Melatonin is a hormone that is produced naturally in the body. It is widely used in the dietary supplement for treating sleep-related disorder. They are safe if consumed in low doses for short term and long term duration. Moreover, its consumption also maintain circadian rhythms.
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.
The rising demand for melatonin from the pharmaceutical industry is expected to bolster the market growth. It is used in the manufacturing of drugs for treating sleep-related disorders such as insomnia. Moreover, it is also used for its sedative and calming effects. The market of the melatonin is also gaining growth on the account of expanding pharmaceutical industry due to increasing demand for pharmaceutical products. Thus, the rising prevalence of sleep-a related disorder is propelling the market growth of the melatonin over the forecast period.
An increasing number of manufacturers introducing melatonin based formulation for treating the sleeping disorder is projected to serve major growth opportunities in the near future. For instance, in June 2019, Clinigen Group has secured marketing authorizations from the Medicines and Healthcare Products Regulatory Agency (MHRA) for Melatonin 1mg/ml oral solution and Melatonin 3mg film-coated tablets. Both of these tablets are meant for the short-term treatment of jet lag, a physiological condition in adults.
Lack of awareness regarding the melatonin is expected to restrict the demand for melatonin. Moreover, it is also at the nascent stage as physician rarely prescribed melatonin to patients suffering from insomnia which is again expected to hamper the market growth of melatonin over the forecast period.
Global melatonin market was valued at US$ 436.8 market in 2019 and is forecast to reach a value of US$ 764.5 by 2027 at a CAGR of 7.2% between 2019 and 2027
Dietary supplements segment dominated the global melatonin market in 2019, accounting for 49.8% share in terms of value, followed by medicine and food & beverage, respectively
Growing research &development in the field of melatonin for exploring more properties and to expand the applications is one of the current trends in the market. Moreover, various manufacturers are introducing innovation in melatonin formulation in order to meet the rising demand is again anticipated to augment the market growth of the melatonin in the near future. Moreover, increasing awareness regarding the health benefits of the melatonin formulations and food among consumers is further anticipated to foster the market growth of melatonin over the forecast period.
Energy strips based on melatonin formulations are gaining popularity around the globe. This is due to growing health-wellness trend and increasing adoption of a healthy lifestyle. For instance, in July 2019, Solves Strips®, the disruptive drug delivery technology has launched Solves Strips products that are quick-dissolving, great tasting, and easy to consume. Solves Strips Product includes Alpine Crisp - Breath Freshener Strips, Electrolyte Strips, Melatonin Strips, Revive Energy, and Vitamin D3 Strips. These stripes replace the need for pills, powders, or liquid supplements.
Global Melatonin Market- Impact of Coronavirus (Covid-19) Pandemic
Coronavirus (Covid-19) has majorly impacted the food & beverages industry and in turn has changed the dynamics of entire ecosystem including raw material suppliers, supplying food ingredients. Increasing spread of Covid-19 has mandated the manufacturers to deploy precautionary measures in their facilities including labors and plant controllers screening and monitoring, and sanitizing the facilities. The melatonin industry is expected to witness a significant growth during the pandemic period owing to rising demand for the sleeping remedies. It is estimated that the sales of sleeping remedies increase by 17.9% in 2020. Thereby, expected to boost the market growth.
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