The global melatonin market is concentrated in manufacturing and formulation of melatonin products for various applications related to sleep disorders. Melatonin is a hormone produced by the pineal gland situated in the brain. It regulates circadian rhythms and helps in better quality sleep. Due to increasing awareness about natural sleep supplements and health benefits of melatonin, the demand for melatonin products such as capsules, liquids, gummies, and tablets has risen. Traditional pharmaceutical drugs often have side effects, making consumers prefer natural alternatives like melatonin.
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:
The growing demand for melatonin products is driving the market growth. According to a study conducted at the Cleveland Clinic, melatonin can induce sleep by reducing the time to fall asleep and increasing the sleep efficiency. Also, rising awareness about health benefits of melatonin in improving immunity, reducing stress, and treating sleep disorders like jet lag and insomnia is boosting the market growth. Additionally, increasing number of brick-and-mortar as well as e-commerce retail stores selling melatonin supplements is further propelling the market forward. However, lack of clinical trials and studies on long term effects of melatonin consumption may limit the market growth.
Segment Analysis
The global melatonin market is dominated by the oral segment which captures over 80% market share. The oral route of administration provides ease of use and convenience to consumers for the consumption of melatonin supplements. Being available in tablet, capsule and gummy forms under oral segment has further increased its adoption rate among end-users. The oral segment is expected to continue dominating the market during the forecast period attributed to increasing preference for non-invasive consumption methods.
PEST Analysis
Political: Regulations regarding the use of melatonin supplements vary across different countries and regions. Stringent approval process for new products may hamper market growth.
Economic: Increasing disposable income and growing health consciousness is fueling the demand for melatonin supplements globally. The increasing size of middle-class population also provides new opportunities.
Social: Changing lifestyle patterns, rising stress levels and increasing insomnia cases is positively influencing the adoption of melatonin supplements for sound sleep. People are more inclined towards consumption of natural products.
Technological: Manufacturers are focusing on advanced drug delivery solutions and formulations to improve bioavailability and efficacy of melatonin. New formulations such as gummies, fast-dissolving strips are gaining traction.
Key Takeaways
The Global Melatonin Market Growth is expected to witness high at a CAGR of 7.4% during the forecast period of 2023 to 2030. Advancements in biochemical analysis and formulation technologies are helping manufacturers to enhance the bioavailability of melatonin which is supporting the market growth. The rising global geriatric population base suffering from age-related sleep disorders will continue driving the market during the coming years.
Regional analysis: North America region currently dominates the global melatonin market and is expected to remain the highest revenue generating region over the forecast period. Factors such as growing prevalence of sleep disorders, awareness about benefits of melatonin and presence of major players in the region is favoring the market growth. Asia Pacific region is anticipated to emerge as the fastest growing market for melatonin attributed to increasing health conscious population, rapid urbanization and rising incidence of lifestyle diseases in developing countries.
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. The market is highly competitive with these players focusing on new product launches, partnerships and investing in research & development activities 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