Melatonin Is Estimated To Witness High Growth
Market Dynamics:
Rising prevalence of sleep disorders is a major driver boosting growth of the melatonin market. Sleep disorders are highly prevalent and affect people of all ages. According to WHO, over 40% of adults suffer from insomnia. Melatonin helps promote better sleep habits and alleviates symptoms of insomnia and jet lag. It also reduces daytime drowsiness and fatigue associated with poor sleep habits. The other driver fueling market growth is increasing awareness about health benefits of melatonin supplements. Studies have shown that melatonin plays an important role in regulating metabolism and helps improve overall health and well-being. Rising awareness about these additional health benefits is increasing the adoption of melatonin supplements.
SWOT Analysis
Strength: Melatonin is a naturally occurring compound that aids in regulating the sleep cycle. This natural functionality makes melatonin a safe, non-addictive alternative to prescription sleep medications with fewer side effects. It improves quality of sleep without causing drowsiness or dependence. Melatonin can also improve jetlag, regulate sleep-wake cycles, and help reduce stress and anxiety levels.
Weakness: Long-term effects of melatonin supplements are still unknown as most clinical studies have only looked at short-term effects. While melatonin itself poses few risks, the quality control and purity of supplements can vary greatly between manufacturers. Melatonin may also interact with certain medications like blood thinners.
Opportunity: Growing awareness and preference for natural supplements over prescription drugs is driving demand for melatonin. The aging population suffering from age-related sleep issues also represents a major opportunity. Sleep disorders are increasingly recognized as a critical public health issue, stimulating research into alternative treatment options like melatonin.
Threats: stringent regulations and marketing restrictions on dietary supplements in some regions pose challenges. Availability of cheaper private label and counterfeit products also threatens established brands. Economic slowdowns could reduce discretionary spending on supplements.
Key Takeaways
The Global Melatonin Market Size is expected to witness high growth over the forecast period of 2023 to 2030 supported by increasing popularity of natural remedies, growing prevalence of sleep disorders, and expanding applications in regulating jetlag and seasonal depression. The market size is projected to reach US$ 576.85 Million by 2023 exhibiting a CAGR of 7.4% during the forecast period.
Regional analysis: North America currently dominates the global melatonin market owing to rising health awareness, availability of advanced medical facilities, and growing geriatric population suffering from sleep issues. However, Asia Pacific is predicted to emerge as the fastest growing regional market attributed to increasing discretionary spending on healthcare and supplements, coupled with growing acceptance of melatonin as a safe, effective alternative to prescription drugs.
Key players: Key players operating in the melatonin market include Cipla, Teva Pharmaceuticals, Glenmark Pharmaceuticals, AdvaCare Pharma, Medlab Pharmaceuticals Private Limited, Dermocare Laboratories, Iva Healthcare Private Limited, Unilab Chemicals & Pharmaceuticals Pvt Ltd, Organon group of companies, Cosette Pharmaceuticals, Taro Pharmaceutical Industries Ltd., and Hikma Pharmaceuticals. These companies compete based on product features, brand recognition and distribution network.
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