Sleep aids is expected to see faster current value growth in 2020 than was seen in 2019. Demand for sleep aids was already relatively strong prior to COVID-19 due to busier lifestyles, but the virus further contributed to growth, as uncertainty and anxiety over the impacts of the virus are believed to have increased demand further.
At first when a person starts struggling with insomnia, many people will start using products that have natural ingredients. When natural methods fail to resolve sleeping problems, consumers are increasingly likely to consult their doctor on the matter rather than self-medicate, as sleep aids are generally regarded as addictive, as well as more dangerous than other OTC drugs.
Neopharm (Israel) 1996 Ltd continues to lead in sleep aids in 2020. The company offers the leading brand, Nerven Dragees, an herbal/traditional sleep aid based on valerian root.
Sleep aids is expected to see an increase in retail value growth at constant 2020 prices in 2021 and the rest of the forecast period, as consumers become increasingly willing to use medication to deal with sleep problems. Indeed, the average constant CAGR for the forecast period is expected to be slightly higher compared to that of the review period.
As in many Western societies, Israelis are also leading increasingly hectic lifestyles, spending longer periods in front of screens at work, as well as in their private lives with an apparent need to check their smartphones and tablets regularly, including before bed. A growing habit of binging on TV series for an evening’s entertainment only compounds the issue, leading to difficulty in sleeping for many.
Sleep aids are often regarded as the last resort for treating sleeping problems, when all else has failed. Sleep aids are known to be addictive and consumers fear using them for long periods of time, preferring instead to try and cope with their sleeping problems in other ways.
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Understand the latest market trends and future growth opportunities for the Sleep Aids industry in Israel with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Sleep Aids industry in Israel, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
This report originates from Passport, our Sleep Aids research and analysis database.
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