Australia & New Zealand Herbal Supplements Market Poised to Grow at a Robust Pace due to Increasing Health Awareness

on
Australia & New Zealand Herbal Supplements Market

The Australia and New Zealand herbal supplements market is a multi-billion dollar industry underpinned by rising consumer health awareness and growing inclination towards natural products with perceived health benefits. Herbal supplements, comprised of various plant-based ingredients, are widely utilized for maintaining overall wellness and also preventing and treating minor ailments. Some popular herbal supplements in the region include green tea, valerian root, garlic, echinacea, gingko biloba, and turmeric formulations that are marketed for their immunity-boosting, anti-inflammatory, antioxidant and stress-relieving properties. Easily available across in pharmacies, health food stores and online retail channels, herbal supplements have emerged as convenient alternatives to prescribed medicines for managing everyday health issues. The growing middle-aged population base seeking preventive healthcare through natural remedies bodes well for the future prospects of this market.

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 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.

Blackmores and Swisse Wellness have established a robust presence in Australia & New Zealand Herbal Supplements Market Growth through wide domestic distribution and strong brand recognition among local health-conscious consumers. The companies are poised to leverage opportunities arising from ongoing movement towards natural healthcare solutions in Australia as well as neighboring New Zealand and Southeast Asian markets.

The thriving herbal supplements industry offers significant opportunities for new entrant companies seeking to offer innovative formulations tailored for the region’s multi-cultural demographic groups and their diverse healthcare needs. Moreover, prospective partnerships with local pharmacy chains, health shops as well as online retailers can help companies expand their regional footprint.

Market Drivers
Growing health awareness among Australian and New Zealand consumers about the benefits of herbal remedies is a key driver for the market. Increasing focus on preventive healthcare to delay the onset of lifestyle diseases will propel the sales of supplements marketed for their antioxidant, cholesterol lowering and digestive health benefits. Rising adoption of ayurvedic and traditional Chinese medicine-inspired herbal formulations is anticipated to boost demand over the forecast period.

Market Restraints
Stringent labelling and marketing regulations imposed by authorities can impede product innovation. Shortage of scientific evidence supporting the health claims of certain herbs also limits their acceptance. High pricing of some premium formulations remains a key restraint for widespread adoption. Quality and purity issues associated with low-cost private label products may hurt the overall credibility of certain herbal ingredients and supplements.

Segment Analysis
The Australia & New Zealand herbal supplements market is dominated by tablets and capsules sub-segment as it accounts for the largest share. Tablets and capsules supplements are very convenient to consume as compared to other forms like liquids, powders etc. They provide accurate dosage along with easy swallowing ability. Their solid form also makes transportation and storage easier. These supplements are shelf-stable for longer duration without refrigeration needs. Further, tablets and capsules are considered to be most traditional and familiar format by consumers to consume herbal extracts and active ingredients.

Global Analysis
The Australia & New Zealand herbal supplements market is currently dominated by Australia region. Australia is the fastest growing region with highest compound annual growth rate. The high adoption of herbal supplements in Australia is attributed to increasing health consciousness among consumers and rise in lifestyle diseases. Many Australian consumers prefer herbal supplements for enhanced well-being, vitality and management of lifestyle conditions like stress, body pains etc. Further, government support in the form of quality guidelines and regulations for herbal medicines boosts consumers' confidence regarding safety and efficacy of these supplements.

Comments

Post a Comment