According to FutureWise analysis the market for melatonin in 2023 is US$ 98.5 million, and is expected to reach US$ 188.06 million by 2031 at a CAGR of 8.42%.
In the body, melatonin regulates the sleep-wake cycle. A synthetic form of the drug is produced in a laboratory for the treatment of short-term insomnia. With its antioxidant properties, it can be used in pharmaceuticals, food and beverages, and dietary supplements. It is expected that high demand for a dietary supplement will propel the growth of the melatonin market. Due to its low side effects, it has the potential to be consumed by people of all ages. In addition to consumers' increasing awareness of health, the changing lifestyle is expected to result in an increase in demand for dietary supplements. Melatonin's market growth will be augmented by the high awareness level of dietary supplements among consumers. Melatonin's market growth is expected to be augmented by growth in the food and beverage industry.
Melatonin's market growth will be driven by growing consumer spending on food products and growing demand for various food items. Pharmacies, multi-specialty stores, clinical centers, and diagnostic centers will increase in number, creating new market opportunities. As a lifestyle and chronic diseases are on the rise, and consumers are changing their eating habits, immunity boosters are becoming a necessity. This will further enhance the market growth of melatonin. The use of melatonin in spray polyurethane foam (SPF) for building insulation construction is expected to provide potential opportunities in the near future. Increasing urbanization and industrialization around the globe, coupled with the increasing population, are causing the construction industry to grow. The construction industry will therefore drive the demand for melatonin.
FutureWise Market Research has instantiated a report that provides an intricate analysis of Melatonin Market trends that shall affect the overall market growth. Furthermore, it includes detailed information on the graph of profitability, SWOT analysis, market share and regional proliferation of this business. Moreover, the report offers insights on the current stature of prominent market players in the competitive landscape analysis of the market.
According to the research study conducted by FutureWise research analysts, the Melatonin Market is anticipated to attain substantial growth by the end of the forecast period. The report explains that this business is predicted to register a noteworthy growth rate over the forecast period. This report provides crucial information pertaining to the total valuation that is presently held by this industry and it also lists the segmentation of the market along with the growth opportunities present across this business vertical.