February 21, 2024
Australia & New Zealand Herbal Supplements Market

Projected growth in health-conscious population to boost the growth of Australia & New Zealand Herbal Supplements Market

The global Australia & New Zealand Herbal Supplements Market is estimated to be valued at US$ 1271.8 Bn or Mn 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 involves manufacturing, marketing and distribution of herbal medicines and nutritional supplements made from plants. The key market products include herbal dietary supplements, vitamins & minerals, probiotics, protein products and other categories. Increasing consumer interest in natural products and functional foods for improving health and well-being is boosting demand in the market. These supplements not only help medicinal purposes but also support overall fitness and provides vital nutrients.

Market key trends:
One of the major trends in the market is rising popularity of herbal supplements for boosting immunity. With increasing health awareness and focus on preventive healthcare, consumers are adopting supplements like turmeric, ginger, garlic etc. to naturally strengthen immunity and resist diseases. Another trend is increasing demand for customized herbal supplements. With growing understanding of personalized nutrition, consumers are looking for supplements tailored to their specific dietary and lifestyle needs. This is prompting key players to offer customized product offerings.
Porter’s Analysis

Threat of new entrants: Entry barriers including large capital investments, high distribution costs, and stringent regulations from government make the threat low in this market.

Bargaining power of buyers: Large retail buyers have significant bargaining power due to the fragmented nature and availability of substitute products, putting pressure on prices.

Bargaining power of suppliers: The herbal supplements industry is concentrated, giving key suppliers strong influence over prices and product differentiation.

Threat of new substitutes: Alternatives like conventional medicines pose a minor threat, but demand for natural products provides some protection against substitutes.

Competitive rivalry: The market features numerous mid-sized companies with no clear leader dominating, leading to high competition.

Key Takeaways

The Australia & New Zealand Herbal Supplements Market Growth is expected to witness high growth at a CAGR of 7.5% over the forecast period, due to increasing health awareness among consumers and growing preference for herbal products perceived as natural remedies. The market size is projected to reach US$ 2,276.1 Bn by 2030 from US$ 1271.8 Bn in 2023.

Regional analysis: Australia dominates the market currently, accounting for over 50% share due to high consumer spending on dietary supplements. However, New Zealand is anticipated to experience the fastest growth, growing at a CAGR of around 9% during the forecast period on the back of rising vegan population and emphasis on traditional Maori herbal medicine.

Key players: Blackmores Limited, Vitaco Holdings Limited, Integria Healthcare, Bioglan, Deep Blue Health (NZ) Co. Limited, Phytomed, NZ Herbals, and Sanderson are some of the leading players operating in the Australia & New Zealand herbal supplements market. Blackmores Limited is the market leader due to its wide range of products and strong brand recognition in the region.

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