April 17, 2024
melatonin market

The Growing Melatonin Market is Expected to be Flourished by the Increasing Demand for Natural Sleep Supplements

Melatonin is a hormone that is naturally produced by the pineal gland in the brain and plays a central role in regulating sleep-wake cycles. It is commonly sold as a dietary supplement to promote sleep. Melatonin supplements are available in various forms including capsules, tablets, gels, and liquids. They are widely used for treating insomnia, jet lag, and certain sleep disorders. The supplements help induce sleep, increase sleep duration, and improve sleep quality. With the hectic lifestyles and stress levels rising across the world, the demand for products enhancing sleep and promoting relaxation is growing rapidly. As a result, more people are turning to natural sleep supplements like melatonin for a good night’s rest.

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 Dynamics:
Increasing demand for natural sleep supplements: As mentioned earlier, the growing trend of using natural products for healthcare is fueling the demand for melatonin supplements. People are increasingly opting for melatonin over prescription sleep drugs due to its natural origin, minimal side effects, and easy availability without a prescription. This growing preference for natural remedies is expected to drive the growth of the melatonin market over the forecast period.

Awareness about benefits of melatonin: With more research establishing the role of melatonin in promoting better sleep, managing sleep disorders, and providing other health benefits, awareness about this hormone is increasing worldwide. Various studies have shown melatonin to reduce symptoms of autism, slow aging, boost immunity, and lower risk of cancer and heart diseases. The rising knowledge about such benefits is prompting many consumers to include melatonin supplements in their daily routine to derive these advantages. This, in turn, is expected to generate high demand.

Segment Analysis
The global melatonin market can be segmented into capsules, liquids and gels, tablets and softgels, and hard shell capsules. The capsules segment currently dominates the market owing to widespread availability and usage of melatonin capsules to alleviate sleep disorders including insomnia. However, the liquids and gels segment is expected to witness fastest growth during the forecast period due to rising preference for easy to consume liquid and gel formulations of melatonin among consumers.

PEST Analysis
Political: There are no major political factors impacting the melatonin market currently. Most countries allow over-the-counter sale of melatonin supplements.

Economic: The rising disposable income and growing health awareness are driving increased consumer spending on sleep aid and health supplement products including melatonin globally.

Social: Changing lifestyles and increasing stress levels have led to a rise in sleep disorders such as insomnia in many countries. This is creating higher social acceptance and demand for melatonin supplements.

Technological: Manufacturers are focusing on development of advanced delivery formats such as fast dissolving tablets and strips to improve patient compliance for melatonin supplements. Some players are also exploring nano-encapsulation technology to enhance bioavailability.

Key Takeaways
The Global Melatonin Market Size is expected to witness high growth. 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.

The North America region currently dominates the market owing to high consumer awareness regarding benefits of melatonin in alleviating sleep issues. Moreover, presence of major players in the region is also supporting market growth.

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