Melatonin is a hormone synthesized and secreted by the pineal gland located in the brain and plays a key role in regulation of sleep-wake cycle. It is widely used as a dietary supplement to promote quality sleep and relieve symptoms of jet lag. The global melatonin market has experienced steady growth attributed to increasing consumer awareness about various health benefits of melatonin such as reducing stress, boosting immunity, anti-aging effects and promoting overall well-being. The global melatonin Market is estimated to be valued at US$ 576.85 Mn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Growing awareness about health benefits of melatonin is a major driver responsible for growth of melatonin market. As consumer awareness about side effects of long-term use of sleep aids like benzodiazepines increased, demand for safer natural sleep aid alternative like melatonin surged over past years. Increasing incidence of sleep disorders and stress-related problems is contributing majorly to market growth. According to recent studies, over 50% of the population faces difficulties in falling asleep or daytime drowsiness from time to time and this widespread problem leads more people to utilize melatonin supplements as preventive measure or treatment. However, lack of overall clinical data and guidelines on use of melatonin supplements for certain conditions continues to restrain market to some extent.

SWOT Analysis
Strength: Melatonin has antioxidant and anti-inflammatory properties. It has little to no side effects and is considered safe for most adults and children. Melatonin supplements are readily available over the counter without a prescription. The global demand for melatonin supplements is rising due to growing awareness about its sleep-promoting benefits.
Weakness: Natural production of melatonin declines with age, limiting its effectiveness in older individuals. Melatonin levels in the body vary greatly depending on an individual's circadian rhythm, diet, lifestyle and other environmental factors. Due to a lack of regulations, the potency and quality of melatonin supplements varies widely between brands.
Opportunity: The COVID-19 pandemic disrupted sleep schedules for many and increased stress levels globally. This has boosted demand for natural sleep aids like melatonin. New research is exploring potential uses of melatonin supplements in managing other health conditions like Alzheimer's, cancer and vision problems. Expanding into pediatric melatonin formulations represents an opportunity.
Threats: Strong competition exists from established sleeping pills and other natural sleep remedies. Regulations around quality control and dosage amounts of melatonin supplements differ globally.

Key Takeaways
The Global Melatonin Market Size is expected to witness high growth. Sleep disorders are rising globally due to increased stress, bigger workloads, and erratic lifestyle habits. This will drive demand for safe and natural sleep aids like melatonin supplements.

Regional analysis: Europe and North America also have sizable markets for melatonin supplements due to growing health consciousness and an aging population in countries like the US, Germany, UK and France seeking natural sleep remedies. Latin America and the Middle East & Africa offer high growth opportunities for melatonin producers due to increasing disposable incomes, rising health issues like insomnia, and growing adoption of western healthcare practices in urban regions.

Key players operating in the melatonin market are C.H. Boehringer Sohn AG & Ko. KG, Pfizer Inc., Eli Lilly and Company, AstraZeneca plc, Natco Pharma Limited, Anhui Haikang Pharmaceutical Co., Ltd., Avra Laboratories Pvt. Ltd., and Sun Pharmaceutical Industries Ltd. The players are focusing on expanding production capacities, new product launches catering to different demographics and geographies, and strategic collaborations to strengthen distribution networks globally.

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