Nootropics Market Impact of COVID-19 and Restraint Impact Analysis by 2028

Posted on 2022-12-21 by researchinsights in Industrial // 0 Comments

San Francisco, Calif., USA, Dec 21, 2022 — /EPR Network/ —

Nootropics Industry Overview

The global nootropics market size is expected to reach USD 29.24 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 15.0% from 2021 to 2028. Nootropics are gaining popularity as cognitive enhancers and smart drugs as these are particularly used for improving memory, increasing mental alertness and concentration, and boosting energy levels and wakefulness. According to an article published by the Alcohol and Drug Association (ADF), in November 2021, CILTEP and Alpha Brain are the most used nootropic supplements among young consumers.

The growing availability of over-the-counter (OTC) nootropics, nootropics coffee, functional shots, and bars across online and offline channels is driving the consumption of nootropics. Further, shifting inclination towards natural and herbal products has been playing a vital role in boosting the market growth. Some of the commonly found herbs in nootropics include ginkgo Biloba, ginseng, curcumin, echinacea, L-theanine from green tea, turmeric, guarana, and bilberry.

Nootropics Market Segmentation

Grand View Research has segmented the global nootropics market on the basis of form, distribution channel, and region:

Based on the Form Insights, the market is segmented into Capsules/Tablets, Powder, Drinks, and Others.

The capsules/tablets segment held the largest revenue share of over 45.0% in 2020 and is expected to maintain its lead over the forecast period.
Capsules/tablets have seen an uptick in demand as the product manufacturers are marketing them in these forms, which is expected to continue during the forecast period.
The drinks segment is projected to register the fastest CAGR of 16.0% from 2021 to 2028.
The powder segment held the second-largest revenue share in 2020.

Based on the Distribution Channel Insights, the market is segmented into Offline, and Online.

The offline segment held the largest revenue share of over 70.0% in 2020.
The increasing penetration of independent retail giants such as Walmart, Walgreens, Tesco, and Costco is boosting product visibility and attracting a larger consumer base
The online distribution channel is projected to register the highest CAGR of 15.4% from 2021 to 2028.
Consumers are switching from offline to online channels owing to the change in their purchasing patterns and a considerable shift in lifestyles.
Online platforms offer high levels of convenience, increased product visibility, and at-home delivery features, which is eventually driving the segment.

Nootropics Regional Outlook

North America
Europe
Asia Pacific
Central & South America
Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

The market is characterized by the presence of a few well-established players and several small and medium players. Product launches are among the key strategic initiatives undertaken by the industry players to gain a competitive edge in the market. The product manufacturers are introducing new variants in the nootropics product categories to capture a larger consumer base.

For instance, in October 2021, Savvy Beverage is planning to launch instant coffee and soda drinks containing nootropic ingredients to enhance brain health. Similarly, in February 2021, Mind Cure Health Inc. announced the release of its original nootropic and adaptogen product offerings for promoting support across the spectrum of mental hygiene. The product offerings include three nootropics formulations in capsule and powder form and a teen-centric formulation in capsule form with added energy, focus, and protection from immune threats.

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