by Melatonin is a hormone that helps regulate sleep cycles by inducing drowsiness and lowering body temperature. It is used as a dietary supplement to treat jet lag and sleep issues. Growing cases of insomnia, depression, and other sleep disorders have increased the demand for melatonin supplements. Convenient formulations like tablets, capsules, and gummies that induce faster sleep are highly favored. The global Melatonin Market is estimated to be valued at US$ 576.85 Mn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising incidences of sleep disorders have propelled the growth of the melatonin market. Sleep disorders like insomnia have increased multifold due to hectic lifestyles and excessive screen time before bedtime. According to the Sleep Foundation, around 30-40% of adults frequently have insomnia. Insomnia not only causes sleep deprivation but also weakens immune responses and increases the risk of heart disease and diabetes. Furthermore, surveys have revealed that melatonin supplements are effective in improving sleep quality and duration in individuals suffering from insomnia. The convenience of all-natural melatonin supplements without any side effects has further augmented their demand among consumers looking for effective sleep aids.
SWOT Analysis
Strength: Melatonin has extensive therapeutic applications in diseases and disorders such as jetlag, sleep disorders, depression, and cancer.
Weakness: Long term effects of melatonin supplements are still unknown. Melatonin supplements are not regulated and quality standards are not established.
Opportunity: Growing prevalence of lifestyle diseases due to erratic sleep patterns and increased stress levels are driving the demand for melatonin supplements. Population aging is expected to boost market growth.
Threats: Product recalls due to quality issues can negatively impact the market. Stiff competition from other sleep-aid products can hamper market growth.
Key Takeaways
The Global Melatonin Market Size is expected to witness high growth over the forecast period of 2023 to 2030.
North America dominates the global melatonin market and is expected to maintain its dominance over the forecast period. Factors such as growing awareness regarding health benefits of melatonin supplements and prevalence of sleep disorders are driving market growth in the region.
Key players operating in the melatonin market are C.H. Boehringer Sohn AG & Ko. KG, Pfizer Inc., Eli Lilly and Company, AstraZeneca plc, Natco Pharma Limited, Anhui Haikang Pharmaceutical Co., Ltd., Avra Laboratories Pvt. Ltd., and Sun Pharmaceutical Industries Ltd. Major players are focusing on enhancing their production capabilities and distribution networks to strengthen their position in the market.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
