Melatonin is a hormone synthesized and released by the pineal gland in humans and other vertebrates. It regulates sleep-wake cycles and helps improve sleep and manage jet lag, shift work disorder, and insomnia. The increasing global prevalence of sleep disorders owing to a busy lifestyle and digital addiction has boosted the demand for melatonin supplements. These supplements help improve sleep duration and quality.
The global Melatonin Market is estimated to be valued at US$ 576.85 Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Opportunity: The opportunity for improving sleep quality is expected to boost the melatonin market growth significantly over the forecast period. Sleep quality refers to how well-rested one feels after sleeping and getting quality sleep is essential for overall well-being, mood, cognition and physical health. With increasing stress levels, irregular sleep schedules and digital addiction among people, sleep quality has deteriorated considerably across the world. This has augmented the demand for sleep supplements like melatonin that can enhance sleep architecture and promote deep sleep, resulting in better quality sleep. Melatonin supplements are effective in reducing sleep latency, increasing total sleep time and improving overall sleep experience. The wide-ranging benefits of melatonin in boosting sleep quality makes it an effective solution for treating lifestyle-induced sleep disorders, thereby presenting lucrative prospects for market players. Porter’s Analysis Threat of new entrants: The melatonin market is moderately difficult to enter due to required regulatory approvals and established distribution channels. However, the market is growing which can encourage new players. Bargaining power of buyers: Individual consumers have high bargaining power due to availability of substitutes. However, large pharmacies and retailers have low bargaining power due to the need to keep key brands in stock. Bargaining power of suppliers: Major players source active ingredients from few suppliers globally increasing their bargaining power. Suppliers also invest in R&D to develop improved formulations. Threat of new substitutes: New drugs for sleep disorders pose threat but melatonin is preferred being natural and over-the-counter. Other natural supplements also compete. Competitive rivalry: The market is consolidated with top players competing through new product innovation, mergers and acquisition. SWOT Analysis Strength: Natural formulation. Wide range of delivery forms. Growing consumer awareness on benefits. Weakness: Short shelf life. Need regular intake for effects. Absence of FDA approval for some uses. Opportunity: Untapped markets in developing countries. New areas of application research. Threats: Entry of private labels. Regulations on health claims. Key Takeaways The Global Melatonin Market Growth is expected to witness high over the forecast period. Asia Pacific region is expected to witness fastest growth supported by rising healthcare expenditure, quick adoption of technology and increased focus of key players. Regional analysis: North America currently dominates the global market owing to high consumer awareness levels and expenditure on alternative medicine therapies. However, Asia Pacific is projected to grow at the fastest pace with major opportunities in China and India driven by increasing disposable incomes and expanding modern retail outlets. Key players: Key players operating in the melatonin market are Cipla, Teva Pharmaceuticals, Glenmark Pharmaceuticals, AdvaCare Pharma, Medlab Pharmaceuticals Private Limited, Dermocare Laboratories, Iva Healthcare Private Limited, Unilab Chemicals & Pharmaceuticals Pvt Ltd, Organon group of companies, Cosette Pharmaceuticals, Taro Pharmaceutical Industries Ltd., and Hikma Pharmaceuticals. Explore more information on this topic, Please visit- https://www.dailyprbulletin.com/melatonin-market-share-size-and-growth-share-trends-analysis-demand-forecast/
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |