Sleep Supplement Market Predicts a Soaring Valuation of US$ 12.9 Billion by 2034

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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.

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)
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