The global melatonin market is estimated to be valued at US$ 436.8 Mn in 2019 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:
The melatonin market refers to the market for products containing melatonin, a hormone produced by the pineal gland in the brain that regulates sleep-wake cycles. Melatonin supplements are widely used to manage sleep disorders such as insomnia, jet lag, and shift work sleep disorder. These products offer advantages such as promoting relaxation, reducing anxiety, and improving sleep quality. The rising prevalence of sleep disorders, along with increasing awareness about the potential benefits of melatonin products, is driving the market growth. Moreover, the growing elderly population, who often experience sleep disturbances, is also contributing to the demand for melatonin products.
Market Key Trends:
One key trend in the melatonin market is the growing popularity of natural sleep aids. Consumers are increasingly inclined towards natural and herbal products for managing their sleep troubles. Melatonin, being a natural hormone, is being widely utilized as a natural sleep aid, as it helps regulate the body's sleep-wake cycle without causing dependency or adverse side effects. This trend is driven by the increasing preference for safe and effective natural alternatives to traditional pharmaceutical sleep aids. Manufacturers in the melatonin market are focusing on developing innovative natural formulations, such as cherry-flavored gummies and extended-release tablets, to cater to this rising demand for natural sleep aids.
PEST Analysis:
Political: The political factors affecting the melatonin market include government regulations and policies related to the production and distribution of melatonin supplements. Changes in regulations can have an impact on the availability and accessibility of melatonin products in different regions.
Economic: The economic factors influencing the melatonin market pertain to the overall economic conditions and trends. Economic growth, disposable income levels, and consumer spending patterns can affect the demand for melatonin supplements, as these products are often considered discretionary purchases.
Social: The social factors influencing the melatonin market include the increasing awareness and acceptance of natural sleep aids. With rising concerns about sleep disorders and the negative effects of sleep deprivation, consumers are actively seeking natural alternatives like melatonin to improve their sleep quality.
Technological: The technological factors affecting the melatonin market include advancements in manufacturing processes, packaging techniques, and distribution channels. These advancements can lead to improved product quality, increased convenience, and expanded market reach for 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 of 2020-2027. This growth can be attributed to increasing consumer awareness about the importance of sleep and the rising prevalence of sleep disorders globally. The market size for 2019 was valued at US$ 436.8 million.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the melatonin market. This can be attributed to the high prevalence of sleep problems, increasing consumer spending on healthcare, and the availability of a wide range of melatonin products in the region.
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. These key players contribute to the market growth through product innovation, strategic partnerships, and extensive distribution networks.
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