PUBLISHER: SkyQuest | PRODUCT CODE: 1165287
PUBLISHER: SkyQuest | PRODUCT CODE: 1165287
Global Melatonin Market was valued at USD 1.51 billion in 2021, and it is expected to reach a value of USD 3.93 billion by 2028, at a CAGR of 14.81% over the forecast period (2022-2028).
Due to expanding food and beverage and construction sectors in rising economies, including China, India, and Brazil, demand for melatonin is anticipated to rise globally. Furthermore, its uses in pharmaceutical and dietary supplement products further fuel the industry. It is anticipated that market expansion will be aided by the lack of stringent government laws intended to prevent substance usage.
Top-down and bottom-up approaches were used to estimate and validate the size of the Global Melatonin Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to get the final quantitative and qualitative data.
Segments covered in this report:
The Global Melatonin Market is segmented based on type, application, form, and region. Based on type, the market is segmented into natural melatonin and synthetic melatonin. Based on application, the market is segmented into medical, dietary supplements, construction, and other applications. Based on forms, the market is segmented into pills, chewable, and liquid syrup. Based on region, the global Melatonin market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Driver
Over the projection period, new market opportunities for melatonin supplement products are projected to arise due to the adoption of energy-efficient lighting, known to reduce melatonin production levels in people. Melatonin is used in food and drink, medications, and nutritional supplements because of its antioxidant effects. Spray polyurethane foam (SPF), a type of insulation used in buildings, is also produced using melatonin. SPF has better insulation qualities than conventional insulators like fibreglass, which leads to decreased heating or cooling costs. In the future years, the aforementioned aspect is anticipated to drive the melatonin market.
Restraint
The market will likely face hindrances during the forecast period as controversies surrounding the potential negative consequences of melatonin use in humans are predicted to be a major restraint on this market. It is also anticipated that raw material price volatility may impede market expansion.
Market Trends
Pharmaceuticals will have a significant portion of the melatonin market due to its usage in treating sleeping disorders and its sedative and relaxing effects. Due to the rising usage of melatonin in SPF manufacturing as a replacement for conventional building insulators such as natural fibre and fiberglass, the construction industry is predicted to experience the fastest growth rate. A significant portion of the melatonin market will be accounted for by North America due to the region's extensive use of SPF and dietary supplements in construction-related activities.