A new market study, titled “Discover Global Nootropics Market Upcoming Trends, Growth Drivers and Challenges” has been featured on WiseGuyReports.
The global nootropics market was valued at $2.17 billion in 2018 and is predicted to grow at a CAGR of 12.5% by 2026. Growth in demand for brain booster and smart drugs will boost the market demand. Quite a few students and professionals take these smart drugs to increase focus and memory. Adoption of both synthetic and natural raw materials for continuous development of the product will further drive the market growth. Natural materials have seen a greater demand in the past few years, including materials like caffeine, match tea, green tea, Kucha tea, spinach, beets, peanuts, eggs, liver, Brahmi, arctic root, turmeric, ginseng, pine bark, and fish oil. More than 50% of American consumers prefer buying products with natural ingredients, according to a report by the American Council on Exercise (ACE).
Nootropics manufacturers also focus on product packaging; for instance, plastic, glass, and metals are used for producing pouches, bottles, and cans. Marketing of the product primarily includes packaging and labelling since students and young professionals are the target consumers of the market.
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Nootropics Side Effects Segmentation
The nootropics market can be segmented by distribution channels and applications. Based on distribution channels, the market divisions include offline and online distribution. Offline distribution channel has the most market contribution, accounting for over 80% of the total share in 2018. High consumer preference for buying such drugs from drug stores led the offline segment. The online distribution channel is expected to grow rapidly owing to increased preference of this channel among students. Online mediums offer hassle-free shopping experience and easy payment methods. These factors will boost the online segment growth.
Memory enhancement has the most application in the market, owing to growing competition in academics has fueled the demand for nootropics among students. There is more preference for naturally derived nootropics over synthetic supplements which will further boost the market demand. Many students turn to smart drugs to cope with the stress of examinations. For instance, many university students from Europe use these supplements for better academic performance. Memory enhancement supplements are also used for elderly people suffering from mild Alzheimer’s disease.
Nootropics Regional Analysis
Geographically, the nootropics market can be segmented into North America, Europe, and the Asia Pacific. North America is the highest market contributor, followed by Europe. A rise in consumer awareness about brain health, coupled with the prevalence of a large number of manufacturers is resulting in the higher market demand in these regions. Asia-Pacific is an emerging market and has witnessed a rise in nootropics demand in recent years. Latin America and Africa are also predicted to play a major role in market demand.
Nootropics Industry News
Adoption of advanced technologies is the best way to get ahead of the competition. Market players have adopted strategies like mergers & acquisitions, collaborations, and partnerships to get a strong foothold in the market.
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Major Key Points of Global Nootropics Market
- Global Nootropics Market Methodology and Scope
- Global Nootropics Market – Market Definition and Overview
- Global Nootropics Market – Executive Summary
- Global Nootropics Market – Market Dynamics
- Global Nootropics Market – Industry Analysis
- Global Nootropics Market – By Application
- Global Nootropics Market – By Region
- Global Nootropics Market – Competitive Landscape
- Company Profiles
- Global Nootropics Market – Premium Insights
- Global Nootropics Market – DataM
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