by Melatonin is a hormone that is produced by the pineal gland located in the brain and regulates sleep-wake cycles. It is most commonly used as sleep aid supplements as it helps reduce time to fall asleep, increase sleep duration, and improves overall sleep quality. The growing awareness regarding benefits of maintaining healthy lifestyle along with rise in sleep related issues have increased the demand for melatonin supplements globally.
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 rising shift towards healthy lifestyle among consumers has propelled the demand for melatonin supplements globally. Consumers are more focused on longevity, overall well-being and preventive healthcare, which has increased adoption of melatonin supplements for sound sleep. Additionally, hectic work schedules and sedentary lifestyles have disrupted circadian rhythms resulting in sleep disorders like insomnia. This has further augmented the demand for melatonin supplements as an effective and natural remedy for proper sleep cycle and overall health. The growth of e-commerce sector has also supported the wide distribution of melatonin supplements, thereby supporting the market growth over the forecast period.
SWOT Analysis
Strength: Melatonin has wide applications in improving sleep quality and treating sleep disorders like insomnia. It is easily available as an over-the-counter medicine with proven effectiveness.
Weakness: Long term usage of melatonin supplements can disrupt the body’s natural melatonin production. There is a lack of conclusive research on its effects during pregnancy and breastfeeding.
Opportunity: High prevalence of sleep disorders worldwide due to changing lifestyles and rising stress levels offers immense opportunities. Growing demand for natural remedies further boosts the market.
Threats: Alternative medicines and therapies like yoga, aromatherapy gain popularity for treating minor sleep issues posing threats. Stringent regulations in some regions hamper market growth.
Key Takeaways
The Global Melatonin Market Size is expected to witness high growth over the forecast period. 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.
Regional analysis reveals Asia Pacific accounts for the largest share currently owing to rising geriatric population, increasing stress levels, and growing preference of working professionals for OTC sleep aids in countries like India, China, and Japan. North America follows Asia Pacific while Europe is also a prominent regional market.
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. These companies mainly focus on strengthening their product portfolios and expanding reach through partnerships.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
