Melatonin is a hormone that regulates sleep-wake cycles in the human body. It aids in falling asleep and staying asleep through the night. Melatonin supplements are available in various forms including tablets, capsules, liquids and gels and are widely used as natural sleep aids. Melatonin helps boost sleep quality, reduce anxiety and stress and improves overall well-being. It is commonly used to treat conditions like jet lag, shift work sleep disorder and insomnia. The growing consumer preference for herbal and plant-derived remedies over prescription drugs is propelling the demand for melatonin supplements globally.
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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the melatonin market is the growing popularity of chewable melatonin supplements. Chewable versions allow for faster absorption by the body as compared to tablets and capsules. They are also preferred by consumers who have difficulty in swallowing pills. Manufacturers are introducing chewable options in various fruit flavors like orange and cherry to make them more palatable for children and the elderly. Another key trend is the increasing utilization of melatonin supplements for pets. Stress and anxiety issues are common in dogs and cats and melatonin helps improve their quality of sleep. This widening of applications from human sleep aid to pet calming agent is positively impacting revenue growth of the melatonin market.
Porter’s Analysis
Threat of new entrants: Low barrier to entry and high production capabilities, however established players have strong brand positioning.
Bargaining power of buyers: Availability of alternative products limits the bargaining power of buyers to some extent. Buyers negotiate for lower prices from suppliers.
Bargaining power of suppliers: Suppliers have moderate bargaining power owing to availability of alternative raw material and suppliers globally. However, regulatory compliances play a crucial role.
Threat of new substitutes: Low threat as melatonin is unique in its mechanism and no direct substitute exists. However, alternative sleeping aids are available.
Competitive rivalry: Market is consolidated with key players having strong global presence. Pricing competition and new product launches are high.
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 2023-2030.
The Asia Pacific region dominated the market in 2023 and is expected to witness the highest growth over the forecast period. Due to increasing awareness regarding mental health issues and benefits of melatonin as a supplement, demand is surging in the region. The North American region is the second largest market for melatonin owing to increasing prevalence of sleep disorders in countries like the US. Favorable regulatory approvals and rising acceptance of melatonin as a dietary supplement is propelling growth in the region.
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. Players are focusing on expanding their geographic footprint and launching new formulations to strengthen their position in the lucrative market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it