The global Melatonin Market Growth Accelerated by Increasing Consumer Preference for Natural Sleep Aids
Melatonin is a hormone that regulates sleep-wake cycles in humans and helps promote sleep. Increased consumer awareness regarding the benefits of melatonin in inducing sleep has led to a rise in demand for melatonin supplements. Moreover, rising preference for natural sleep aids over prescription drugs to deal with issues such as jet lag, shift work disorder, and insomnia has driven the demand for melatonin supplements.
The global Melatonin Market is estimated to be valued at US$ 576.85 Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing consumer preference for natural sleep aids has highly contributed to the growth of the melatonin market over the forecast period. Consumers are increasingly adopting natural ingredients to deal with insomnia and other sleep disorders due to the side effects associated with prescription drugs. Melatonin acts as a safe and non-addictive alternative to prescription drugs as it does not cause any side effects. Moreover, melatonin supplements are easily available over-the-counter without a prescription, making it a convenient and cost-effective option compared to prescription drugs. Hence, the increasing demand for natural and plant-based dietary supplements for sleep support will propel the growth of the melatonin market during the forecast timeline.
Segment Analysis
The global melatonin market is dominated by the oral segment, which is predicted to hold over 95% market share by 2030. The oral segment include capsules, pills and tablets. Oral supplements are highly preferred options for melatonin treatment compared to other forms due to their convenience of use and measured dosage.
Key Takeaways
The Global Melatonin Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market is projected to reach a value of US$ 1,271.38 Mn by 2030, expanding at a CAGR of 7.4% during this period.
Regional analysis
North America currently dominates the global market and is anticipated to maintain its leading position over the projection period as well. Easy accessibility and rising awareness regarding melatonin supplements are driving the market in the region. The United States holds a majority share of the North American market owing to increasing prevalence of insomnia and other sleep disorders.
Key players
Key players operating in the melatonin market are 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.
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