by The 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 derived from various plant and herb extracts that are used to treat and prevent various diseases. In Australia and New Zealand, herbal supplements are popular in the form of tablets, capsules and liquids and are used to maintain overall health and wellness. Some key herbal supplements in the region include ginseng, ginkgo biloba, garlic, saw palmetto, echinacea, flaxseeds and others. The market is driven by increasing health consciousness and preference for herbal medicines over allopathic drugs due to lesser side effects.
Market Dynamics:
The Australia & New Zealand Herbal Supplements Market is driven by rising awareness about preventive healthcare and natural remedies. With growing health consciousness, consumers are increasingly adopting herbal supplements to boost immunity and cure minor ailments naturally. This is expected to fuel the market growth during the forecast period. Additionally, changing lifestyles and increasing stress levels have boosted the consumption of herbal supplements as relaxants and sedatives in the region. Manufacturers are also launching new product varieties with various herbal extracts to cater to consumer demand, which is further supporting the market expansion. However, lack of scientific evidence and standardization about herbal ingredients poses a challenge to market growth. Extensive research and clinical trials are being conducted to validate the health claims of herbal supplements.
Segment Analysis
There are two key segments of the Australia & New Zealand herbal supplements market – dietary supplements and medicinal herbal supplements. The dietary supplements segment dominates the market with an over 60% share due to growing health consciousness among consumers and promotions by brands and retailers of herbal supplements for general well-being.
PEST Analysis
Political: The regulatory bodies in Australia and New Zealand have implemented strict norms for manufacturing and marketing herbal supplements to ensure product quality and safety.
Economic: Rising disposable incomes and growing middle-class populations have increased consumer spending on health and wellness products in both countries.
Social: Younger consumers are increasingly adopting healthy lifestyles and relying on herbal supplements for their daily nutritional requirements due to growing awareness about preventive healthcare.
Technological: Advancements in extraction technologies have allowed manufacturers to develop herbal supplements in various dosage forms like tablets, capsules and liquids for improving consumer convenience.
Key Takeaways
The Australia & New Zealand Herbal Supplements Market Growth is expected to witness high growth, exhibiting CAGR of 7.5% over the forecast period 2023 to 2030, due to increasing health awareness among consumers.
The market size for 2023 is US$ 1271.8 Bn. The Australian market accounts for around 60% share of the combined region due to the larger consumer base and economy. The New Zealand market is growing at a faster pace driven by increasing domestic consumption.
On the basis of region, Australia dominates the combined market, with New South Wales and Victoria being the major revenue generators. New Zealand is expected to witness strong growth during the forecast period, with annual sales projected to double by 2030.
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 accounts for over 25% of the category sales in both countries.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
