Nootropics Brain Supplements Market is Estimated To Witness High Growth Owing To Increasing Adoption Of Brain Health Supplements
Nootropics Brain Supplements Market
The 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 are products that aim to improve brain function
including memory, concentration, focus, cognition and overall mental
performance. These supplements contain ingredients such as DMAE,
acetyl-l-carnitine, vinpocetine, Huperzine A and phytonutrients which provide
nutrients essential for brain health. Increasing consumer awareness about brain
health and cognition support drives the demand for nootropics brain supplements
globally.
Market key trends:
One of the major trends in the nootropics brain supplements market is
increasing adoption of brain health supplements. Consumers are focusing more on
brain health and cognitive functions due to ageing populations and growing
consciousness about mental well-being. Growing urbanization, sedentary
lifestyles and increasing stress levels are significant factors compelling
consumers towards brain health supplements. Furthermore, nootropic supplements
market is witnessing rising innovation with the introduction of plant-based and
herbal nootropic products catering to the demands of health-conscious
consumers. Various herbal and plant extracts such as bacopa monnieri, gotu
kola, rhodiola rosea and ginkgo biloba are being increasingly used in brain
supplements.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as significant
capital investment is required to conduct R&D along with building brand
equity. However, the market is growing at a rapid pace providing opportunities
for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate as there
are a lot of alternatives available in the market from various key players at
competitive prices. Buyers can switch between brands easily.
Bargaining power of suppliers: The bargaining power of suppliers is low as
ingredients for producing nootropics supplements are widely available. This
puts less pressure on prices from suppliers.
Threat of new substitutes: The threat of substitution is low as nootropics
supplements provide unique cognitive benefits that are difficult to substitute.
However, lifestyle changes and dietary modifications can act as potential
substitutes.
Competitive rivalry: Fierce competition exists among existing players to gain
market share.
SWOT Analysis
Strength: Wide range of efficacious products backed by clinical research.
Growing health-conscious consumer base attracted to natural solutions.
Weakness: Lack of long-term safety data for some ingredients. Vulnerable to
unfavorable media coverage regarding adverse effects, if any.
Opportunity: Rising cognitive health concerns among students and working professionals.
Untapped growth opportunities in emerging markets of Asia Pacific and Latin
America.
Threats: Strict regulations capping usage of certain stimulant ingredients.
Increased competitive pressure from dietary supplements and pharmaceutical players.
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 health awareness and busy lifestyles
leading to rising cognitive burden. North America currently dominates the
market, however Asia Pacific is emerging as the fastest growing region
attributable to growing disposable income, heavy media promotions, and rising
health consciousness among millennials.
Regional analysis Asia Pacific region is projected to witness the fastest
growth during the forecast period. Countries like India, China, Japan and South
Korea are likely to provide lucrative opportunities driven by growing
millennial population, rising urbanization and shifting consumer preference
towards brain health supplements from traditional medicines. Additionally,
aggressive promotional activities by key global players will further aid the
market expansion.
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, Neurohacker Collective, Neurofuse, and Mind Lab Pro. Major players
are involved in extensive research & development activities to formulate
new product lines featuring cutting-edge ingredients and delivery mechanisms.
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