Cognitive Brilliance: Unveiling the Nootropics Market Dynamics
The Business Research Company’s Nootropics Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
LONDON, GREATER LONDON, UK, January 2, 2024 /EINPresswire.com/ — The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033
The nootropics market has experienced rapid expansion, surging from $4.6 billion in 2023 to $5.29 billion in 2024, exhibiting an impressive Compound Annual Growth Rate (CAGR) of 15.0%. This growth trajectory is anticipated to continue, with the market projected to reach $9.73 billion by 2028, emphasizing a CAGR of 16.5%.
Health and Wellness Spending Surge:
The escalating expenditure on health and wellness is a key driver propelling the growth of the nootropics market. With a growing emphasis on mental and physical well-being, individuals are investing more in products contributing to health and wellness. The Centers for Medicare & Medicaid Services reported a 7.8% rise in prescription drug expenditure in 2021, reaching $378.0 billion, reflecting an increased demand for healthcare and wellness solutions. This trend is expected to fuel the demand for nootropics, positioning them as essential components in the pursuit of a healthier lifestyle.
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Rising Lifestyle Diseases’ Impact:
The prevalence of lifestyle diseases, characterized by unhealthy lifestyle choices, is a significant factor contributing to the growth of the nootropics market. Diseases like obesity and diabetes, often linked to cognitive impairment, stress, and reduced energy levels, drive the adoption of nootropics. With 74% of global deaths attributed to non-communicable diseases, the demand for cognitive enhancement, stress management, and energy support is on the rise, further propelling the market.
Market Leaders and Innovations:
Major companies in the nootropics market include Accelerated Intelligence Inc., AlternaScript Inc., Health Via Modern Nutrition Inc., Mental Mojo LLC., Peak Nootropics, PureLife Bioscience Co. Ltd., Blue Brain Boost, Wolfson Holdco Limited, Performance Lab Group Ltd., TruBrain, PepsiCo, Superior Supplement Manufacturing, Equinox Nutraceuticals, Natural Stacks Inc., Gaia Herbs Farms., Kimera Koffee LLC., Onnit Labs LLC., Reckitt Benckiser Group plc., OUTLIERS INC., Teva Pharmaceutical Industries Ltd., United Pharmacies, Clarity Nootropics, OptiMind, Pfizer Inc., GlaxoSmithKline PLC, Novartis AG, Mylan N.V., UCB S.A., HVMN Inc., BioAdaptives Inc., Powder City.
Vegan Nootropics and Innovative Flavors:
The market is witnessing a shift towards vegan nootropics, driven by consumer demand for organic products. For example, BioAdaptives Inc. launched MindMemory, an advanced nootropic designed to enhance memory and concentration. Additionally, multi-flavored nootropics are transforming the market, catering to diverse tastes. Rollagranola’s Nootropics range offers four unique flavors, each targeting specific needs such as relaxation, focus, well-being, and vegan preferences.
Regional Dynamics:
•North America Dominance: In 2023, North America emerged as the largest region in the nootropics market.
•Asia-Pacific’s Growth: The Asia-Pacific region is expected to be the fastest-growing during the forecast period.
Market Segmentation:
•Drug Type: Prescription Nootropics, OTC Nootropics
•Form: Capsules or Tablets, Powder, Drinks, Other Forms
•Distribution Channel: Offline, Online
•Application: Memory Enhancement, Mood and Depression, Attention and Focus, Longevity and Anti-aging, Sleep and Recovery, Anxiety
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Nootropics Global Market Report 2023from TBRC covers the following information:
•Market size date for the forecast period: Historical and Future
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries:Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
TheNootropics Global Market Report 2023byThe Business Research Company is the most comprehensive report that provides insights on nootropics market size, nootropics market drivers and trends, nootropics market major players, nootropics market competitors’ revenues, nootropics market positioning, and nootropics market growth across geographies.The nootropics market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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