics brain supplements is also expanding. Countries like the U.K., Germany, and France are witnessing increasing consumer interest in cognitive enhancement and brain health. However, the regulatory landscape in Europe is more stringent compared to other regions, which can impact product availability and marketing claims. Europe is expected to be the second-largest market with a share of 5% in 2023.
• Asia Pacific: The Asia Pacific region is experiencing significant growth in the nootropics brain supplements market. Countries such as China, Japan, and South Korea have a strong culture of using natural remedies and traditional herbal medicines, which aligns with the interest in cognitive enhancement. Rising middle class and increasing awareness of mental well-being are driving the market growth in this region. Asia Pacific is expected to be the fastest-growing market with a CAGR of 2% from 2023 to 2030.

Figure 1. Global Nootropics Brain Supplements Market Share (%), By Region, 2023

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Analyst View: Global nootropics brain supplements market offer growth opportunities over the next years. Increasing focus on cognitive health and function among consumers is a major driver for this market. More people recognize the importance of maintaining brain fitness as they age. Nootropics formulations claim to enhance memory, focus, attention and other cognitive abilities. Millennials are especially receptive to these benefits that boost their productivity and work performance.  However, insufficient scientific evidence remains a restraint for some consumers still skeptical about efficacy. Standardization across different products also varies significantly. High placebo effects have been seen in several clinical trials for certain nootropics. These factors create uncertainty and limit full market potential currently.

Global nootropics brain supplements market is segmented into by type of nootropics, by form, by ingredient type, by application, by target audience, by sales channel, and by region. By Type of Nootropics, the market is segmented into natural nootropics, synthetic nootropics, and hybrid nootropics. Oral nootropics brain is dominating the market as gaining popularity due to increasing interest in holistic health and wellness. Consumers often seek natural alternatives with fewer perceived risk.

Global Nootropics Brain Supplements Market- Drivers

• Increasing Demand for Cognitive Enhancement: There is growing desire among individuals to enhance their cognitive abilities, improve mental focus, memory, and overall brain function. Factors such as competitive work environments, academic pressures, and the need for peak performance have fueled demand for nootropics brain supplements.
• Aging Population: Increasing aging population leads to an increased focus on brain health and cognitive function in older adults. This group is interested in nootropics brain supplements as a way to enhance healthy aging, memory retention, and overall cognitive well-being.
• Rising Awareness of Mental Health: There is heightened awareness and understanding of mental health issues and the importance of overall brain health. As people become more conscious of maintaining their mental well-being, they turn to nootropics brain supplements as a potential tool for supporting cognitive function and promoting mental clarity. For instance, in April 2022, Dialogue Health Technologies Inc., a company that provides virtual healthcare and wellness platform, launched Mental Health+ to support mental health challenges seen across Canada. Building on the success of its Stress Management and Well-being and internet-based cognitive behavioural therapy (“iCBT”) programs, Mental Health+ streamlines Dialogue’s existing mental health offerings
• Advancements in Neuroscience: Ongoing advancements in neuroscience research have shed light on the intricate workings of the brain and the potential for cognitive enhancement. These scientific developments have generated interest and excitement around the potential benefits of certain compounds and ingredients found in nootropics brain supplements.

Global Nootropics Brain Supplements Market- Opportunities

• Product Innovation Through Formulation of Novel Nootropic Blends: Product innovation through novel nootropic blends can potentially lead the growth in the nootropics brain supplement market. Constant research and development is unlocking the benefits of various herbs, vitamins, minerals and other compounds that may help to enhance cognitive abilities. While single ingredient supplements have been popular for focus, memory or other needs, blending of specific ingredients tailored for outcomes can drive better results. Customized proprietary blends science-backed to uplift mood, reduce anxiety, boost energy levels alongside memory boosting can appeal to the evolving needs of consumers. For instance, in May 2021, Intelligent Labs, a high quality supplement company, launched SENECA Nootropic Complex. It is an cognitive enhancer. It is 6 B-vitamins in body active forms and 12 plant-based nootropics.
• Targeted Market Segments: Exploring niche market segments within the nootropics brain supplements industry can be a fruitful opportunity. This could include developing specialized products for specific age groups, such as seniors or students, or targeting specific cognitive concerns like memory enhancement, focus improvement, or stress reduction.
• Cognitive Performance Enhancement: Beyond addressing specific cognitive concerns, nootropics brain supplements can be positioned as tools for enhancing cognitive performance in various domains. Targeting professionals, athletes, or individuals seeking mental acuity and creative thinking can tap into specific market segments with unique product offerings.
• Collaboration with Healthcare Professionals: Partnering with healthcare professionals, such as neurologists, psychologists, or nutritionists, can enhance credibility and trust in the nootropics brain supplements market. Collaborative efforts can lead to evidence-based recommendations, professional endorsements, and the integration of supplements into comprehensive cognitive health plans.

