Melatonin is a naturally occurring hormone that helps regulates circadian rhythm and promotes sleep. It is used as a dietary supplement to treat insomnia and adjust sleep-wake cycles in people experiencing jet lag or shift work disorder. With growing cases of sleep disorders and increasing awareness regarding the benefits of melatonin supplements, their demand has surged tremendously.
The global Melatonin Market is estimated to be valued at Us$ 576.85 Mn in 2023 and is expected to exhibit a CAGR Of 7.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing need for inducing sleep: The key factor driving the growth of the Melatonin Market is the increasing prevalence of sleep disorders worldwide. As per the Sleep Foundation, over 50 million Americans struggle with sleep issues each year. The rise in stress levels and hectic lifestyles have adversely impacted sleeping patterns leading to rising sales of melatonin supplements. People are increasingly relying on Melatonin supplements to treat insomnia and other sleep-related conditions. With growing awareness about the importance of sound sleep, the demand for sleep-inducing melatonin supplements is expected to increase substantially over the forecast period.
Segment Analysis
The global melatonin market is dominated by oral segment which accounts for over 60% share owing to high preference of consumers for tablets and capsules as they provide convenience. The oral segment is followed by topical products segment which is expected to witness highest growth during the forecast period due to increasing adoption of gels, creams and lotions for direct application on skin.
Key Takeaways
The Global Melatonin Market Demand is expected to witness high growth during the forecast period of 2023-2030.
Regional analysis:
North America region currently dominates the global melatonin market and is expected to continue its dominance during the forecast period. This is attributed to higher awareness about health benefits of melatonin supplements and growing insomnia rates in the region. Asia Pacific region is projected to witness fastest growth propelled by rising geriatric population, increasing working professionals suffering from sleep disorders and growing adoption of supplements in countries like India and China.
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. Rising demand for herbal supplements is encouraging these players to invest in marketing and clinical trials to substantiate product claims.
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