The global melatonin market is expected to reach a valuation of US$ 98.5 million in 2023. The global market is forecast to rise at 8.2% CAGR from 2023 to 2033. By 2033, the overall market valuation is expected to reach US$ 217.9 million.
One of the key factors that drive the growth of the melatonin market is the expansion of the dietary supplement industry in developing countries. The dietary supplements industry in regions such as North America and Europe is highly mature. It supports the manufacturers of melatonin in promoting market growth in other regions.
For instance, in countries with an emerging urban populations such as India, China, and Brazil, and regions such as the Middle East, there is a growing demand for supplements.
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Growth opportunities in the melatonin industry owing to growing supplement consumption in the Middle East and Asia-Pacific are prompting manufacturers to set up production units in these regions. Due to this, countries such as China have emerged as the leading producers and exporters of melatonin.
Growing preference for natural and gerbil remedies, including sleep aids. Melatonin, being a naturally occurring hormone, is viewed as a safe and non-addictive option compared to others. This is expected to further drive demand through 2033.
As people become more aware of the importance of sleep and the prevalence of sleep disorders, the demand for melatonin as a sleep aid has increased. It helps in regulating the sleep cycle, making it a popular choice among individuals struggling with insomnia and other sleep-related issues.
In today’s fast-paced and stressful lifestyle, several individuals experience high levels of stress and anxiety. Melatonin supplements are used as a natural remedy to promote relaxation and improve sleep quality.
Another factor that promotes demand is people with shift work and jet lag. People who work night shifts or frequently travel across time zones often face challenges in maintaining a sleep schedule. Melatonin is used to adjust sleep patterns and alleviate symptoms of jet lag.
Key Takeaways from this Market Report:
- The global melatonin industry is estimated to be valued at US$ 98.5 million in the year 2023.
- The United States is set to be worth at US$ 64.7 million in the North American market by 2033.
- China is anticipated to surge at 10.0% CAGR in the Asia Pacific market between 2023 and 2033.
- In terms of product type, the powder/tablet segment is anticipated to soar at a CAGR of 8.2% over the projection period of 2023 to 2033
- By nature, the synthetic division is poised to hold about 94.4% of shares in the global market.
“Growing trend towards natural and plant-based products will fuel growth in the market. Manufacturers are focusing on developing innovative and sustainable solutions that cater to this demand,” – says a lead analyst at Future Market Insights (FMI).
Who is Winning?
- Robinson Pharma, Inc
- Wellona Pharmaceutical
- Molekula Group
- Ebrator Biochemicals
- Neurim Pharmaceuticals Ltd.
- Xi’an Gaoyuan
- Flamma Group
- Sisco Research Laboratories
- Superior Supplement Manufacturing
- Shaanxi Yuantai Biological
- Vita Actives Ltd.
- Ankaim Inc
- Nutraland USA, Inc.
- Spectrum Laboratory Products, Inc.
These companies are focussing on expanding portfolios by launching new products to remain competitive in the market.
These companies are also emphasized the quality and purity of their products to build trust among consumers. They are also establishing partnerships with retail chains, pharmacies, and online platforms to ensure availability.
Key companies also collaborate with healthcare providers to sell their products through prescription channels.
For instance,
- In 2020, Nutraland USA, Inc. introduced a new product to the market – melatonin made from a plant-based treatment type. The product has been certified as vegan-by-Vegan Action, thus catering to the growing demand for plant-based and cruelty-free products among consumers.
- In April 2023, a new medication initiative by Celmatix Inc. that targets melatonin receptors beyond the CNS (central nervous system) has been unveiled.
- In October 2022, BudPop unveiled a range of flavor-infused melatonin gummies that also contain CBN to help with sleeplessness and relaxation.
Get More Valuable Insights:
Future Market Insights (FMI) has released an objective assessment of the global market, presenting past demand data from 2018 to 2022 and projecting forecast statistics for the 2023 to 2033 period.
The study includes captivating understandings of the melatonin market based on product type (powder/tablets and liquid), nature (natural and synthetic), and treatment type (dietary supplements, pharmaceuticals), across various regions.
Empower your business strategy with our comprehensive report on the melatonin market. Gain a strategic advantage and drive success in this lucrative industry! https://www.futuremarketinsights.com/reports/melatonin-market
