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Nootropics brain supplements aim to improve cognitive abilities such as memory, creativity, motivation, and focus. These supplements contain ingredients such as vitamins, minerals, amino acids, herbs, and other substances that may support brain functions. Growing awareness about cognitive decline and focus on brain health is driving demand for nootropics supplements.
Nootropics supplements are increasingly being used to support memory, enhance cognitive performance, and boost productivity especially by students, professionals involved in mentally-taxing activities, and the growing aging population. Key ingredients in nootropics include omega-3 fatty acids, Bacopa monnieri, ginseng, ginkgo biloba, huperzine A, and L-theanine that are found to improve various aspects of brain health and cognition. The supplements come in the form of capsules, pills, drinks, and powders that can be easily consumed on a daily basis. Their ability to boost mental alertness, enhance learning and memory capacity, and improve overall cognitive abilities without major side effects have made nootropics popular as preventive health and self-optimization products.
The global Nootropics Brain Supplements Market is estimated to be valued at US$ 4.09 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing awareness about cognitive decline and prevention of neurodegenerative disorders through lifestyle modifications is pushing the demand for brain health supplements. Population aging is another key driver as aging is often associated with mild cognitive impairments. Nootropics with focus, memory, and neuroprotective benefits are increasingly being adopted to support brain health among the geriatric group. Product innovations with cognitive-enhancing blends and formulations for specific cognitive functions like learning, attention, and focus are some notable trends witnessed in the market.
Porter’s Analysis
Threat of new entrants: The nootropics brain supplements market requires large investments in research and development to develop new products, which increases the barrier for new companies to enter this market.
Bargaining power of buyers: Individual consumers have low bargaining power in this market as they have limited influence over prices due to the presence of many established brands.
Bargaining power of suppliers: Manufacturers source raw materials like vitamins, minerals and herbal extracts from different suppliers globally. This provides them bargaining power against suppliers.
Threat of new substitutes: Products like vitamins, minerals and herbal supplements can act as substitutes but they don’t provide the same cognitive benefits as nootropics.
Competitive rivalry: The market is growing steadily which attracts new players. Established brands spend on marketing and promotions to increase customer loyalty and gain market share.
Key Takeaways
The global nootropics brain supplements market is expected to witness high growth.
Regional analysis: The Asia Pacific region is expected to grow at the fastest pace during the forecast period primarily due to increasing health consciousness, growing disposable income, and expanding retail distribution in countries like China, India and Japan. Availability of herbal ingredients and traditional medicine further aids regional market growth.
Key players: 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, Mind Lab Pro., Solaray, Nature’s Way, Intelligent Labs. The major players are focusing on product innovation and investments in R&D to strengthen their market position.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
