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| Australia & New Zealand Herbal Supplements Market |
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 contain concentrated herbs or herbal extracts and are used
to supplement diet. They are widely consumed for overall well-being and to
promote good health by enhancing immunity. Key types of herbal supplements
available in the market include vitamins, sports nutrition, minerals, weight
management and others.
Market key trends:
The market has been witnessing rising growth owing to increasing health
awareness among consumers in Australia and New Zealand. There is a rise in
preference for herbal products over synthetic medicines due to perceived
natural benefits. Additionally, growing demand for specialized herbal
supplements targeted towards specific health concerns such as immunity, stress,
digestive health etc. is fueling the market growth. Easy availability of wide
range of herbal supplements through retail stores, online platforms and
direct-to-consumer marketing by manufacturers is also supporting the increased
product acceptance in the region.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as it requires
significant capital investment and distribution network to penetrate the
market. However, ease of raw material availability and growing awareness helps
new players to enter.
Bargaining power of buyers: The bargaining power of buyers is high due to
availability of numerous substitutes and brands in the market. Buyers can
easily switch to alternatives based on price and quality.
Bargaining power of suppliers: The bargaining power of suppliers is moderate
due to dependence of manufacturers on raw material suppliers. Suppliers possess
threat to raise prices of raw materials.
Threat of new substitutes: The threat of new substitutes is high with
alternative herbal products and supplements available in the market.
Competitive rivalry: Intense competition exists among existing players.
SWOT Analysis
Strength: Wide availability of herb extracts and easy availability of raw
materials. Growing consumer awareness regarding health benefits.
Weakness: High competitiveness increases marketing and promotion costs. Lack of
clinical evidence & standardization for some herbal extracts.
Opportunity: Rapid growth of herbal supplements market. Increasing consumer
preference for herbal products over allopathic medicines.
Threats: Stringent regulatory framework. Fluctuations in raw material prices
and availability impacts margins.
Key Takeaways
The Australia
& New Zealand Herbal Supplements Market Share is expected to witness high growth at a CAGR of 7.57% over the forecast period
due to increasing health consciousness among consumers and growing preference
for herbal medicines over allopathic drugs.
The Australia region accounts for the largest share in the herbal supplements
market due to rising awareness about herbal products and growing older
population. However, New Zealand market is expected to grow at fastest pace
driven by increasing demand for immunity boosting and digestive health
supplements.
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. Major players are launching new products with clinical evidence and
focusing on strengthening distribution network to stay competitive.
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