Melatonin is a hormone produced by the pineal gland that regulates circadian rhythms and sleep-wake cycles. It is widely used as a dietary supplement to induce drowsiness and promote sleep in people with sleep disorders, insomnia, anxiety, or jet lag. Melatonin supplements are available in various forms including capsule, tablet, liquid, and edible gummies. They are used to treat primary insomnia, delayed sleep phase syndrome, and circadian rhythm sleep-wake disorders.
The global melatonin market is estimated to be valued at US$ 576.85 million in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Rising awareness about the health benefits of melatonin and increasing prevalence of sleep disorders are expected to drive the growth of the melatonin market during the forecast period. According to National Sleep Foundation, approximately 60 million Americans suffer from sleep disorders and insomnia every year. Also, the pandemic times have increased stress levels and screen fatigue resulting in higher prevalence of sleep issues among people. This has accelerated product adoption to improve quality of sleep. The market has also grown due to increasing discretionary spending capacities and expanding e-commerce distribution channels providing wider access to sleep aids like melatonin supplements. However, lack of standardized dosing guidelines and side effects with high dosage of melatonin may restrict market growth.
Segment Analysis
Melatonin market is segmented into capsule, tablet and liquid. Among these, capsule segment holds the largest market share of over 40% in 2024. Capsule form provides convenience of consumption and accurate dosage. It also helps in preventing degradation of melatonin content. Hence, capsule segment is dominating the melatonin market.
PEST Analysis
Political: The market growth is supported by regulations permitting over-the-counter sales of lower dose melatonin supplements in many countries.
Economic: Rising disposable income and growing health expenditure is fueling the adoption of melatonin supplements for better sleep.
Social: Increasing awareness about health benefits of melatonin in maintaining circadian rhythm and treating sleep disorders is driving the market growth.
Technological: New delivery forms like fast dissolving oral strips and gummies are gaining popularity among consumers leading to development of innovative products.
Key Takeaways
The Global Melatonin Market Size is expected to witness high growth over the forecast period.
Regional analysis: North America accounts for over 35% share of the global melatonin market in 2024. U.S. is the major revenue generator in the region due to growing insomnia rate. Europe holds around 30% share backed by rising geriatric population susceptible to sleep issues. Asia Pacific is projected to witness fastest growth during the forecast period led by countries like China and Japan.
Key players operating in the melatonin market are C.H. Boehringer Sohn AG & Ko. KG, Pfizer Inc., Eli Lilly and Company, AstraZeneca plc, Natco Pharma Limited, Anhui Haikang Pharmaceutical Co., Ltd., Avra Laboratories Pvt. Ltd., and Sun Pharmaceutical Industries Ltd. Key players are focusing on new product launches and expansion in high growth markets to strengthen their positions.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
