Melatonin is a naturally occurring hormone. It is found in plants, animals and microbes. For humans, it plays a vital role in ht sleeping process. The melatonin market is likely to witness considerable growth and estimated to collect income worth around USD 1, 300 million by 2019. Expansion in consumer industries, including pharmaceuticals, food & beverages and construction is projected to propel the melatonin market over the forecast period.
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The increasing sectors of pharmaceuticals and dietary supplements are predicted to drive demand for the melatonin market. Melatonin also acts as an antioxidant, improves the immune system of the body and is used in treating some cancers. Rising stress among people and increasing awareness regarding melatonin drugs are driving the melatonin market further. However, the side effects of melatonin, like headache, dizziness and others are likely to hinder the market.
The market is segmented on the basis of applications and geographies. The applications of the melatonin market are pharmaceuticals, food and beverages, construction and dietary supplements. Pharmaceuticals is the largest application of the melatonin market. It dominated the applications sector and was followed by dietary supplements and food & beverages.
Geographically, the melatonin market can be split into North America, Asia Pacific, Europe and rest of the world. North America dominated the market as a result of further expansion in the dietary supplement industry in the region.
Asia Pacific is the fastest growing region. It is expected to witness huge growth in view of the increasing pharmaceuticals and construction industries in the region. Rapid industrialization in China and India is also estimated to drive demand for the melatonin market in Asia Pacific. Europe has shown sluggish growth. This is due to governmental restrictions and slow recovery from the euro-crisis.
Information Source: Radiant Insights