by 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:
Melatonin is a hormone produced by the pineal gland in the human brain. It plays a crucial role in regulating sleep patterns and is commonly used as a dietary supplement to treat sleep disorders such as insomnia. The market for melatonin products is driven by the increasing prevalence of sleep-related disorders and the growing awareness about the importance of quality sleep. Melatonin supplements are widely used by individuals suffering from jet lag, shift work disorder, and sleep disorders associated with aging. These products offer advantages such as improved sleep quality, reduced sleep latency, and fewer awakenings during the night. The growing need for sleep aid products that provide natural and safe alternatives to conventional medications is fueling the demand for melatonin in the market.
Market Key Trends:
One key trend in the melatonin market is the growing popularity of melatonin-infused products. Along with traditional forms such as oral supplements, melatonin is now being incorporated into various other products, including gummies, sprays, and beverages. The market is witnessing a surge in the availability of melatonin-infused food and drinks, targeting consumers who prefer a convenient and enjoyable way of consuming melatonin. These products are especially popular among individuals who have difficulty swallowing pills or prefer a tastier option. The trend of melatonin-infused products is expected to continue growing as companies innovate and introduce new and appealing forms of consuming melatonin for better sleep management.
Porter’s Analysis:
Threat of new entrants: The threat of new entrants in the Melatonin market is relatively low. The market is characterized by high entry barriers such as stringent regulations and approvals required for the production and distribution of melatonin products. Additionally, established players already hold a significant market share, making it difficult for new entrants to compete.
Bargaining power of buyers: The bargaining power of buyers in the Melatonin market is moderate. Buyers have some power as there are several options available in the market from various manufacturers. However, the demand for melatonin is high, which gives manufacturers an advantage in terms of pricing and product availability.
Bargaining power of suppliers: The bargaining power of suppliers in the Melatonin market is moderate. There are several suppliers of raw materials required for melatonin production, giving manufacturers options to choose from. However, any disruption in the supply chain or increase in raw material prices can impact the profitability of manufacturers.
Threat of new substitutes: The threat of new substitutes in the Melatonin Market Growth is low. Melatonin is a naturally occurring hormone in the body and cannot be easily replaced by other substances. Although there are alternative sleep aids available, melatonin remains the preferred choice for many individuals.
Competitive rivalry: The competitive rivalry in the Melatonin market is high. There are several key players operating in the market, competing for market share. Companies are focusing on product innovation, expanding their distribution networks, and engaging in strategic partnerships to gain a competitive advantage.
Key Takeaways:
The global Melatonin market is expected to witness high growth, exhibiting a CAGR of 7.2% over the forecast period (2020-2027). The increasing prevalence of sleep disorders and the growing awareness about the benefits of melatonin supplements are driving market growth. Additionally, the rising demand for natural sleep aids and the availability of melatonin products in different forms such as tablets, capsules, and liquids are further contributing to market expansion.
In terms of regional analysis, North America is the fastest-growing and dominating region in the Melatonin market. The high prevalence of sleep disorders, the presence of key market players, and favorable government initiatives promoting the use of melatonin supplements are driving market growth in this 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 companies are focusing on product development, strategic collaborations, and geographical expansion to strengthen their market position.
In conclusion, the Melatonin market is projected to experience significant growth in the coming years, driven by factors such as the increasing prevalence of sleep disorders, growing consumer awareness, and the availability of melatonin products in various forms. North America is expected to dominate the market, while key players continue to invest in research and development to stay competitive.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
