The global market for cognitive health supplements (nootropics) in 2015 reached the value of $2.7 billion.The market value for cognitive health supplements (nootropics) in 2015 is larger by 48.1%, or $1.4 billion, compared to 2012.
The short version is that the global market for cognitive health supplements (nootropics) in 2015 reached the value of $2.7 billion. The market value in 2015 is larger by 48.1%, or $1.4 billion, compared to 2012.
The market was valued at USD 2.7 Bn in 2015, and is expected to reach USD 11.6 Bn by 2024, expanding at a CAGR of 19.6% from 2016 to 2024. The key applications of brain health supplements inlcude memory enhancement, mood and depression, attention and focus, longevity and anti-aging, sleep recovery and dream enhancement, and anxiety. In base year 2015, memory enhancement segment was observed to be the largest segment and is anticipated to maintain its lead during the forecast period of 2016 – 2024
Nootropics, a substance that improves the cognitive function, is a booming business. To come up with reliable data on the market value, I relied on the reports and analysis from the renowned market research agency Euromonitor International.
Who use nootropics?
Search from the google trend with the past 10 years,you can see the growing of nootropics is rapidly up going and trend to be popular for a quite a long time by the certain circumstance.
The key factors assisting the growth of memory enhancement segment include growing awareness regarding the benefits majorly in the college students, scientists, entrepreneurs in developed nations opting for memory enhancers to sharpen their minds to gain an edge on the competition. In terms of sales channel, online stores held the largest market in the global brain health supplements market due to availability of wide variety of products as compared to supermarkets/hypermarkets and drug stores
Where is the main market of nootropics?
In base year 2015, North America held the largest regional market for brain health supplements accounting more than half of the total market share. Strong desire to enhance brain function among adult population, higher number of baby boomer population and easy availability of quality products are driving the market growth in North America. Asia Pacific is expected to project highest growth throughout the forecast period owing to the populous countries, rising foreign investment in collaboration with the local players, economic development and increasing consumer awareness in upper-middle-income segment would drive the market growth in Asia-Pacific.
The market value data analysis of nootropics.
Before I proceed to the market value data analysis, please note that the Euromonitor International uses terms such as “memory health supplements” or “mood-relaxation supplements” as a term for nootropics, or the cognitive-enhancing supplements in general.
Back in 2013, the global memory health supplements market reached the value of $1.5 billion. The same market was valued at $2.7 billion in retail sales in 2015. Having in mind that the market for the memory health supplements in 2013 experienced the growth rate of 11%, I calculated the conservative market value since 2012, as well as the future projection:
2012 – $1.3 billion
2013 – $1.5 billion
2014 – $1.7 billion (calculation based on 11 percent growth)
2015 – $2.7 billion
2016 – $2.9 billion (calculation based on 11 percent growth)
2017 – $3.3 billion (calculation based on 11 percent growth)
The market value in 2015 is larger by 48.1%, or $1.4 billion, compared to 2012 and it is clear that the market growth rate is rapidly increasing well above 11% in 2013.
Within the market value explained above, a report (paywall) by the Transparency Market Research pointed out that the most used noontropic products in 2014 were:
- Noopept
- Pramiracetam
- Modafinil
- Adrafinil
- Aniracetam
- Phenylpiracetam
Despite the growth of sales revenue, nootropics are facing obstacles in the form of regulatory hurdles. Companies working in this field can expect more regulations by the governments around the world.
Why is the nootropic market keeping popular?
Change in demographics with rise in aging population is the one of the driving factors for growing demand for cognitive supplements.Nootropics demand will keep growing up in the futures. Continuous introduction of new products and high level promotional activities through portals, magazines and other media are aggressively barraging information about such supplements, thus driving growth in consumer purchases.
To conclude, the global market for cognitive health supplements (nootropics) in 2015 reached the value of $2.7 billion. The market value in 2015 is larger by 48.1%, or $1.4 billion, compared to 2012. Market research agencies project further growth, but the industry might face increased regulatory pressure.