The Australia & New Zealand herbal supplements market is estimated to be valued at US$ 1271.8 Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Australia & New Zealand herbal supplements market comprises products derived from plants and plant extracts that are used to enhance health, skin and beauty. Some key products in this market include ayurvedic supplements, herbal plant extracts, capsule and tablet form supplements containing ginger, garlic and echinacea etc. Rising health consciousness and growing demand for natural remedies are driving the demand for herbal supplements in Australia and New Zealand.
Market Dynamics:
Rising health concerns among consumers regarding inflammation, immunity, digestive and heart health is a key driver of the Australia & New Zealand herbal supplements market. According to a 2019 consumer survey, over 80% of Australians and 75% of New Zealanders regularly consume herbal supplements to boost their health and wellness. The second driver is growing popularity of traditional herbal medicines such as Ayurveda and Chinese medicines. Many Australian and New Zealand consumers are increasingly choosing herbal supplements as a natural alternative to pharmaceutical drugs due to perceived lower side effects. Leading brands like Blackmores and Vitaco are boosting their herbal supplement product ranges containing popular herbs and offering custom blend solutions to capture this demand.
SWOT Analysis
Strength: The Australia & New Zealand herbal supplements market has a strong culture of herbal medicine usage. Many consumers prefer herbal supplements due to lesser side effects compared to allopathic medicines. Manufacturers in the region have high technical expertise to develop herbal supplements.
Weakness: Strict regulatory framework regarding production and labeling of herbal supplements increases operational costs for companies. Lack of scientific evidence and documented research often limits the scope of claims made on supplements.
Opportunity: Rising health awareness and demand for preventive healthcare is driving the demand for herbal supplements. New product development integrating herbal supplements with modern medical practices can attract new consumers.
Threats: Intense competition from international players may affect domestic small companies. Stringent import regulations can impact supply chains of raw materials.
Key Takeaways:
The global Australia & New Zealand Herbal Supplements Market Growth is expected to witness high growth, exhibiting CAGR of 7.5% over the forecast period, due to increasing preference for herbal medicines over chemical drugs. Consumers in the region are increasingly opting for herbal supplements to boost immunity and for general wellbeing.
Regional analysis: The Australia & New Zealand region dominates the herbal supplements market, accounting for over 60% of revenue share in 2023. Australia contributes more than half of the overall market value due to growing health-conscious consumer base. New Zealand is witnessing fastest growth due to rising export demand of herbal ingredients and supplements.
Key players: Key players operating in the Australia & New Zealand herbal supplements market are Blackmores Limited, Vitaco Holdings Limited, Integria Healthcare, Bioglan, Deep Blue Health (NZ) Co. Limited, Phytomed, NZ Herbals, and Sanderson. Blackmores Limited is expected remain the dominant player with widest product portfolio and pan regional presence. Vitaco Holdings Limited has strong brands and distribution network across key countries.
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