The melatonin market is estimated to be valued at US$ 576.85 Mn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Melatonin is a hormone produced by the pineal gland located in the brain that regulates sleep and wakefulness. It is commonly used as a dietary supplement to promote better sleep. Melatonin products are available in various forms such as capsules, tablets, liquid, and gum or mint forms. Rising awareness about healthy sleep patterns and growing preference for natural sleep aids is driving the demand for melatonin supplements.

Market Dynamics:

Rising Health Consciousness is Driving Demand for Melatonin Supplements
Health conscious consumers are actively seeking natural products that promote overall well-being. Melatonin supplements are gaining acceptance as a safe and effective solution for improving sleep quality and duration. Studies have shown that melatonin may help in reducing time required to fall asleep, increase total sleep time, and improve quality of sleep. Consumers prefer melatonin over prescription sleeping pills as it is derived from natural sources with limited side effects.

Busy Lifestyles Resulting in Sleep Deprivation is Fueling Market Growth
Busy and hectic schedules leave little time for adequate rest and relaxation, leading to stress and sleep deprivation. Consumer awareness about importance of quality sleep for maintaining good health is increasing. Melatonin supplements are used on occasions such as jet lag, shift work, or irregular sleep patterns due to long working hours, to induce sleep. This is supplementing the growth of Global Melatonin Market Size.

SWOT Analysis

Strength: Melatonin is a naturally occurring hormone that helps regulate sleep cycles. It is widely available as an over-the-counter dietary supplement. Three, melatonin supplements have relatively few side effects when taken at recommended doses.

Weakness: Long-term effects of melatonin supplementation are still unknown. Two, quality and dosage consistency can vary between supplement manufacturers.

Opportunity: An aging global population suffering from sleep issues and insomnia presents an opportunity for growth. Three, increasing awareness about benefits of melatonin for sleep can boost demand.

Threats: Strict regulations restricting melatonin products in some regions. Two, alternative sleep-aid drugs and therapies pose competition.

Key Takeaways

The global melatonin market is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing prevalence of sleep disorders. The worldwide melatonin supplements market size for 2023 is US$ 576.85 Mn.

Regional analysis

North America dominates the global melatonin market currently and is expected to continue its dominance over the forecast period. The regional market is estimated to account for around 45% market share in 2023 due to growing sleep disorders and rising health consciousness. Asia Pacific is anticipated to be the fastest growing market during the forecast period, owing to factors such as rising geriatric population, increasing stress levels, and growing health & wellness trend in the region.

Key players

Key players operating in the melatonin market are Natrol Inc., Neurim Pharmaceuticals Ltd., Pulse Pharmaceuticals Pvt. Ltd., Flynn Pharma Ltd., Fidia Farmaceutici S.P.A., Aspen Pharmacare Holdings Ltd., Schiff Nutrition International Inc., Solal Technologies (Pty) Ltd., Rexall Sundown, Inc., and Bebida Beverage Co. Natrol Inc. is expected to maintain its leading position in the global market, during the forecast period.

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