Market Research Future (MRFR) has published a half cooked research report on the “Sleep Supplements Market” that contains the information from 2022 to 2030.
Global Sleep Supplements Market
Sleep disorders can be of several types and have numerous symptoms such as drowsiness throughout the day even after sleeping for more than seven hours, steady experiences of trouble napping, and less or impaired capacity to execute steady day events. The common sleep disorders are sleep apnea, insomnia, restless legs syndrome, and narcolepsy. These sleep disorders can be cured with several types of treatments such medicines, supplements, therapy, sleep monitoring devices, various types of mattresses and pillows, and sleep apnea devices among others. There are several harmful effects of sedatives owing to which consumers are increasingly inclining towards sleep supplements instead of sleeping pills.
According to the MRFR analysis, the global sleep supplements market size is projected to be USD 62.18 Billion in 2021 and grow at a CAGR of 6.55%.
Sleep is a major biological necessity. It helps in keeping cognitive functions, influencing memory, and metabolic homeostasis. Negative sleeping conditions can impact the overall health of humans, resulting in various harmful health hazards such as chronic diseases including diabetes, high blood pressure, arthritis, and stroke. There are various health supplements which help in monitoring and curing sleep disorders. Several health supplements such as drugs and medical devices have been increasingly used for diagnosing and treating different forms of sleep disorders, such narcolepsy, insomnia, and sleep apnea among others. The increasing attempt of consumers around the globe for monitoring and cure sleep conditions is expected to drive the growth of the sleep supplements market for the forecast period.
Moreover, increasing approvals for the various sleep supplement products and increasing government initiatives and funding for healthier treatment are generating massive growth opportunities for manufacturers of sleep supplement market. The demand for sleep supplements is increasing, owing to the raising sleep conditions and awareness among consumers regarding these conditions such as insomnia, central sleep apnea, and obstructive sleep apnea among others. This is further expected to create lucrative growth opportunities for the sleep supplements market in coming years.
COVID-19 Impact on Sleep Supplements Market
The COVID-19 pandemic has impacted numerous industries throughout the world. Since the COVID virus has spread, various governments have implemented lockdowns to curb the spread which has made people work from home during the pandemic. The work-from-home model and the shift toward a hybrid work model have affected people’s sleep patterns, thereby creating growth opportunities for sleep supplements market. However, most of the tier-2 companies are sourcing raw materials from Chinese production centers. During the initial days of the pandemic, cross-border movements were restricted to contain the spread of the virus, affecting the shipping of finished products from the procuring areas. In addition, the shortage of laborers, declining availability of raw materials, and social distance measures have impacted the production of the sleep supplements market significantly.
Access full report @ https://www.marketresearchfuture.com/reports/sleep-supplements-market-11488
The high competition among the players has encouraged the players to produce quality products in the market. In order to build new and quality products, numerous companies benefit from mergers, acquisitions, and product development. To preserve their positions and broaden their geographic reach, the players in the worldwide sleep supplement market are using a variety of strategies, including expansion, mergers and acquisitions, alliances, joint ventures, and expansion. To gain the largest possible market share, partnership was the growth strategy that was most frequently used by market participants.
There are numerous international, national, and regional players in the worldwide sleep supplement industry. There is a lot of competition in this sector, and everyone is trying to increase their portion of customers' wallets. When comparing prices and quality, as well as product availability across regions, different suppliers will use different metrics. In order to be competitive, suppliers must offer reasonably priced, high-quality sleep supplement products. Market and economic conditions, government laws, and technological progress all affect how quickly and how large market actors can expand. As a result, businesses in this sector need to concentrate on increasing output and refining their offerings to keep up with consumer demand. These companies are investing heavily in creating new products. Although worldwide companies account for the vast majority of sales, smaller regional and local firms are also present.
The global sleep supplements market is highly fragmented and consists of many organized and unorganized industry players. Manufacturers focus mainly on expansion of production capacities, continuous product launch, and collaborations with key stakeholders to gain a competitive advantage over other players. Key players include Beddit (Apple Inc.), Casper Sleep Inc., Cadwell Industries Inc., Compumedics Limited, Drive DeVilbiss Healthcare Inc., and Koninklijke Philips N.V..
By Product Type
- Mattresses & Pillows: Mattresses are designed to be generally used on a bed frame as part of a bed or as a bed itself. Mattresses usually consist of a quilted case, typically of heavy cloth, containing materials such as straw, hair, foam rubber, cotton, or a framework of metal springs. The material inside the mattresses can be filled with various items such as cotton, sponge, feathers, sponge rubber, plastic fiber or even water. A pillow is a rectangular cloth bag usually stuffed with feathers or other various soft materials, used for supporting the head especially when lying or sleeping.
- Medications: Special types of medication are used for treating insomnia by making the person feel drowsy and relaxed. There are several types of sleep medications available, including natural ones such as melatonin.
- Sleep Apnea Devices: A common treatment for obstructive sleep apnea is Continuous positive airway pressure (CPAP) therapy. There is a machine used for treating CPAP. A CPAP machine uses a hose connected to a mask or nosepiece for delivering constant and steady air pressure which helps in breathing while the person is sleeping.
