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Melatonin Supplements Market: Size, Industry Trends, Scope, and Forecast to 2033
Melatonin Supplements Global Market Report 2024
According to The Business Research Company's, The melatonin supplements market size has grown rapidly in recent years. It will grow from $2.07 billion in 2023 to $2.37 billion in 2024 at a compound annual growth rate (CAGR) of 14.5%. The growth in the historic period can be attributed to the increasing incidence of sleep disorders, advances in manufacturing processes, shift towards natural remedies, expansion of distribution channels, historical globalization trends, and expansion into new geographical markets.
The melatonin supplements market size is expected to see rapid growth in the next few years. It will grow to $4.10 billion in 2028 at a compound annual growth rate (CAGR) of 14.7%. The growth in the forecast period can be attributed to growth in e-commerce platforms, growing consumer preference for natural and herbal solutions, anticipated regulatory support and favorable policies, expanding product availability, and high-stress levels. Major trends in the forecast period include expansion of product offerings, innovations in delivery methods, integration with wellness routines, advancements in technology, and focus on efficacy and safety.
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Market Drivers and Trends:
The rising prevalence of sleep disorders is expected to propel the growth of the melatonin supplements market going forward. Sleep disorders, also known as sleep-wake disorders, encompass difficulties concerning sleep quality, timing, and duration, leading to distress and impairment in daytime functioning. The rising prevalence of sleep disorders is due to lifestyle changes, increased screen time, poor sleep hygiene, and the aging population. The melatonin supplements can supplement the body's natural melatonin levels, helping to synchronize the body's internal clock and promote a more regular sleep pattern, particularly for individuals with circadian rhythm disorders or jet lag. For instance, in September 2023, according to the Centraal Bureau voor de Statistiek (CBS), a Netherland-based central agency, around 22.3% of individuals aged 12 to 24 experienced sleeping difficulties in 2022, an increase from 19.4% in 2021 within the same age bracket. Therefore, the rising prevalence of sleep disorders is driving the growth of the melatonin supplements market.
Major companies operating in the melatonin supplements market are focusing on developing innovative products, such as sleep aid, to enhance and optimize the sleep experience.
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Major Key Players of the Market:
Walgreens Boots Alliance Inc., Swanson Health Products Incorporated, Vitacost.com Inc., Now Health Group Inc., The Himalaya Drug Company, Jarrow Industries Inc., Natrol Inc., Life Extension, Natural Factors Nutritional Products Inc., Robinson Pharma Inc., Country Life LLC, Pharmavite LLC, Pure Encapsulations LLC, Solgar Inc., Solaray Inc, Mason Vitamins Inc., The Nature's Bounty Co., Optimum Nutrition Inc., Douglas Laboratories, Puritan's Pride Inc., Nature Made, Amazing Nutrition Inc., Just Potent LLC, Source Naturals Inc., Bio-Tech Pharmacal Inc.
Melatonin Supplements Market 2024 Key Insights:
• The melatonin supplements market size is expected to see rapid growth in the next few years. It will grow to $4.10 billion in 2028 at a compound annual growth rate (CAGR) of 14.7%.
• Rising Sleep Disorders Drive Melatonin Supplements Growth
• Embrace Sleep Aid For Product Portfolio Enrichment
• North America was the largest region in the melatonin supplements market in 2023
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