PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1395088
PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1395088
Melatonin Products Market size is projected to expand at over 14.3% CAGR from 2023-2032 due to the rising prevalence of sleep disorders globally.
The surge in sleep conditions, such as insomnia, sleep apnea, and circadian rhythm disruptions is propelling the demand for several natural remedies. Additionally, the rising stress levels, longer working hours, and the pervasive usage of electronic devices are contributing to disrupted sleep patterns, further leading individuals to seek effective solutions. The growing focus of industry participants on catering to the rising demand for effective melatonin-infused solutions to address the sleep-related issues will augment the industry outlook. For instance, in November 2023, PharmaLinea launched a new clinically guaranteed dietary supplement based on melatonin and its patented component, Qnight to help with sleep quality and acute sleep latency.
The melatonin products industry is segmented into type, application, form, distribution channel, and region.
Based on type, the natural melatonin products market is anticipated to observe over 12% CAGR from 2023-2032 owing to the increasing consumer preference for natural sleep aids. Natural melatonin supplements sourced from plants, such as tart cherries are gaining prominence due to their perceived health benefits and minimal side effects. Furthermore, the rising number of consumers seeking non-synthetic alternatives for sleep support will push the demand for natural melatonin products.
With respect to application, the melatonin products market from the medical segment is likely to record over 14% growth rate through 2032. This can be attributed to the increasing use of melatonin for its therapeutic potential. Additionally, the neuroprotective and antioxidant properties of melatonin are contributing to its increasing use in managing certain medical conditions. Moreover, the ongoing R&D initiatives to discover the diverse medical benefits of melatonin will boost the segment growth.
Regionally, the Asia Pacific melatonin products market is poised to expand at 13.6% growth rate between 2023 and 2032 with sleep-related issues becoming increasingly prevalent across the region. Countries like China, India, and Japan are experiencing surging demand for melatonin products to cater to health-conscious consumers seeking alternatives to traditional sleep aids.
Furthermore, the surging need for diverse formulations, such as melatonin-infused beverages, supplements, and beauty products are providing potential growth opportunities to the industry participants, thereby accelerating the regional industry expansion. For instance, in December 2022, Melrose Health Group, an Australian health foods firm, announced plans to expand in China with a new market strategy and new product pipeline, including the launch of a beauty sleep product by combining hyaluronic acid, melatonin, and astaxanthin.