MELATONIN MARKET ANALYSIS

Melatonin Market Size and Trends

The melatonin market is estimated to be valued at USD 635.1 Mn in 2024 and is expected to reach USD 1,222.1 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 9.8% from 2024 to 2031.

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The growth of the melatonin market is driven by the increasing consumption of melatonin supplements. There has been a rising awareness among consumers about the health benefits of melatonin in improving sleep, reducing stress, and promoting overall wellness. Busy lifestyle and hectic work schedules have increased the need for alternate sleep aids, driving the demand for melatonin supplements. Moreover, the rising prevalence of insomnia and other sleep disorders globally is anticipated to push the adoption of melatonin-based products during the forecast period. However, the market still face challenges from the presence of alternatives present in the market.

Rise in stress and sleep issues

Rising stress levels and growing sleep issues have become a serious concern globally in recent times which has propelled the growth of the melatonin supplement market. According to WHO, stress and lack of proper sleep are increasingly considered major health issues as constant stress can impair both physical and mental health. More and more people are facing disrupted sleep cycles and difficulty falling asleep especially after the COVID-19 pandemic where stress levels spiked for countless individuals.  Melatonin is a naturally occurring hormone that our body produces to induce sleep and regulate circadian rhythm. However, factors like erratic work schedules, excessive screen time before bed, and daily stressors disrupt the body's natural melatonin production. Melatonin supplements help supplement the body's own melatonin levels to promote better quality of sleep. With more awareness about the health impact of poor sleep and the role melatonin plays, its demand as a supplement has risen substantially. According to a National Health Service survey conducted in 2021 covering 10,000 adults in UK, over 60% reported experiencing occasional to frequent sleep issues with rising stress being a key factor.  As stress and disrupted sleep impact daily life and productivity, individuals are increasingly relying on melatonin supplements for relief. Moreover, with busy lives and inconsistent schedules becoming the norm, people are more open to consuming supplements. Manufacturers are also innovating formulations like sustained release and increasing dosage to better target divergent consumer sleep needs. The growing health consciousness and rising expendable incomes in emerging markets also provide opportunities. The global melatonin market is projected to witness steady growth in the coming years as inadequate sleep and anxiety issues remain prevalent.

Increasing health-conscious consumer base

Another key factor driving the melatonin market is the rising health-consciousness among consumers and their preference for natural products with minimal side effects. In recent years, people have become more cautious about their lifestyle choices and the long-term impact on health and wellness. There is considerable attention on maintaining overall well-being through measures like balanced diets, regular exercise, managing stress, and ensuring sufficient quality sleep. People understand the health risks of insufficient or poor sleep and are keen to supplement their sleep schedule when needed.