Global Melatonin Market Is Estimated To Witness High Growth Owing...

Global Melatonin Market Is Estimated To Witness High Growth Owing To Increasing Adoption of Natural Sleep Aids and Growing

Posted 2023-10-10 12:23:18

The Melatonin Market is estimated to be valued at US$ 436.8 Mn in 2022 and is expected to exhibit a CAGR of 7.2% over the forecast period 2020-2027, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Melatonin is a hormone produced naturally by the pineal gland in the body that regulates sleep-wake cycles. It helps in maintaining proper sleep patterns and is widely used as a supplement to treat sleep disorders, jet lag, and insomnia. Melatonin products are available in various forms such as tablets, capsules, liquids, and chewable gummies. The market for melatonin is witnessing significant growth due to the increasing adoption of natural sleep aids and the growing awareness regarding the health benefits of melatonin.

Market Dynamics:
The global melatonin market is driven by two main factors. Firstly, the rising prevalence of sleep disorders such as insomnia and shift work sleep disorder is leading to increased demand for melatonin products. Additionally, the growing trend of self-medication and the availability of melatonin supplements over the counter are further contributing to market growth. Moreover, the increasing geriatric population and the rising awareness among individuals about the importance of sleep health are expected to drive the market in the coming years.

SWOT Analysis:

Strength:
The melatonin market benefits from the increasing awareness among consumers regarding the importance of sleep and its impact on overall health. Melatonin supplements are widely used to regulate sleep patterns and treat sleep disorders. The market also benefits from the availability of melatonin supplements in various forms, such as tablets, capsules, and gummies, catering to different consumer preferences.

Weakness:
One of the weaknesses of the melatonin market is the potential side effects associated with melatonin supplements. Although generally considered safe for short-term use, long-term effects are still not well understood. Additionally, the market faces challenges related to the lack of regulatory oversight, leading to the presence of low-quality and counterfeit products in the market.

Opportunity:
The melatonin market holds growth opportunities due to the rising trend of self-care and wellness across the globe. Increasing stress levels, hectic lifestyles, and the growing prevalence of sleep disorders are driving the demand for melatonin supplements. Moreover, the market can capitalize on the growing adoption of e-commerce platforms, which provide convenient access to a wide range of products for consumers.

Threats:
The melatonin market faces threats from the availability of alternative natural sleep aids and prescription medications. Herbal supplements like valerian root and chamomile are gaining popularity among consumers seeking natural remedies for sleep disorders. Additionally, the market is susceptible to fluctuations in regulations and restrictions imposed by various countries regarding the sale and use of melatonin supplements.

Key Takeaways:
The global Melatonin Market Growth is expected to witness high growth, exhibiting a CAGR of 7.2% over the forecast period (2020-2027), due to the increasing awareness about sleep health and the rising demand for melatonin supplements. In terms of regional analysis, North America is projected to be the fastest-growing and dominating region in the market, driven by the high prevalence of sleep disorders and the presence of key market players. Some key players operating in the melatonin market include 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.