July 13, 2024

Melatonin Market Is Expected To Be Flourished By Increasing Demand For Natural Sleep Supplements

Melatonin is a hormone that is naturally produced by the pineal gland in the brain and helps regulate the sleep-wake cycle. It is commonly used as a dietary supplement to promote better sleep. Melatonin supplements are available in various forms including capsules, tablets, softgels, gummies and liquids. They are used to treat jet lag, insomnia, sleep disorders and circadian rhythm disorders. Melatonin aids in falling asleep faster and sleeping better throughout the night. It is generally considered safe for short term use but should be taken as directed by a healthcare professional.

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 To 2030, as highlighted in a new report published by Coherent Market Insights. The market is mainly driven by the increasing prevalence of sleep disorders and growing preference for natural sleep remedies over prescription drugs.

Market Dynamics:

The melatonin market is expected to be flourished by increasing demand for natural sleep supplements. According to the report, rising health concerns and growing awareness about side effects of prescription sleeping pills is prompting consumers to opt for natural sleep aids like melatonin supplements. This shift towards herbal and plant-based remedies for better quality sleep without risks of dependency and addiction is fueling the market growth.

Another key driver is the rising prevalence of lifestyle diseases and mental health issues leading to sleep difficulties. Stress, anxiety, depression and other mental health conditions often disrupt normal sleep patterns driving the need for effective sleep remedies. Furthermore, rising geriatric population who are more susceptible to sleep disorders will also contribute to market expansion during the forecast period.

Segment Analysis

The global melatonin market is dominated by the pharmaceutical grade sub-segment, which accounts for over 70% share of the total market. Melatonin in pharmaceutical grade format is prescribed by doctors for insomnia and other sleep disorders. It has proven clinical efficacy making it the preferred format for both physicians and patients.

PEST Analysis

Political: Regulations around the sale and consumption of melatonin supplements vary globally. In many countries, melatonin is classified as a dietary supplement or food additive with relatively lax rules compared to pharmaceutical drugs.

Economic: The growth of the global melatonin market is supported by rising disposal incomes in developing nations leading to increased healthcare spending on supplements. Easy availability through retail channels and online platforms further boosts accessibility.

Social: Changing lifestyles with increased stress levels and hectic schedules have led to growing prevalence of sleep disorders among urban populations worldwide. Fast-paced lives leave less time for proper rest which drives demand for melatonin supplements.

Technological: Manufacturers are investing in R&D to develop innovative delivery formats like gummies, extended-release tablets to make ingesting melatonin more convenient. Some players are exploring nano-encapsulation techniques to enhance bioavailability.

Key Takeaways

The Global Melatonin Market Demand   is expected to witness high growth over the forecast period of 2023 to 2030 supported by increasing awareness about sleep-health linkages. The market size for melatonin is projected to reach nearly US$ 1,500 Mn by 2030 from US$ 576.85 Mn in 2023, registering a CAGR of around 7.2%.

Regional analysis:

 

North America currently dominates the global melatonin market with the largest share of over 35% in 2023. Rising prevalence of lifestyle diseases and growing health supplement adoption in the U.S. and Canada drive the regional market. Europe holds the second largest share led by countries like Germany, UK, and France. Asia Pacific is expected to emerge as the fastest growing regional market attributed to large population base and increasing health consciousness.

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. Key players are focused on expanding geographic presence and strengthening distribution networks to leverage market opportunities over the forecast period.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it