The 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 from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
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 quality sleep. Melatonin products are available in various forms such as tablets, capsules, liquids and edible gummies. They are usually consumed before bedtime to help people fall asleep faster and sleep soundly through the night. Melatonin supplements see wide application for coping with jet lag, shift work sleep disorder and insomnia.
Market Dynamics:
The growing demand for natural sleep remedies is fueling the sales of melatonin supplements. People today are increasingly focusing on self-care and opting for over-the-counter products to treat minor sleep issues. This is driving interest in melatonin as a safe and effective sleep aid. Moreover, hectic modern lifestyles involving irregular sleep schedules and excessive screen time before bed have disrupted the natural sleep cycle, thereby raising the need for sleep-promoting supplements. This fast-paced living along with prolonged work hours is a major factor augmenting the market growth. Additionally, the increasing adoption of melatonin-infused products such as edible gummies, which offer convenience of consumption, is also boosting the market expansion.
Segment Analysis
The melatonin market is dominanted by nutraceutical/dietary supplements segment which holds around 80% of the total market share. This is because melatonin is increasingly being used as a dietary supplement to promote better sleep, relieve stress, enhance mood and boost immunity. The easy availability of melatonin supplements as pills, capsules and gummies without a prescription also makes them a preferred choice among consumers.
PEST Analysis
Political: Regulation regarding use of melatonin as a pharmaceutical drug or dietary supplement varies across different countries and regions which can impact the market.
Economic: Rising disposable income and growing health consciousness is driving greater consumer spending on wellness supplements and boosting demand for melatonin supplements.
Social: Changing lifestyles, increasing stress levels and irregular sleep patterns have increased prevalence of sleep disorders boosting use of melatonin supplements.
Technological: Advanced delivery formulations like fast-dissolving strips and gummies are gaining popularity for better convenience and compliance especially among young consumers.
Key Takeaways
The global Melatonin Market is expected to witness high growth, exhibiting a CAGR of 7.2% over the forecast period of 2023 to 2030, due to increasing prevalence of lifestyle diseases and growing awareness about benefits of melatonin in improving sleep, mood and immunity.
Regional analysis: North America is expected to dominate the global melatonin market over the forecast period owing to high consumer awareness, easy availability of supplements and growing insomnia rates. The Asia Pacific region is anticipated to exhibit the fastest growth rate owing to rising geriatric population, increasing stress levels and growing adoption of western lifestyle in emerging nations like China and India.
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. These players are focusing on new product launches, partnerships and expansions to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
