July 24, 2024
Nootropics Brain Supplements Market

Accelerated Brain Performance to Boost the Growth of Nootropics Brain Supplements Market

The global Nootropics Brain Supplements Market is estimated to be valued at US$ 4.1 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Nootropics brain supplements, also known as smart drugs, are mental and cognitive enhancers that improve memory, focus, motivation, concentration and overall brain function beyond normal levels. They achieve this by altering neurotransmitter levels in the brain, acting as neuroprotectants and enhancing synaptic plasticity. Popular nootropics ingredients include caffeine, L-theanine, Bacopa monnieri, rhodiola rosea, alpha GPC and lion’s mane mushroom. With busy lifestyles and digital distraction becoming the norm, nootropics supplements are gaining popularity as an effective solution to keep the brain performing at its peak levels.

Market key trends:
One of the key trends in the nootropics brain supplements market is the surge in customers belonging to millennial and Gen Z demographic. Younger consumers are more receptive to nootropics as smart drugs that enhance their brain capabilities in day to day activities as well as skill acquisition. Moreover, growth of e-commerce channels has made nootropics easily accessible to global customers. Major brands are investing in R&D to develop highly targeted supplements backed by clinical studies. For example, supplements containing precise ratios of multiple nootropics aimed at alleviating specific issues like brain fog, lack of focus, anxiety etc. This scientific approach is helping gain widespread acceptance of nootropics supplements.

Porter’s Analysis
Threat of new entrants: The nootropics brain supplements market has moderate threat of new entrants due to high R&D and production costs required for developing effective supplements.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of numerous branded and generic options in the market.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitutes and dependence on few major players for key ingredients.
Threat of new substitutes: Threat of new substitutes is high as supplements can be replaced by prescription drugs and functional foods and beverages.
Competitive rivalry: High due to presence of numerous global and regional players offering similar supplements.

Key Takeaways

Global Nootropics Brain Supplements Market Demand is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing awareness about cognitive health and focus on mental performance enhancement through natural supplements.

The North America region currently dominates the nootropics brain supplements market owing to growing health consciousness and rising aging population facing cognitive issues in the US and Canada. Europe is also a major market driven by presence of major players and rising focus on preventive healthcare measures for brain health in the UK, Germany, and France.

Key players operating in the nootropics brain supplements market are 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, and Mind Lab Pro. Major players are focused on developing advanced delivery formats and forms through extensive R&D along with mergers and acquisitions for expanding their product portfolios and global presence.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it