Nootropics Global Market Report 2023

The Nootropics Global Market Report 2023 by The Business Research Company, provides nootropics market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Nootropics Global Market Report 2023, the global nootropics market size grew from $3.97 billion in 2022 to $4.64 billion in 2023 at a compound annual growth rate (CAGR) of 17.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the nootropics market is expected to grow to $7.87 billion in 2027 at a CAGR of 14.1%.

The increasing expenditure on health and wellness is expected to propel the growth of the nootropics market going forward. Health and wellness are generally defined as a method that an individual respects to reach mental health and physical wellbeing. Mental and physical health involves diving deep into the health and wellness industry. Nootropics are useful in maintaining an individual’s health and wellness, as a result, if the demand for healthcare and wellness is increasing, so will the need for nootropics.

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The nootropics market is segmented:

1) By Drug Type: Prescription Nootropics, OTC Nootropics

2) By Form: Capsules or Tablets, Powder, Drinks, Other Forms

3) By Distribution Channel: Offline, Online

4) By Application: Memory Enhancement, Mood and Depression, Attention and Focus, Longevity and Anti-aging, Sleep and Recovery, Anxiety

The adoption of vegan nootropics is gaining popularity in the global nootropics market. Major companies operating in the nootropics market are going to new organic product innovations to meet consumer demand and sustain their position in the market. For instance, in July 2022, BioAdaptives Inc., a US-based manufacturer of natural plant and algae-based supplements, launched MindMemory, which is an advanced nootropic intended to enhance memory, mental focus, and concentration. The new product has a gradual and smooth effect and unlike coffee, it does not produce sudden rush of adrenaline.

The nootropics market report table of contents includes: