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 which expand its applications across pharmaceuticals, food & beverages, and dietary supplements. The global melatonin market is estimated to account for US$ 436.8 […]
Exploring New Business Opportunities in the Melatonin Market
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 which expand its applications across pharmaceuticals, food & beverages, and dietary supplements.
The global melatonin market is estimated to account for US$ 436.8 Mn in terms of value and 3,039 Tons in terms of volume by the end of 2019.
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Drivers:
High demand for a dietary supplement in the U.S. is expected to propel the market growth of the melatonin. Moreover, it can be consumed by an all-age group as it has low side-effects. Increasing health awareness among consumers coupled with the changing lifestyle is expected to foster the demand for a dietary supplement. Thus, the high awareness level of dietary supplement among consumers of the U.S. is projected to augment the market growth of melatonin.
Market Restraints
Strict governmental rules and regulations as melatonin tablets are regulated as prescribed drugs is expected to hinder the market growth of the melatonin. Thus, strict regulations associated with the melatonin tablets are projected to restrict the market growth.
Misconception associated with the side-effects of melatonin is projected to restrict the market growth. Moreover, the fluctuating price of raw materials used in the manufacturing of artificial melatonin is expected to restrict the market growth of the melatonin.
Market Opportunities
A growing number of pharmacies, multi-specialty stores, clinical centers, and diagnostics center is expected to bring new market opportunities. Rapidly growing prevalence of lifestyle and chronic disease coupled with the changing eating habits of the consumers is propelling demand for immunity booster medicine. This is further expected to augment the market growth of the melatonin over the forecast period.
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Global Melatonin Market- Impact of Coronavirus (Covid-19) Pandemic
The sudden outbreak of the novel coronavirus is expected to boost the growth of the melatonin market owing to 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 accounts for over US$ 1.04 billion in the United States in the year 2019-20.
Market Trends/Key Takeaways
The growing number of nutrimental supplements in the market is a current trend. Increasing clinical trials in the field of melatonin supplements for reducing chemotherapy and increase the survival period of a cancer patient is another major trend in the market. Also, a growing number of working women and increasing disposable income of the consumers is again anticipated to propel the market growth of the melatonin.
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