The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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Learn moreJul 2017
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Sleep aids is one of the fastest growing categories in consumer health, posting a CAGR of 4.4% between 2011 and 2016 to reach USD2.2 billion globally in 2016. Sales in OTC sleep aids are influenced by rising stress levels among consumers who point to demands from work and family as well as increased use of mobile devices as primary drivers of their sleeplessness. Sleep aids are often positioned as stress relievers as well, as consumers look to address both conditions simultaneously.
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Sleep aids are growing rapidly in popularity across the globe, posting a CAGR of 4.4% between 2011 and 2016 to reach retail value sales of USD2.2 billion in 2016. Driven by an increasingly stressed and sleepless consumer base, particularly in the developed world, sleep aids are expected to continue to grow over the forecast period to 2021, with a projected CAGR 3.3% to reach retail value sales of USD2.5 billion.
The two largest global markets for sleep aids are Western Europe and North America, with retail value sales of USD804 million and USD785 million, respectively, in 2016. Though sales continue to be strong in both regions, consumers in Western Europe are increasingly drawn to natural sleep aids that do not include chemical components while consumers in North America much prefer to purchase sleep aids containing pharmaceutical components.
Herbal/traditional (H/T) sleep aids are growing quickly on the global scale with a historic CAGR of 2.8% resulting in retail value sales of USD1.1 billion in 2016. While most regions are seeing a trend towards H/T sleep aids as consumers grow wary of chemicals, consumers in some regions (North America and the Middle East and Africa) continue to prefer chemically-based sleep aids to H/T sleep aids.
Stress and sleep management are essentially one in the same when looking at consumer response: lack of sleep leads to increased stress which in turns results in an increase in reported sleeplessness. As an increasingly stressed consumer base turns to OTC sleep aids for relief, products that are positioned to address both conditions will continue to grow in popularity.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.