The valuation of the global sleep supplement market was around US$ 7.1 billion in 2023 and it is expected to show a CAGR of 5.3% over the forecast period. The market is projected to reach a valuation of US$ 12.9 billion by 2034.
The sleep supplement market has been on the rise in recent years. The lack of sleep can cause various physical and psychological problems, such as stress, anxiety, bad lifestyle decisions, and depression, which leads to insomnia, primary medical conditions, obesity, sleep apnea, or other sleep disorders. However, to explore attractive ventures in the sleep supplement industry in the coming years, nutritional supplement manufacturers are focusing on producing and introducing effective supplements with the potential to meet consumers’ demands and leverage market growth.
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“Supplement manufacturers have started producing a variety of sleep supplements to meet the rising product demand from people suffering from sleep disorders. Natural and herbal sleep aids are becoming popular among customers,” says an analyst at FMI.
Key Takeaways from the Market Study
- Melatonin is the leading segment of the market by product, holding approximately 8% market value.
- By source, synthetic sleep supplements are commonly manufactured and are highly adopted by consumers, accounting for a market share of 8%.
- Tablets lead the market by dosage form, accounting for a share of 8% owing to the ease of availability of OTC medicine and ease of consumption over the other dosage forms.
- Based on the indication, the demand for sleep supplements for treating insomnia accounts for a share of 42.1% of the market.
- Among the distribution channels, retail pharmacies facilitate higher product sales compared to other channels.
Market Competition
As the demand for sleep supplements continues to surge, manufacturers are operating at full capacity to meet the growing consumer needs. This increase in demand can be attributed to a rise in concerns about maintaining a healthy lifestyle and an expanding patient pool seeking solutions for sleep disorders. The market for sleep supplements is characterized by fragmentation, with numerous local, emerging, and established players. These companies are actively engaged in launching new products and expanding their presence within the market.
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Recent Developments
- In September 2022, Amorpacific, under its beauty from within-brand Vital Beautie, a line of skincare and cosmetics from South Korea debuted a sleep aid supplement with a four-year R&D history called Good Sleep GABA 365. The South Korean Ministry of Food and Drug Safety (MFDS) authorized the substance, created by the Amorepacific R&I Center, earlier this year for its safety and effectiveness in enhancing sleep quality with a daily consumption of 375 mg.
- In July 2022, the launch of FAST and SLEEP, the company’s unique flagship products, was announced by family-owned nutritional supplement manufacturer Fuel 4 Ever. These all-natural powder formulas are meticulously created without fillers, colors, or other ingredients, a rarity in the supplement business to support gut health and healthy lives.
Key Market Segments
By Product Type:
- Minerals
- Vitamin
- Melatonin
- Valerian root
- Others
By Source:
- Synthetic
- Natural
By Dosage Form:
- Tablets
- Capsules
- Powders
- Liquid
By Indication:
- Insomnia
- Sleep Apnea
- Narcolepsy
- Other sleep disorders
By Distribution Channel:
- Retail Pharmacies
- Hospital Pharmacies
- Online Pharmacies
- Specialty Stores
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
What Does the Report Cover?
Future Market Insights offers a unique perspective and actionable insights on sleep supplements in its latest study, presenting a historical demand assessment for 2017- 2022 and projections for 2023 – 2033. The global sleep supplement market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
The research study is based on product – (minerals, vitamins, melatonin, valerian root, and others), source (synthetic and natural, by dosage form (tablets, capsules, powders, and liquid), indication (insomnia, sleep apnea, narcolepsy, and other sleep disorders), by distribution channel (retail pharmacies, hospital pharmacies, online pharmacies, and specialty stores), across seven key regions of the world.
About Future Market Insights, Inc. (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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