May 22, 2024

Australia & New Zealand Herbal Supplements Market Poised to Grow at a Robust Pace Due to Advancements in Herbal Extract Formulations

Herbal supplements are plant-derived products that are consumed to aid health and well-being. Some key herbal extracts included in supplements are turmeric, ginger, garlic, green tea, omega fatty acids, and probiotics. These supplements provide various health benefits such as boosting immunity, improving digestive health, reducing inflammation, and enhancing cognitive functions. The growing health consciousness among consumers and rising disposable income have fueled the demand for herbal supplements in Australia and New Zealand.

The Global 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 2030.

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.

The key opportunities in the market include increased investments in herbal R&D, expansion of distribution channels through e-commerce, and growing focus on plant-based offerings. Technological advancements such as nano-encapsulation and nano-emulsification are enhancing the bioavailability of herbal extracts and enabling development of innovative delivery formats.

Market Drivers

One of the key drivers for the Australia & New Zealand Herbal Supplements Market Size is the rising health and wellness trend. Consumers are increasingly preferring preventive healthcare and herbal supplements to lead healthier lifestyles. The growing geriatric population base which is prone to chronic diseases is also driving market growth. Moreover, shifting consumer preferences towards herbal alternatives over synthetically derived medicines is fueling the demand.

Challenges in Australia & New Zealand Herbal Supplements Market

The Australia & New Zealand herbal supplements market is facing various challenges such as inconsistent regulations, lack of standardization and quality control. The regulations for herbal supplements differ across states in Australia as well as between Australia and New Zealand. This creates confusion among manufacturers and consumers. There are also issues regarding the quality and purity levels of herbal ingredients used by some manufacturers. Adulteration and misleading labels have led to safety concerns. Additionally, the market has to deal with increasing demand for vegan and organic products. Rising awareness about side effects of allopathic medicines is driving the demand but more clinical research is still required to prove efficacy of herbal medicines.

SWOT Analysis
Strength: Growing health consciousness among consumers is driving the demand for herbal supplements.

Weakness: Inconsistent regulations and lack of standardization impact the quality and credibility of products.

Opportunity: High potential for herbal supplements to treat chronic ailments offers market opportunities.

Threats: Strict regulations and entry of international brands can threaten smaller local players.

Geographical Regions
Australia dominates the herbal supplements market in the region, accounting for over 70% of the market value. Rising lifestyle diseases, growing elder population and promotion of herbal medicines by the government are factors driving high consumption. New South Wales and Victoria are the major markets within Australia due to high population density.

The New Zealand herbal supplements market is growing at over 10% annually. Auckland has emerged as the major revenue generator due to increasing health awareness. Furthermore, promotion of Maori traditional medicines is augmenting the market growth.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it