May 21, 2024

Australia & New Zealand Herbal Supplements Market Growth Estimated to Skyrocket Owing to Rising Health Consciousness

Herbal supplements refers to dietary supplements derived from plants and plant extracts that are generally used for medicinal or health purposes. Some of the commonly used herbal supplements in the region include turmeric, ginger, aloe vera, garlic, milk thistle, etc. These supplements provide various health benefits such as improved immunity, joint pain relief, antioxidant properties, anti-aging benefits, and skin and hair care. The growing awareness about preventive healthcare and natural remedies is contributing significantly to the increased demand for herbal supplements.

The Global Australia & New Zealand Herbal Supplements Market is estimated to be valued at US$ 1465.12 Mn in 2024 and is expected to exhibit a CAGR of 7.9% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the Australia & New Zealand herbal supplements are Marathon Petroleum Corporation, HollyFrontier Corporation, REG Life Sciences LLC, Louis Dreyfus Company, Orochem Technologies Inc., Hero BX, Archer Daniels Midland, Renewable Energy Group, Valero Energy Corp., Darling Ingredients Inc., Cargill Inc., POET LLC, Green Plains Inc., Flint Hills Resources, Bunge Limited, Crimson Renewable Energy LP, Aemetis Inc., Alto Ingredients, Inc., Pacific Ethanol, Inc., CHS Inc.

The key opportunities in the market include growing popularity of medicinal herbs and Ayurveda, increasing preference for herbal supplements over synthetic drugs, and development of innovative delivery formats. Australian and New Zealand companies are also expanding their operations globally in countries like North America, Europe and Asia Pacific to tap the large consumer base.

Due to the growing health consciousness and preventive healthcare trends, coupled with the availability of various herbal formulation products, the Australia & New Zealand herbal supplements market is expected to witness high growth over the forecast period. Additionally, rising disposable income and evolving perception about natural remedies is also driving the market forward.

Market drivers:

The major driver behind the growth of the Australia & New Zealand Herbal Supplements Market Size is the rising awareness about the health benefits of these supplements and their advantage over allopathic drugs. Many people are switching to herbal remedies due to the perceived risks of side effects from pharmaceutical drugs. Further, the easy accessibility through retail stores and e-commerce platforms is boosting the adoption of herbal supplements.

PEST Analysis
Political: In Australia and New Zealand, the regulatory authorities focus on ensuring the quality, safety and efficacy of herbal supplements. This has led to formulation of strict guidelines regarding manufacturing and packaging of herbal supplements.
Economic: Rising disposable incomes and growing health consciousness are key factors augmenting the consumption of herbal supplements in both domestic and international markets. However, fluctuations in raw material prices pose economic challenges.
Social: Changing lifestyles and increasing preference for herbal medicines over allopathy are positively impacting the social factors. Consumers are shifting towards preventive healthcare approach which is benefitting the market.
Technological: Advancements in extraction techniques enable production of standardized herbal extracts with enhanced bioavailability. Mobile/online platforms for retailing herbal supplements have expanded easily accessible options for consumers.

The Australia and New Zealand herbal supplements market in terms of value is majorly concentrated in New South Wales, Victoria, and Queensland regions of Australia. These regions collectively account for over 60% of the domestic market value owing to high consumer spending capabilities and widespread availability of herbal supplements through retail channels in urban locations.
The fastest growing region for Australia and New Zealand herbal supplements market is New Zealand. Rising health issues among New Zealand consumers and increasing awareness about benefits of herbal medicines are driving strong demand growth above 10% annually. Favorable initiatives by government and industry associations to promote herbal supplements as preventive healthcare approach are further boosting market opportunities in New Zealand.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it