by The global Melatonin Market is estimated to be valued at US$ 576.85 Mn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 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 plays an important role in regulating sleep and wake cycles. It is used as a dietary supplement to promote better sleep quality, manage jet lag, and as a treatment for sleep disorders. Melatonin is available in various forms such as capsules, liquids, gels and others. Its antioxidant properties help manage chronic diseases and delay aging effects. Growing knowledge about its health benefits is driving its demand among consumers looking for natural remedies.
Market key trends:
One of the major trends in the melatonin market is rising popularity among millennials. This demographic suffers from higher levels of stress and sleep issues due to hectic lifestyle and increased use of electronic devices before bedtime. As a result, they are actively looking for natural sleep aids without potential side effects of prescription drugs. Another notable trend is expanding application scope of melatonin. Ongoing research shows its potential in managing conditions like depression, obesity and Alzheimer’s disease. If successful, these applications could significantly boost market revenues over the forecast period. Lastly, favorable regulations regarding its sales have made melatonin more accessible over the counter without prescription in some countries. All these factors are expected to propel the melatonin market growth.
Porter’s Analysis
Threat of new entrants: The melatonin market has moderate threat of new entrants due to requirement of significant capital investment for R&D and manufacturing. However, availability of substitutes pose a threat.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes. However, demand for natural products provide buyers benefits.
Bargaining power of suppliers: Few suppliers with differentiated ingredients result in moderate bargaining power of suppliers.
Threat of new substitutes: Emergence of new substitutes like herbal supplements pose threat to the melatonin market.
Competitive rivalry: Presence of numerous players results in high competitive rivalry.
Key Takeaways
The Global Melatonin Market Size is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing demand for natural sleep-aid supplements.
Regional analysis: North America holds the largest share in the melatonin market owing to rising health concerns and high adoption of supplements. Asia Pacific is expected to grow at the fastest pace during the forecast period due to increasing disposable income and changing perception towards preventive healthcare.
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. Natrol Inc. offers wide range of melatonin supplements in different dosage forms. Neurim Pharmaceutical focuses on developing sustained-release melatonin drugs.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
