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Based on the type, the synthetic melatonin segment accounted for USD 1.5 billion in 2022, due to the increasing prevalence of sleep disorders and disturbances in modern society. As people grapple with stress, irregular work hours, and the pervasive use of electronic devices, they are turning to synthetic melatonin as a readily available and convenient solution to improve their sleep quality. Additionally, the expansion of the dietary supplement industry, coupled with the rising consumer interest in natural and herbal remedies, has contributed to the growth of synthetic melatonin. Consumers are seeking alternatives to pharmaceutical sleep aids and are drawn to synthetic melatonin for its perceived natural origin.
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Based on application dietary supplement dominated more than 55% of the melatonin products market share in 2022. The ease of access to dietary supplements, including melatonin products, is another contributing factor to their growth. These supplements are widely available in various formats, including pills, capsules, gummies, and liquids, making them accessible to a broad range of consumers.
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Based on form the pill segment captured around 47% of the market share in 2022. The growth can be attributed to the attributes of the segment as it allows for precise dosing, which is crucial when it comes to melatonin supplements. Sleep needs vary from person to person, and pills offer the advantage of being available in a range of dosages, from low to high. This flexibility enables consumers to choose the dosage that best suits their individual sleep requirements, contributing to the pill segment's growth.
Based on distribution channel the pharmacy segment has acquired about 43.2% of the market revenue share in 2022. Pharmacies are increasingly diversifying their services beyond just dispensing medications. Many now offer a range of healthcare services, including immunizations, health screenings, and medication therapy management. This expansion of services not only caters to evolving consumer needs but also provides additional revenue streams for pharmacies.
North America melatonin products market is projected to surpassed USD 0.55 billion in 2022, there is a rising awareness and concern about sleep disorders and insomnia in North America. Modern lifestyles, increased screen time, and high-stress levels have contributed to a growing prevalence of sleep-related issues. As a result, consumers in the region are seeking natural and non-prescription solutions to improve their sleep, and melatonin supplements are perceived as a safe and effective option.