Nootropics Brain Supplements Market is Estimated to Witness High Growth Owing to Rising Cognizance of Enhancing Mental Function
Nootropics brain supplements are nutritional or pharmaceutical-grade compounds that enhance cognitive functions like memory, creativity, motivation, focus and other mental faculties. These supplements help improve memory formation, enhance alertness and improve mood. Rapid pace of life and high-stress environments have led people to opt for nootropics supplements to cope up with daily demands and maximize cognitive performance. 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 Opportunity:
Rising Cognizance of Enhancing Mental Function
Growing awareness about nootropics supplements to boost mental health and enhance cognitive abilities is the key opportunity driving the market growth. With busy lifestyles and increasing stress levels, people are focusing more on optimizing brain functions and delaying age-related cognitive decline. Nootropics supplements promise mental edge, improved learning and multitasking abilities which has encouraged their adoption. Additionally, easy availability of nootropics supplements online along with robust marketing by supplement makers is raising cognizance about benefits of cognitive enhancers. This emerging trend of brain optimization through supplements is estimated to propel the noootropics brain supplements market expansion over the forecast period.
Porter’s Analysis
Threat of new entrants: The Nootropics Brain Supplements Market has moderate entry barriers due to the need for expertise in research and development of brain supplements. However, established players hold significantly larger market shares and resources to invest in R&D and marketing.
Bargaining power of buyers: Individual consumers have moderate bargaining power due to the availability of multiple brands. However, larger buyers can negotiate on price and have greater influence on the market.
Bargaining power of suppliers: Key raw material suppliers needed for producing brain supplements have low bargaining power as there are many substitutes available. This prevents any single supplier from significantly influencing prices.
Threat of new substitutes: Alternative healthcare products and medicines pose a potential threat but complete substitutes are limited since nootropics provide focused benefits for brain function.
Competitive rivalry: The market is highly competitive due to the presence of numerous international and regional brands. Players compete based on product innovation, quality, brand value, and pricing.
SWOT Analysis
Strengths: Growing health awareness, focus on cognitive wellness, advancement in R&D are driving growth.
Weaknesses: Lack of clinical evidence and standard dosages, potential side effects, premium pricing compared to traditional supplements.
Opportunities: Untapped regional markets in Asia Pacific and Central & South America, scope for strategic collaborations and custom blends.
Threats: Stringent regulatory environment, proliferation of low-quality products, threat from alternative therapies and prescription drugs.
Key Takeaways
The global Nootropics Brain Supplements Market is expected to witness high growth during the forecast period owing to increased preference for cognitive boosting supplements.
Regional analysis: The Asia Pacific region holds significant growth potential for nootropics supplements influenced by changing lifestyles, rising consumer disposable incomes, and growing medical infrastructure. China dominates Asia Pacific sales and is projected to expand at a double digit CAGR between 2023-2030.
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. Major companies are focused on new product launches, expanding distribution networks and collaborations for sustained market leadership.