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| Australia & New Zealand Herbal Supplements Market |
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:
The Australia & New Zealand herbal supplements market comprises products
derived from plants and plant extracts which provide various health benefits.
Some common herbal supplements in the region include turmeric, ginger, garlic,
Echinacea, ginseng, and ginkgo biloba. These supplements support immune health,
digestive health, brain & heart health, and joints & muscle health.
Rising health awareness and busy lifestyles have fueled the demand for
convenient herbal products in Australia and New Zealand.
Market key trends:
One of the major trends in the Australia & New Zealand herbal supplements
market is the shift toward herbal products with functional ingredients and
health claims. Manufacturers are focusing on formulating supplements with
clinically tested herbs and Plant Based Novel Food ingredients to cater to
consumer demand. For instance, Blackmores introduces products with clinically
tested dosage of herbs and nootropic blends. Also, the demand for herbal
supplements for immunity, gut health and brain health has grown significantly
owing to the COVID-19 pandemic, driving innovations in product offerings by key
players. Sustainability has also emerged as an important trend with companies
using recycled materials for packaging and organic or sustainably sourced
herbs.
Porter's Analysis
Threat of new entrants: New entrants face high costs associated with research
& development, manufacturing facilities, distribution channels, and brand
awareness. However, the market is growing substantially reducing this threat.
Bargaining power of buyers: Buyers have moderate bargaining power due to the
availability of substitutes and differentiated products from existing
competitors.
Bargaining power of suppliers: Herbal extract suppliers have moderate
bargaining power given the dominant position of extract manufacturers and the
availability of substitutes.
Threat of new substitutes: Threat from substitutes is moderate as products from
different categories like vitamins, minerals and medicines can be used
alternatively for general health and wellness.
Competitive rivalry: Intense as the market is growing and dominated by few
international brands.
SWOT Analysis
Strengths: Growing health-conscious population, perceived safety & natural
benefits of herbal products
Weaknesses: Lack of standardization & regulation of products, herbal
medicine interaction risks, few products backed by clinical research
Opportunities: Rising incidence of lifestyle diseases, growth of e-commerce
& modern retail channels, aging population
Threats: Stringent regulatory framework, price war among competitors, negative
publicity over some products
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, due to increasing awareness about preventive
healthcare and perceived benefits of herbal products. In 2023, the market size
for Australia & New Zealand Herbal Supplements was US$ 1271.8 Bn.
Regionally, Australia dominates the market and is projected to maintain its
lead over the forecast period. The higher prevalence of lifestyle diseases,
growing preventive healthcare awareness, and increasing utilization of natural
remedies are driving the demand in the region.
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 and Vitaco Holdings Limited collectively account
for over 50% of the market share due to their diverse product portfolio and
widespread distribution networks across the regions.
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