Sleep Aid Supplement Market to Reach $11.8 Billion, Globally, by 2034 at 5.1% CAGR: Allied Market Research

The global sleep aid supplements market is experiencing growth owing to increasing awareness about the importance of sleep hygiene and its impact on overall health. Lifestyle factors such as high stress levels, irregular sleep patterns due to modern-day demands, and the prevalence of sleep disorders are driving the demand for sleep aid supplements. Additionally, the rise in availability and accessibility of these supplements through various distribution channels, including online platforms, is further fueling market expansion.

WILMINGTON, Del., Aug. 15, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Sleep Aid Supplement Market by Product Type (Minerals, Vitamin, Melatonin, Valerian Root and Others), Source (Synthetic and Natural), Dosage Form (Tablets, Capsules, Powders and Liquid), and Distribution Channel (Retail Pharmacies, Online Pharmacies and Specialty Stores): Global Opportunity Analysis and Industry Forecast, 2024-2034". According to the report, the sleep aid supplement market was valued at $6.8 billion in 2023, and is estimated to reach $11.8 billion by 2034, growing at a CAGR of 5.1% from 2024 to 2034.

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Prime Determinants of Growth

The sleep aid supplements market is witnessing strong growth owing to several key factors. Firstly, rising awareness about the importance of sleep for overall health and well-being has spurred demand for products that can help improve sleep quality. In addition, lifestyle factors such as increasing stress levels, irregular sleep patterns, and the prevalence of electronic devices affecting sleep hygiene have fueled the need for sleep aid supplements. Moreover, the growing preference for natural and holistic approaches to health has driven the demand for herbal and plant-based sleep aids. Furthermore, the convenience of online shopping and the availability of a wide range of products through e-commerce platforms have facilitated market growth by making sleep aid supplements more accessible to consumers.

Report coverage & details:

Segment Highlights

The melatonin segment experiences a high demand in the sleep aid supplements market owing to its natural alignment with the body's sleep-wake cycle and minimal side effects compared to other sleep aids. It is widely recognized and trusted for its effectiveness in treating various sleep disorders, including insomnia and jet lag. The rising preference for natural and non-habit-forming supplements has further driving its demand. Additionally, extensive research supports its efficacy, leading to higher consumer confidence and widespread use. The ease of accessibility and availability in various formulations, such as gummies, capsules, and liquids, also contribute to its dominant market position.

The natural segment is witnessing a high demand owing to increasing consumer preference for natural and organic products, driven by concerns about potential side effects associated with synthetic alternatives. Natural sleep aids, derived from herbs, plants, and minerals like melatonin, valerian root, and chamomile, are perceived as safer and gentler options for promoting better sleep quality without the risk of dependency or adverse reactions. Additionally, the rising popularity of holistic wellness practices and the increasing availability of organic and plant-based products further contribute to the dominance of the natural segment in the sleep aids supplements market.

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The tablets segment experiences a high demand owing to convenience and ease of consumption. Tablets offer convenience and ease of consumption, making them a popular choice among consumers seeking quick and hassle-free sleep solutions. The precise dosage and standardized formulation of tablets provide consistency and reliability, enhancing consumer trust in their effectiveness. Moreover, tablets are often preferred for their portability and longer shelf life compared to other dosage forms like powders or liquids. This widespread preference for tablets emphasizes their dominant position in the sleep aids supplements market, catering to the needs of individuals seeking practical and efficient ways to improve their sleep quality.

The online pharmacies are witnessing a high demand. This is largely owing to the convenience and accessibility they offer to consumers seeking sleep aid products. With the rise of e-commerce and the increasing prevalence of digital shopping platforms, online pharmacies provide a wide selection of sleep aids supplements that can be easily browsed and purchased from the comfort of home. Moreover, online pharmacies often offer competitive pricing, discounts, and doorstep delivery, appealing to consumers looking for cost-effective and hassle-free purchasing options. The convenience, variety, and accessibility of online pharmacies contribute significantly to their dominance in the sleep aids supplements market, meeting the evolving needs and preferences of modern consumers.

Regional Outlook

North America holds the major market share owing to the high prevalence of sleep disorders, such as insomnia and sleep apnea, and increased awareness about the importance of sleep health. The region benefits from significant healthcare expenditure, a strong presence of key market players, and a growing consumer inclination towards health and wellness products. In addition, the aging population and rising stress levels further drive the demand for sleep aid supplements. The market is expected to continue growing, with ongoing innovations and the expansion of e-commerce platforms enhancing accessibility and convenience for consumers.

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Players

• Natrol, LLC.
• Zarbee's Naturals
• OLLY
• Nature Made
• Sundown Naturals
• GNC
• Pure Encapsulations
• Herbalife
• Swanson Health Products
• Life Extension

The report provides a detailed analysis of these key players in the global sleep aid supplements market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, and agreements to increase their market share in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Recent Development

• On May 22, 2024 – Natrol announced its latest sleep innovation supplement: Time Release Melatonin gummies. Available in two strengths – 3mg and 10mg – these time release melatonin gummies are engineered with an advanced dual action delivery that provides immediate release to fall asleep and unique extended-release technology to help minimize wakeups and promote sleep through the night.
• On September 20, 2023 – Natrol launched its first-ever sleep aid supplement without melatonin, Soothing Night, made with effective, clinically-tested ingredients designed to reduce occasional stress and anxiety and promote longer, better sleep.
• On May 15, 2023, GNC introduces GNC Preventive Nutrition Sleep Support products that improve cognitive function with emphasis on sleep, focus, and stress.
• On June 16, 2023, Nature Made Introduces New Line of Wellblends Supplements which is a range of sleep products curated with ingredients to address specific sleep issues—from falling back to sleep to staying asleep longer and everything in between.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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