The U.K. nootropic functional beverages market size is expected to hit USD 260.2 million by 2027 while exhibiting a CAGR of 10.2% between 2020 and 2027. This is attributable to the increasing prevalence of Alzheimer and the growing demand for smart drugs that is propelling the demand forhealthy functional drinks across the U.K. nootropic functional beverage segment in the country. This information is published by Fortune Business Insights, in its latest report, titled, “U.K. Nootropic Functional Beverages Market Size, Share & Industry Analysis, By Distribution Channel (Supermarkets/Hypermarkets, Pharmacy Stores, Specialty Retailers, Online Channels, Others), and Country Forecast, 2020-2027.” The report further observes that the market stood at USD 126.9 million in 2019 and is projected to showcase significant growth during the forecast period.
List of the Companies Proliferating in the Market for U.K. Nootropic Functional Beverages:
- Brite Drinks (London, England)
- Raylex Brands (London, England)
- Kimera Koffee (Florida, United States)
- LIFEAID Beverage Company LLC (California, United States)
- TruBrain (California, United States)
- Onnit (Texas, United States)
- Neurohacker Collective LLC (California, United States)
- Onnor Ltd (London, United Kingdom)
- Neurobrands LLC (California, United States)
- Vite Naturals Ltd. (London, United Kingdom)
COVID-19 Impact: Disruption in Supply Chain to Hamper Procurement of Raw Materials
The closure of several manufacturing facilities across the U.K. has led to significant disruption in the supply chain of several industries. The food & beverage industry is also reeling to unprecedented economic loss due to the suspension of services. This is likely to affect the procurement of raw materials by the manufacturers to develop innovative health drinks in the U.K. nootropic functional beverage segment. However, proactive government efforts to bring back the economy on track will favor the growth of the market in the country.
The U.K. nootropic functional beverages segment is experiencing massive demand owing to the several health benefits provided by the nootropic ingredients in the country. These drinks have immunity-boosting properties, and thereby, consumed by a large section of people that include children, working professionals, and the elderly.
What does the Report Include?
The market for U.K. nootropic functional beverages report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will affect market growth. The report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes a competitive landscape that involves leading companies. It further mentions the strategies adopted by them, such as to introduce new products, announce partnerships, and collaboration that will contribute to the growth of the market. Moreover, the research analyst has adopted several research methodologies such as PESTEL analysis to extract information about the current trends and industry developments that will drive the market growth between 2020 and 2027.
Increasing Prevalence of Alzheimer to Promote Market Growth
According to research conducted by the Alzheimer’s Society in 2019, about 8,50,000 people in the U.K. were found to be suffering from dementia. This results in 1 for every 14 people suffering from the disorder in the country. The increasing prevalence of Alzheimer’s disease is expected to propel the demand for innovative health drinks that aid in boosting the mental health of the people across the U.K. nootropic functional beverages category. Additionally, the growing demand for smart drugs owing to the hectic lifestyle of the working professionals is likely to favor the U.K. nootropic functional beverages market growth in the forthcoming years.
Supermarket/Hypermarket Segment to Remain Dominant
The supermarket/hypermarket segment, based on the distribution channels, is expected to showcase significant growth during the forecast period. This is ascribable to factors such as several cash-backs and discounts offered by the stores in the U.K. nootropic functional beverages categories.
The U.K. nootropic functional beverages market stood at USD 126.9 million in 2019 and is likely to showcase considerable growth backed by the increasing spending on healthcare products in the country between 2020 and 2027.
Prominent Companies Focus on Acquisition to Expand Their Product Portfolio and Boost Sales Revenue
The U.K. nootropic functional beverages market is experiencing significant competition from the small, medium, and large companies that are striving to maintain their dominance. The large companies are focusing on acquiring other small companies to expand their footprint in the U.K. nootropic functional beveragessegment. In addition to this, other key players are adopting strategies such as the introduction of new products, facility expansion, and collaboration that will bode well for market growth.
- July 2019 – Raylex Brands announced the acquisition of Wow Food & Drinks Ltd. According to the company, the acquisition is aimed at strengthening its position in the natural and nootropic beverages category. Additionally, the company is focused on developing several plant-based beverages to cater to the vegan population.
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