Melatonin is a hormone that is naturally produced by the pineal gland in the brain and regulates sleep and wake cycles. It is commonly used as a dietary supplement to help promote better sleep. Melatonin is available as tablets, capsules, liquids and edible gummies. It is taken orally before bedtime for treatment of insomnia, jet lag and as an antioxidant.

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 Dynamics:
Growing prevalence of insomnia across the globe is one of the major drivers estimated to boost growth of the melatonin market during the forecast period. Insomnia is a sleep disorder characterized by difficulty falling asleep, staying asleep, or both. According to the National Sleep Foundation, an estimated 30-40% of adults experience insomnia occasionally and 10-15% have chronic insomnia. Melatonin helps promote better sleep quality and quantity and is commonly used as a natural dietary supplement for treatment of insomnia. Additionally, increasing awareness about health benefits of melatonin and its role in promoting better sleep is also estimated to propel demand over the forecast period. However, stringent regulatory scenarios in some regions could pose a challenge to market growth.

SWOT Analysis
Strength: The melatonin market benefits from rising health awareness among consumers. Growing knowledge about its role in regulating sleep cycles drive demand. It is naturally found in human body and considered a safe supplement for sleep disorders. This natural attribute reduces potential health risks.

Weakness: Long term safety data for melatonin supplements are still limited. Some studies point to potential side effects like drowsiness, dizziness and nausea. Regulatory framework is still evolving for its usage levels. Dependence is a concern if taken regularly over long periods.

Opportunity: Rising prevalence of lifestyle diseases and sleep disorders present major opportunities. Growing geriatric population prone to sleep issues boost prospects. Also, limited side-effects compared to prescription drugs increase adoption. E-commerce sales and innovative delivery forms can aid market expansion.

Threats: Alternative treatment options like cognitive behavioral therapy challenge market. Patent expiries may lower prices and reduce margins for branded products. Economic slowdowns can dent discretionary expenditure on supplements. Stringent regulations can increase compliance costs.

Key Takeaways
The Global Melatonin Market Size is expected to witness high growth over the forecast period on the back of rising health awareness and growing burden of lifestyle diseases. The market size is projected to reach US$ 576.85 Mn in 2023 and record a CAGR of 7.4% from 2023 to 2030.

Regional analysis: North America accounts for the largest share of the global melatonin market currently owing to higher consumer awareness about nutritional supplements. Asia Pacific is expected to be the fastest growing regional market going forward supported by the rising middle class population and increasing healthcare expenditure in countries like India and China.

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 and Organon group of companies. Some of the other notable players are Cosette Pharmaceuticals, Taro Pharmaceutical Industries Ltd., and Hikma Pharmaceuticals.

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