Global Melatonin Market - 2021-2028
The global melatonin market size was valued US$ XX billion in 2019 and is estimated to reach US$ XX billion by 2028, growing at a CAGR of XX % during the forecast period (2021-2028).
Melatonin is a hormone that helps in regulating the sleep-wake cycle and is produced naturally in the body. It is synthetically produced in a laboratory for treating short-term treatment of insomnia. It has antioxidant properties, expanding its applications across pharmaceuticals, food & beverages, and dietary supplements.
The melatonin market growth is driven by the increasing consumer spending on food products coupled with the growing demand for various food products, increasing stress levels have resulted in insomnia, delayed sleep, anxiety, thereby propelling the need for melatonin and growing demand for melatonin from the construction industry drive the market in the forecast period.
Growing consumption of the foods & beverages, is expected to drive the global melatonin market growth
The demand for melatonin supplements is increasing with the rising consumption of functional foods & beverages worldwide. The consumption of functional foods & beverages has increased with the growing awareness regarding their health and nutritional benefits. According to the National Center for Biotechnology Information (NCBI) survey, around 90% of American adults are aware of functional foods' benefits. This has resulted in boosting the sales of functional foods & beverages across the globe. According to the Institute of Food Technologists (IFT), total sales of functional foods were USD 247 billion worldwide in 2018.
The increasing consumer spending on food products, is expected to drive the global melatonin market growth
Increasing consumer spending on food products coupled with the growing demand for various food products is expected to propel the market growth of melatonin. According to the United States Department of Agriculture Economic Research Service, in 2019, food spending by U.S. consumers, businesses and government entities was valued at $1.77 trillion.
The increasing prevalence rate of insomnia, is expected to drive the growth in the forecast period
Melatonin supplements promote sleep and are safe for short-term use. Melatonin can treat delayed sleep phase and circadian rhythm sleep disorders in the blind and provide some insomnia relief. For instance, according to the NCBI National Center of Biotechnology Information and Sleep Foundation, around 70 million US citizens have a sleep disorder, with insomnia being the most common. 10% of people in the US have long-term (chronic) insomnia, and up to 30% of American adults have short-term insomnia, based on insomnia statistics.
Major side effects associated with melatonin is likely to hinder the market growth
Side effects of melatonin include short-lasting feelings of depression, mild tremor, mild anxiety, abdominal cramps, irritability, reduced alertness, confusion or disorientation, and abnormally low blood pressure (hypotension) may restrict the market growth.
COVID-19 Impact Analysis
Following the COVID-19 outbreak in December 2019, the disease has spread to over 100 countries globally, and the World Health Organization has declared it a public health emergency. According to the World Health Organization's report, the coronavirus (COVID-19) manifestation has resulted in more than 52.7 million infected individuals worldwide as of November 13, 2020.
The sudden outbreak of the novel coronavirus is expected to profound the growth of the melatonin market owing to an increase in the demand for sleep-related substitutes globally owing to increase stress and unhealthy lifestyle among the population worldwide. Moreover, it is estimated that the sales of sleeping remedies account for over US$ 1.04 billion in the United States in the year 2019-20.
The synthetic melatonin segment is expected to hold largest share in this market segment
Synthetic melatonin is made in a laboratory and doesn't contain animal products, making them vegan-friendly formulas. They're safer to use because you don't have to worry about possible biological contaminants. In bacteria, protists, fungi, and plants, melatonin is synthesized indirectly with tryptophan as an intermediate shikimate pathway product. In these cells, synthesis starts with D -erythrose 4-phosphate and phosphoenolpyruvate and photosynthetic cells with carbon dioxide.
The medical industry segment is expected to hold largest share in this market segment
Melatonin is a biogenic amine that is found in animals, plants, and microbes implicated in the regulation of mood, learning and memory, immune activity, dreaming, fertility, and reproduction. Additionally, melatonin is a hormone that regulates the sleep-wake cycle, primarily released by the pineal gland and used as a supplement for the short-term treatment of trouble sleeping, such as from jet lag or shift work. Melatonin contains antioxidant properties that reduce exercise-induced oxidative stress and provide a better environment for muscle protection and growth.
For instance, as per the American Psychiatric Association (APA) report, approximately one-third of adults have insomnia during their lifetime. It is manifested by ongoing problems in falling and staying asleep. Hence, due to the factors mentioned above, the application of melatonin from the medical industry is likely to dominate during the forecast period.
North America region holds the largest market share of global melatonin market
The North American region is expected to dominate the market for melatonin during the forecast period. The rising demand for melatonin from the medical industry, with the growing insomnia problem in developed countries, like the United States and Canada, is expected to drive the demand for melatonin in this region. The largest producers of melatonin are located in the North American region. Some of the leading companies in melatonin production are Aspen Australia, Nature's Bounty, Pfizer, Natrol, LLC, an Aurobindo company, and Biotics Research Corporation. For instance, according to a US National Library of Science report, 40.2% of Canadian people have at least one symptom of insomnia.
Owing to the factors mentioned above, the market for melatonin in the North American region is projected to grow significantly during the study period.
The global melatonin market is highly competitive with presence of global companies. Some of the key players which are contributing to the growth of the market include Aspen Australia, Nature's Bounty, Pfizer, Natrol LLC, Biotics Research Corporation, Neurim Pharmaceuticals Ltd., Pulse Pharmaceuticals Pvt. Ltd., Flynn Pharma Ltd., Schiff Nutrition International Inc and BASF, Rixing Chemical CO., LTD, Hangzhou Cherry Pharmaceutical Technology, Hebei Lvyang Biotechnology Co., Ltd. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the market globally.
Key Companies to Watch
Company Overview: A leading U.S. Vitamin, Mineral & Supplement manufacturer helping people around the world improve beauty, sleep, mood and brain health. Founded in 1980 by Elliott Balbert, Natrol begins as a cosmetics company. In 1982 Natrol entered the dietary supplements business with a nutritionally-based natural weight loss product named Natrol for "natural control." Natrol is considered a pioneer in formulating food into medicinal supplements for better health and wellness. In 2019 demonstrating that Natrol is one of the leading companies in its category in the US, they obtain the highest standard of nutraceutical certification with new USP accreditations for Melatonin and Biotin.
Product portfolio: The Company's portfolio comprised of include Vitamin, Mineral & Supplements.
Key Developments: In 2016, Natrol introduces Natrol 5mg Liquid Melatonin, a concentrated liquid, to help support sleep during the back-to-school transition.
The global melatonin market report would provide an access to an approx. 53 market data table, 42 figures and 200 pages.
Global Melatonin Market - By Type
Global Melatonin Market - By Application
Global Melatonin Market - By Region
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