Global melatonin market demand is expected to grow on account of increasing food & beverage and construction industries in emerging economies including China, India, and Brazil. In addition, the market is also driven by its applications in pharmaceutical and dietary supplement products. The absence of strict government regulations aimed at restricting use of the compound is expected to favor market growth. However, controversies regarding the possible side effects on consumption of melatonin in humans are anticipated to act as a key restraining factor for this market. Volatility in the prices of raw materials is also expected to restrain market growth. The use of energy-efficient lighting known to suppress melatonin secretion levels in humans is likely to open new market avenues for melatonin supplement products over the forecast period.
Melatonin is an artificially manufactured form of hormone present in plants, animals, bacteria, and fungi. Owing to its antioxidant properties, melatonin finds application in food & beverages, pharmaceuticals, and dietary supplements. Melatonin is also used in the manufacture of bio-based spray polyurethane foam (SPF), which is used in building insulation. SPF exhibits improved insulation properties as compared to traditional insulators such as fiberglass resulting in lower heating or cooling costs. The aforementioned factor is expected to fuel the melatonin market in the upcoming years.
Major market share for melatonin was held by pharmaceuticals in 2013 owing to its use for treating sleeping disorders and its sedating & calming effect. The construction industry is expected to witness the fastest growth rate owing to the increasing use of melatonin in SPF manufacture as a replacement for traditional building insulators such as natural fiber and fiberglass.
North America accounted for a major market share of the melatonin market in light of the high use of dietary supplements and SPF in construction activities in the region. Asia Pacific is expected to witness high growth over the forecast period on account of rapid industrialization and growing construction and pharmaceutical sectors in emerging economies such as China and India. European markets are anticipated to witness sluggish growth on account of slow recovery from recession. Emerging economies such as China, India, and Brazil are likely to be a more lucrative market owing to the large end-user base along with lower investments in land and labor.
The global melatonin market is fragmented in nature with the major share being held by a few major companies. Key players of the market are BASF, Aspen Pharmacare Holdings, NCFI Polyurethanes, Lapolla Industries, The Dow Chemical Company, Flynn Pharma, and Natrol.
NEED A CUSTOM REPORT?
We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.
Contact us now to get our best pricing.
We are GDPR and CCPA compliant! Your transaction & personal information is safe and secure.
"The quality of research they have done for us has been excellent..."
Demand across the organic chemicals sector shall register a slump in growth albeit increasing demand for certain chemicals that find end applications in healthcare and food. Furthermore, China, a major supplier of chemicals to the world, registered a considerable decline in manufacturing in the first quarter of 2020, following the trajectory unfolded by COVID-19's escalation to a pandemic. This has led to an imbalance in supply-demand dynamics, forcing manufacturers and customers alike to renegotiate supply agreements. The report will account for Covid19 as a key market contributor.