Global Nootropics Brain Supplements Market- Trends

• Natural and Plant-Based Ingredients: There is growing preference for natural and plant-based ingredients in nootropics brain supplements. Consumers are seeking products that are perceived as safe and effective, often preferring ingredients like ginkgo biloba, bacopa monnieri, Rhodiola rosea, and other herbal extracts known for their potential cognitive benefits. For instance, in August 2022, DTCX, a producer of premium quality nutritional supplements, launched Nutropic, a user-friendly brain food made with plant-based, sustainable ingredients designed to boost daily brainpower Delivering a daily dose of natural nootropic ingredients and key brain nutrients to support mental energy, focus, memory and speed of thought.
• Combination Formulations: Nootropics brain supplements often feature combination formulations, where multiple ingredients are combined to create synergistic effects. These formulations aim to address multiple aspects of cognitive function and brain health, offering consumers a convenient solution with a broader range of benefits.
• Non-Traditional Distribution Channels: Nootropics brain supplements are being distributed through non-traditional channels, such as online platforms and subscription models. This allows for greater accessibility, convenience, and direct-to-consumer relationships. Online marketplaces, e-commerce platforms, and subscription-based services have gained popularity in reaching a broader customer base.
• Wellness and Holistic Approach: The nootropics brain supplements market is aligning with the broader wellness and holistic health trends. Consumers are seeking products that not only enhance cognitive function but also support overall well-being. Nootropics brain supplements are being positioned as part of a comprehensive approach to brain health, including factors like nutrition, exercise, and stress management.

Global Nootropics Brain Supplements Market- Restraints

• Lack of Regulation and Standards: The regulatory landscape for nootropics brain supplements is often complex and varies across different countries. In some regions, there may be limited regulations specifically addressing these products, which can lead to inconsistent quality control, misleading claims, and potentially unsafe formulations. The lack of standardized regulations can create challenges for businesses and consumer trust.
• Side Effects Associated With Nootropics Consumption: One of the major factors restraining the growth of the nootropics brain supplements market is the side effects associated with consumption of these supplements. Nootropics often contain active ingredients like caffeine, L-theanine, Bacopa Monnieri, and other herbal extracts that can cause mild to severe side effects in some individuals if taken in excess or without proper medical supervision. Some common side effects reported include headaches, nausea, insomnia, anxiety, digestive issues and rare cases of serotonin syndrome. This lack of clarity and unpredictability regarding side effects is causing many consumers to hesitate from regularly using nootropic supplements for cognitive enhancement

Counterbalance : Key players should invest in comprehensive research and testing to ensure the safety, efficacy, and quality of the ingredients used in the formulation of the nootropic supplement. Source ingredients from reputable and reliable suppliers. Ensure that they meet quality standards, are free from contaminants, and are appropriately labeled.

• High Costs Of Nootropics Supplements: High costs of nootropics supplements is one of the major factors restraining the growth of nootropics brain supplements market. Nootropics supplements contain various natural and synthetic ingredients that are required to impact brain functions in a positive way. However, extracting and processing these ingredients from natural sources and synthesizing them artificially makes these supplements expensive. Many nootropic formulations contain expensive ingredients like Bacopa Monnieri, Ginkgo Biloba, Lion's Mane mushroom, Phosphatidylserine, and othersthat drive up the manufacturing costs. For instance, a month's supply of a popular nootropic supplement containing multiple ingredients can cost anywhere between US$ 30 to US$ 100 depending on the potency and ingredients used.

Figure 2. Global Nootropics Brain Supplements Market Share (%), By Type of Nootropics, 2023

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Global Nootropics Brain Supplements Market- Recent Developments

Product Launch:

• In March 2023, Nature’s Way, the most recognized and trusted manufacturers of dietary supplements and vitamins, launched Brain Fuel, a gummy supplement formulated to support short-term memory, focus, and concentration in adults. Brain Fuel’s key ingredient is Cognigrape, a clinically-studied red grape extract for cognitive support, along with 100% of the recommended daily value of vitamins B6 and B12 per serving of 2 gummies.

• In May 2022, Solaray, a provider of herbal products, announced the launch of Solaray SharpMind: a collection of advanced nootropics expertly crafted with clinically-backed nutrients, adaptogens and fermented organic mushrooms designed to support mental and emotional well-being. Five unique formulas — Stress, Energy, Focus, Mood and Sleep — offer targeted support for specific cognitive needs

Acquisition and Collaboration:

• In April 2021, Unilever, a U.K. based multinational consumer packaged goods company, announced that it had signed an agreement to acquire Onnit, a holistic wellness and lifestyle company based in Austin, Texas (U.S.). Onnit portfolio includes the range includes Onnit’s hero product, Alpha BRAIN a brain supplement (nootropic) for better memory, focus, and mental processing.
• In February 2022, Jones Soda Co., a producer, marketer, and distributor of non-alcoholic beverages, Wesana Health, an integrated life sciences company whose mission is to revolutionize, and Mr. Mike Tyson, a professional boxer and celebrity, announced their partnership to bring a first-of-its kind nootropic supplement experience to market

Top companies in Global Nootropics Brain Supplements Market:

• Onnit Labs, LLC
• HVMN Inc.
• Peak Nootropics
• Nootropics Depot
• Pure Nootropics
• Mind Nutrition Ltd.
• Natural Stacks LLC
• CILTEP
• Nuzena
• Nootrobox (now HVMN Inc.)
• TruBrain
• Nutrafol
• Neurohacker Collective
• Neurofuse
• Mind Lab ProBottom of Form
• Solaray
• Nature’s Way
• Intelligent Labs

Definition: Nootropics, often referred to as "smart drugs" or "cognitive enhancers," are substances that are used to improve cognitive functions, such as memory, creativity, motivation, and overall mental performance. These can include natural compounds, synthetic substances, or a combination of both.