June 18, 2024
Australian & New Zealand Herbal Supplements Market

Australia & New Zealand Herbal Supplements Market Witnesses High Growth Due to Increasing Demand for Organic and Natural Products

The Australia & New Zealand herbal supplements market has witnessed significant growth in recent years. Herbal supplements are products that contain herbs or herbs extracts and are used to enhance health or treat medical conditions. Some of the most popular herbal supplements in Australia and New Zealand include ginkgo biloba, St. John’s wort, echinacea, ginger, garlic, turmeric, and ginseng. These herbal supplements provide various health benefits such as improved immune function, antioxidant properties, anti-inflammatory effects, and treatment of minor health issues. The increasing awareness about the side effects of allopathic medicines and the shift towards organic and natural products have been major factors driving the demand for herbal supplements in the region.

The 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 2031.

Key Takeaways

Key players operating in the Australia & New Zealand herbal supplements market 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 Australia & New Zealand Herbal Supplements Market Growth include new product launches, expanding distribution channels both online and offline, leveraging social media marketing for brand promotion. Several technological advancements have been made in herbal supplement formulations including nano-encapsulation techniques to improve bioavailability, stability, and efficacy of herbal extracts.

Market Drivers

The high demand for organic and natural products for health and wellness is a major market driver. Rising health consciousness and changing lifestyles have increased the demand for herbal supplements in the region. Wide availability of herbal supplements through retail channels both online and in-store along with easy marketing through digital platforms are supporting market growth. Growing geriatric population prone to chronic diseases also contributes to the increasing uptake of herbal supplements.

Challenges in Australia & New Zealand Herbal Supplements Market

The Australia & New Zealand Herbal Supplements Market Growth is facing several challenges currently which hinder its growth potential. Issues around lack of standardized regulations for product quality and safety pose serious health risks for consumers. There is an urgent need for stricter licensing and monitoring of manufacturers to ensure supplements meet certain criteria. Limited awareness among population regarding benefits of herbal medicine also acts as a barrier. High pricing of some premium products makes them inaccessible for masses. Supply chain inefficiencies lead to stock-outs in stores, negatively impacting sales. Rising input costs due to inflation have narrowed margins for companies.

SWOT Analysis

Strength: Growing health-conscious consumer base and preference for natural remedies. Varied product portfolio catering to different ailments.
Weakness: Insufficient clinical research data to prove efficacy of some formulations. Vulnerable to negative publicity due to misbranded or spurious products in the market.
Opportunity: Potential to expand into untapped rural regions. Development of herbal-based medicines and cosmetic goods increases addressable market.
Threats: Stiff competition from international brands. Dependence on few key suppliers for raw materials exposes to supply shortage risks.

Geographical Regions

In terms of value, Australia dominates the overall herbal supplements market in the region. It accounts for over 50% market share currently led by high per capita expenditure on healthcare and wellness products. New Zealand holds second position with rising consumer spending power driving sales growth. Other smaller nations like Fiji and Papua New Guinea also offer scope for further penetration.

The fastest growing geographical region for Australia and New Zealand herbal supplements market is New Zealand. With increasing awareness about preventive healthcare and local sourcing of herbal ingredients, demand in New Zealand has been rising at CAGR of around 10% annually over past few years. Growing elderly population relying more on natural remedies for chronic diseases also stimulates the market expansion.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it