- Sleep Monitoring Devices: A sleep monitoring device or a sleep tracker can make an educated guess about the sleep stages. However, the only way for accurately identifying what stage of sleep the person is in is to measure brain activity during a clinical sleep study (polysomnography).
- Insomnia: Insomnia is a common sleep disorder which makes it tough to fall asleep, difficult to stay asleep, or causes waking up too early and not being able to get back to sleep. The person may still feel tired even after waking up. Insomnia affects a person’s energy level along with affecting health, work performance and quality of life.
- Sleep Apnea: Sleep apnea is a possibly worrying sleep disorder. In sleep apnea breathing repeatedly starts and stops. If the person snores loudly and feels tired even after a full night's sleep, the person might be suffering from sleep apnea. There are various types of sleep apnea. Some of the major types of sleep apnea are Obstructive sleep apnea (OSA), Central sleep apnea (CSA), and Treatment-emergent central sleep apnea.
- Restless Legs Syndrome: Restless legs syndrome (RLS) is a disorder which causes an uncontrollable urge of moving the legs, generally because of an uncomfortable sensation. It usually happens in the evening or nighttime hours when a person is sitting or lying down. Moving helps in easing out the unpleasant feeling temporarily. It can begin at any age and mostly worsens by age. RLS can disrupt sleep interfering with daily activities.
- Narcolepsy: Narcolepsy is a sleep condition which makes people very drowsy during the day. People suffering from narcolepsy fall asleep suddenly and find it hard to stay awake for long periods of time. This condition can cause serious troubles in daily routine. Sometimes narcolepsy can also cause a sudden loss of muscle tone, called cataplexy. This condition can be triggered by strong emotion, specifically laughter. Narcolepsy is segregated into two types such as type 1 and type 2. Most people suffering from type 1 narcolepsy have cataplexy and people suffering from type 2 narcolepsy, don't have cataplexy.
- Sleep Walking: Sleepwalking is a sleep condition also called somnambulism. In this condition a person gets up and starts walking around while in a state of sleep. This condition is more common in children than adults. Sleepwalking usually goes as a person ages. Rare incidents of sleepwalking generally do not indicate any serious problems or require any treatment. However, repeated sleepwalking may imply an underlying sleep disorder.
- Others: Other sleeping disorders include movement disorders and parasomnia. Movement disorders are neurologic disorders causing problems with movement, such as increased movement that can be intentional or unintended and decreased or slow voluntary movement. Parasomnia is a sleep condition involving unusual and undesirable physical events or experiences disrupting sleep.
By Distribution Channel
- Supermarkets & Hypermarkets: The segment includes stores, shops, and other outlets that provide several categories of products where customers can buy products directly. Supermarkets & hypermarkets account for the largest market share in the sleep supplements market. An increasing number of these outlets and other merchandisers are offering more business to sleep supplements.
- Specialty Stores: An intensive range of sleep supplements made available in specialty stores is boosting the growth of this segment. Customers appreciate personalized suggestions at the store as the main element for helping to make a rational selection. Ease of access buying, availability of the store, and convenience of shopping have further increased the overall sales of the specialty store segment in the global sleep supplements market. Specialty stores or drug stores also contribute significantly to the distribution of sleep supplements.
- Online: Online distribution channels include e-commerce, wherein manufacturers provide different sleep supplements on various online shopping sites or on their own websites. This distribution channel type is beneficial for companies launching products as they eliminate the difficulties in reaching consumers in different countries, which is not possible through brick-and-mortar stores. Thus, there is a preference for e-commerce channels to expedite the launch process. This mode also helps vendors create brand awareness. The online purchasing of sleep supplements provides consumers with variety with convenience, especially in the case of bulk purchasing of daily-use sleep supplements at relatively low prices with discounts and coupons available online.
- Others: Other distribution channels include wholesalers and retailers.
- North America: The North American sleep supplements market is growing due to increasing incidences of sleep disorders among consumers coupled with growing investment by manufacturers in in research of innovative products. In addition, increased alcohol and cigarette consumption in the region has resulted in a huge frequency of sleeping disorders.
- Europe: Germany held the largest market share in the Europe sleep supplements market. The increasing awareness regarding sleep conditions and risks related with them by various government initiatives of such as The British Sleep Society and Survey Sleep Research Center has resulted in increased demand for various sleep supplements in turn driving the market growth.
- Asia-Pacific: The manufacturers are introducing new products to capture the competitive market share in the region. China held the largest market share in the region. The increasing per capita income and increasing public awareness of the negative impact of sleeping disorders. Moreover, the changing lifestyle patterns of younger consumers is expected to boost the demand for sleep supplements in the region.
- Rest of the World: The Rest of the World (RoW) consists of South America, the Middle East, and Africa. South America accounted for the largest market share in 2021 and is projected to be the same during the forecast period. Many multinational players are focusing on the developing nations of South America to increase the sale of sleep supplements. The Middle East is estimated to register high growth throughout the forecast period.