The popularity of melatonin products will continue to grow at a steady rate around the globe for the next six years, according to new statistics.
On Monday, SkyQuest Technology released data from its new industry report on the global melatonin market.
According to SkyQuest, there are now over 20 products containing melatonin in the U.S. market alone including topical creams, oral supplements and drink mixes.
In 2021, the global melatonin market was valued at approximately US$1.51 billion, and according to SkyQuest, by 2028 that market will have increased in size by over 100 per cent at a compound annual growth rate (CAGR) of 14.81 per cent.
SkyQuest says several studies have shown that melatonin can enhance sleep quality, protect people against neurodegenerative diseases and help reduce inflammation. Because of the important health benefits the compound can offer consumers and investors have been developing a keen interest in it.
Fibromyalgia and multiple sclerosis are examples of diseases that melatonin can help treat, according to SkyQuest.
The company also cites that the Centers for Disease Control and Prevention (CDC) have deemed chronic sleep deprivation as a public health epidemic, and therefore the demand for melatonin has been increasing.
With relation to sleep quality, SkyQuest says that melatonin has been shown to help alleviate the unpleasant symptoms of insomnia such as difficulty falling asleep, tiredness during the day and waking up multiple times throughout the night.
Rising rates of sleep apnea and an inherent need to treat it is also a key driver of market growth, according to the global market intelligence organization. SkyQuest cites that the National Sleep Foundation says 50-70 million adults in the U.S. suffer from sleep disorders with the majority plagued by sleep apnea.
By 2050 that number is anticipated to rise to 120 million and approximately 1 billion adults around the world suffer from the disorder, meaning big business for melatonin producers.
in 2021, SkyQuest conducted a survey with 3,500 participants to determine how people were consuming melatonin. They found that 70 per cent of respondents took it to help them fall asleep faster, 73 per cent indicated that they would be happy to see more products and services offered to promote better sleep and 50 per cent said using melatonin on a regular basis helped them get a good night’s rest.
Major players in the market include Pfizer (NYSE: PFE), Neurim Pharmaceuticals, Rexall Sundown Inc., GNC and several others.