Australia & New Zealand Herbal Supplements Market

Herbal Medicine Segment is the largest segment driving growth of the Australia & New Zealand Herbal Supplements Market

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The global 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:
Herbal supplements are products derived from plants and plant extracts that are used to supplement the diet. They are available in capsule, powder, tablet and liquid forms. The primary advantage of using herbal supplements is to boost immunity, energy levels, general well-being and health.

Market key trends:
One of the key trends in the Australia & New Zealand herbal supplements market is the rising consumer demand for organic and clean label products. Consumers are increasingly health conscious and prefer supplements containing ingredients from organic cultivation without addition of artificial preservatives, colors or flavors. According to Industry projections, the organic herbal supplements segment is expected to witness highest growth during the forecast period. Furthermore, the increasing availability of herbal supplements through e-commerce and online retail platforms has also boosted their demand especially among time bound consumers in urban regions. The attractive product packaging and health claims made by brands online also influences youth.
Market key trends:
The Australia & New Zealand Herbal Supplements market is witnessing high growth trend of organic and natural herbal supplements. The consumers preference towards chemical-free natural products has increased significantly. The manufacturers are focusing on research and development to introduce innovative organic herbal formulations catering to various health conditions. Moreover, the growing elderly population suffering from chronic diseases has also boosted the demand of herbal supplements in recent years.

SWOT Analysis:
Strength: Herbal supplements demand is growing rapidly due to health and wellness trend and increasing focus on preventive healthcare.
Weakness: Lack of clinical trials and research data to prove efficacy and side effects of some herbal ingredients.
Opportunity: Untapped rural and regional markets provide huge growth potential. Increasing popularity of Ayurveda and traditional Chinese medicine open new opportunities.
Threats: Strong regulations related to product quality, safety and labeling. Intense competition from pharmaceutical drugs and local players.

Key Takeaways:
The Australia & New Zealand Herbal Supplements Market Growth size was valued at US$ 1271.8 Bn in 2023 and is expected to grow at a CAGR of 7.5% during the forecast period. The growth is driven by rising health consciousness among consumers and growing elderly population seeking preventive healthcare options.

Regional analysis:
Australia and New Zealand collectively capture over 80% market share in the region. New Zealand market is growing fastest at 8.5% CAGR owing to strong tradition of herbal medicines in Maori culture and increasing adoption of organic lifestyle. Australia market dominates with 70% share due to well developed distribution channels and healthcare infrastructure.

Key players:
Key players operating in the Australia & New Zealand Herbal Supplements market includes Blackmores Limited, Vitaco Holdings Limited, Integria Healthcare, Bioglan, Deep Blue Health (NZ) Co. Limited, Phytomed, NZ Herbals, and Sanderson. Blackmores Limited dominates the market with over 25% value share due to strong brand presence and wide product portfolio in vitamins, minerals and herbal supplements.

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