nootropics market
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How Will The Nootropics Market Globally Expand In 2023?

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company’s nootropics market report forecasts the nootropics market size to grow to $7.87 Billion by 2027, with a CAGR (compound annual growth rate) of more than 14%.

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Nootropics Market Size Forecast
The global nootropics market is expected to grow 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 nootropics market size is expected to grow to $7.87 billion in 2027 at a CAGR of 14.1%.

North America held the largest nootropics market share, and Asia-Pacific was the fastest-growing region in 2022.

Key Nootropics Market Driver ­– Increase In The Expenditure On Health And Wellness
For instance, according to Global Wellness Institute, a US-based non-profit organization, the global mental wellness market was valued at $122 billion in 2019 and grew by 7.2%, reaching $131 billion in 2020. Therefore, the increasing expenditure on healthcare and wellness drives the nootropics market.

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Key Nootropics Market Trend – Adopting Vegan Nootropics
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.

Nootropics Market Segment
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

Nootropics Market Major Players and Strategies
Major players in the nootropics market are Accelerated Intelligence Inc., AlternaScript, HVMN, Mental Mojo LLC., Peak Nootropics, PureLife Bioscience Co. Ltd., Blue Brain Boost, NooCube, Mind Lab Pro, TruBrain, Neu Drinks, Superior Supplement Manufacturing, Equinox Nutraceuticals, and Natural Stacks.

In April 2021, Unilever Global, a UK-based company that manufactures nootropics, acquired Onnit for an undisclosed amount. Through this acquisition, Onnit entirely sets Unilever in an increasing portfolio of advanced wellness and supplement brands that include olly, equilibria, liquid I.V., and SmartyPants Vitamins. Onnit is a US-based company operating in nootropics and a specialist in functional nutrition, fitness, mental, and emotional wellness needs.

The Nootropics Global Market Report 2023 covers regional data on nootropics market size, nootropics market trends and drivers, opportunities, strategies, and nootropics market competitor analysis. The countries covered in the nootropics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Nootropics refer to memory-enhancing substances that have a stimulation effect. The nootropics help boost brain performance. The nootropics include caffeine, creatine, vitamins, and minerals, which are used to increase memory, strength, or other cognitive functions. They may affect memory, thinking, or other mental functions, but they do not treat the diseases.

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