by Melatonin is a hormone that is produced naturally in the body and regulates sleep-wake cycles. Melatonin supplements offer natural support for sleep and are gaining popularity as a safe and effective alternative to prescription drugs.
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 demand from consumer preference for natural sleep remedies is driving the growth of the melatonin market. Consumers are increasingly looking for natural and herbal products for better sleep due to growing awareness about the side effects of prescription drugs. Melatonin supplements are considered safe natural sleep aids with little to no side effects. Manufacturers are also launching new melatonin supplements with additional herbal extracts that enhance its effects. Furthermore, the easy availability of melatonin supplements online without prescription is another factor fueling the demand from consumers globally.
SWOT Analysis
Strength: Melatonin is a naturally occurring substance that regulates sleep-wake cycles. It is considered safe and non-addictive.
Weakness: Long term effects of melatonin supplements are still unknown. Studies lack evidence for safety and efficacy in children and pregnant/breastfeeding women.
Opportunity: Growing prevalence of sleep disorders drives demand. Increasing health awareness boosts the natural supplements market.
Threats: Strict regulations and registration requirements hinder small players. Substitution threat from prescription drugs and other natural alternatives.
Key Takeaways
The Global Melatonin Market Size is expected to witness high growth. Rising cases of insomnia and other sleep disorders, along with increasing health consciousness among consumers are fueling market expansion. 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: North America is the dominant regional market for melatonin currently. Growth in the Asia Pacific region is projected to be fastest during the forecast period due to rising health expenditure and increasing preference for natural supplements in countries like India and China.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
