by The Australia & New Zealand Herbal Supplements Market is estimated to be valued at US$ 1,182.3 Million in 2022 and is expected to exhibit a CAGR of 7.57% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Herbal supplements refer to dietary supplements derived from plants and herbs. Some common herbal supplements consumed in Australia and New Zealand include turmeric, ginger, garlic, echinacea, St. John’s wort, and ginkgo biloba. These supplements are available in various forms such as capsules, tablets, liquids, and powders and are mostly marketed for their health promoting properties. The herbal supplements market is driven by consumers increasingly adopting healthy lifestyles and focusing on preventive healthcare.
Market Dynamics:
Growing consumer awareness about the health benefits of herbal supplements is a key driver of market growth. Many herbal supplements have anti-inflammatory, antioxidant and immune-boosting properties that support overall well-being. Extensive marketing campaigns by supplement producers focusing on the advantages of herbal remedies has raised awareness among the Australian and New Zealand populations. Additionally, the easy availability of herbal supplements through e-commerce platforms is boosting market access and demand. Online retailers provide doorstep delivery and options of auto-subscription plans, thereby encouraging regular usage of supplements. These factors, along with a growing elderly demographic seeking natural remedies, are expected to continue fueling market expansion over the forecast period.
Segment Analysis
The Australia & New Zealand herbal supplements market is segmented into vitamins, minerals, supplements, and others. The minerals supplements segment dominates the market and accounts for over 35% share due to the growing focus of consumers towards maintaining bone and heart health. Minerals like calcium, magnesium, zinc, and iron helps in boosting the immunity and metabolic activities.
PEST Analysis
Political: The regulations regarding manufacturing, distribution, and sale of herbal supplements are stringent in Australia and New Zealand. The rules help ensure the safety and quality of the products.
Economic: The per capita income is higher in Australia and New Zealand compared to global average which drives the demand for herbal supplements among consumers. High disposable income allows consumers to spend more on healthcare and wellness products.
Social: With rising health consciousness, more people are adopting a healthy lifestyle by consuming nutritious diets and herbal supplements. Improved lifestyle leads to higher adoption of herbal formulations promoting overall well-being.
Technological: Key players are investing in R&D to develop advanced herbal formulations utilizing the latest extraction techniques for better absorption. They are adopting new technologies to improve bioavailability and enhance the therapeutic effects of herbal ingredients.
Key Takeaways
The Australia & New Zealand Herbal Supplements Market Share is expected to witness high growth, exhibiting CAGR of 7.57% over the forecast period, due to increasing health awareness and focus on preventive healthcare in the region.
Regional analysis:
Australia and New Zealand together account for over 85% share of the combined herbal supplements market. Australia dominates the market due to an increasing number of health-savvy consumers adopting alternative therapies for medical conditions.
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 the market leader owing to its wide distribution network and innovative product portfolio addressing various health conditions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
