The melatonin market is expected to register a CAGR of over 10% during the forecast period. One of the main factors driving the market is the increasing demand for melatonin from the medical sector. However, government regulations on the use of melatonin in insomnia medicine are expected to hinder the growth of the market studied.
- By application, melatonin from medical is expected to dominate the market over the forecast period.
- Growing demand for melatonin from the construction industry is likely to act as an opportunity for the market studied in the coming years.
- The North American region is expected to dominate the market with the largest consumption from countries, such as the United States and Canada.
Key Market Trends
Increasing Demand for Melatonin from the Medical Industry
- Melatonin is a biogenic amine that is found in animals, plants, and microbes implicated in the regulation of mood, learning and memory, immune activity, dreaming, fertility, and reproduction.
- Additionally, melatonin is a hormone that regulates the sleep-wake cycle, primarily released by the pineal gland and used as a supplement for the short-term treatment of trouble sleeping such as from jet lag or shift work.
- Melatonin contains antioxidant properties that reduce exercise-induced oxidative stress and provide a better environment for muscle protection and growth.
- As per report of the American Psychiatric Association (APA), approximately one third of the adults suffer with insomnia during their lifetime. It is manifested by incessant problems in falling and staying asleep.
- Hence, owing to the above-mentioned factors, the application of melatonin from the medical industry is likely to dominate during the forecast period.
North America Region to Dominate the Market
- The North American region is expected to dominate the market for melatonin during the forecast period. The rising demand of melatonin from the medical industry, with growing insomnia problem in developed countries, like the United States and Canada, is expected to drive the demand for melatonin in this region.
- The largest producers of melatonin are located in the North American region. Some of the leading companies in the production of melatonin are Aspen Australia, Nature’s Bounty, Pfizer, Natrol, LLC an Aurobindo company, and Biotics Research Corporation.
- According to the report by the US National Library of Science, 40.2% of Canadian people have at least one symptom of insomnia.
- Owing to the above-mentioned factors, the market for melatonin in the North American region is projected to grow significantly during the study period.
The global melatonin market is partially consolidated in nature with only a few major players dominating the market. Some of the major companies are Aspen Australia, Nature’s Bounty, Pfizer, Natrol LLC an Aurobindo company, and Biotics Research Corporation.
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