Market Overview:
The Australia and 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 from 2023 to 2030. Herbal supplements products in this region include herbs such as gingko biloba, echinacea, liquorice, dandelion, St John’s wort, kava, valerian and guarana which are used to promote overall health and wellbeing. These supplements provide additional nutrients and phytochemicals that support immune function, liver health, joint function and skin health.
Market Dynamics:
Increased awareness about preventive healthcare and rising demand for herbal products with fewer side effects drive the market growth. Growing acceptance of herbal supplements as an alternative to conventional medicines for minor health issues like common cold, headache and digestive problems also supports market expansion. Additionally, the desire to maintain long-term wellness through balanced nutrition supplements the need for herbal products in this region. However, lack of regulatory standards and quality controls over supplements production can negatively impact the industry.
Market key trends:
The Australia & New Zealand herbal supplements market has been witnessing high growth owing to rising health consciousness among consumers. With growing awareness about preventive healthcare, more people are turning to herbal supplements to meet their daily nutrition requirements and to stay healthy. The market has seen increased demand for herbal supplements that offer benefits such as immunity boosting, better heart health, brain health, digestive health and weight management. Product launches focusing on these wellness categories have supported the market growth.
SWOT Analysis
Strength: Growing health awareness and demand for herbal products without side effects.
Weakness: Lack of clinical research data for some supplements limits their acceptance.
Opportunity: Rising prevention-focused approach provides scope to develop new formulations.
Threats: Stringent regulations around labelling and composition can negatively impact smaller players.
Key Takeaways
The Australia & New Zealand Herbal Supplements Market Share size is expected to witness high growth at a CAGR of 7.57% over the forecast period to reach a value of US$ 1,182.3 Million in 2022 due to increasing health consciousness.
Regional Analysis
The Australia region currently dominates the herbal supplements market owing to high disposable income and consumer preference for herbal products with established manufacturers. The New Zealand market is growing at a higher rate due to increasing exports.
Key players analysis
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 a leading player with strong domestic presence while companies like Vitaco Holdings Limited and Bioglan are expanding internationally through new product launches.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it