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.
Herbal supplements refer to products containing active ingredients derived from plants. They are available in form of tablets, capsules, liquids and powders. Herbal supplements are quite popular as they are considered safer alternatives to chemical medications and provide natural healing properties. The Australia & New Zealand herbal supplements market has been growing owing to rising population concerns regarding side effects of allopathic medicines, growing preference for plant-based medicines, growing disposable income, and increasing demand for preventive healthcare.
Market key trends:
One of the major trends in the Australia & New Zealand Herbal Supplements Market is the increasing inclination towards traditional herbal remedies and supplements that are derived from natural ingredients. According to a health survey conducted in Australia and New Zealand in 2020, more than 50% of the population prefers consuming herbal supplements for minor health issues due to their natural origins and fewer side effects compared to chemical medications. Another key trend is the growing demand for immune health supporting supplements post the COVID-19 pandemic. Many herbal supplements containing ingredients like echinacea, turmeric, ginseng etc. that support immunity have witnessed significant sales growth.
Threat of new entrants: The threat of new entrants is low due to capital intensity and well established presence of key players in the market.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of substitutes products in the market.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to dependency on few suppliers for raw materials.
Threat of new substitutes: The threat of new substitutes is moderate as herbal supplements have various substitute products like allopathic medicines and dietary supplements.
Competitive rivalry: High due to presence of major key players.
The Australia & New Zealand Herbal Supplements Market Share is expected to witness high growth, exhibiting CAGR of 7.57% over the forecast period, due to increasing health awareness among consumers. The market size is projected to reach US$ 1,182.3 Million in 2023.
Australia dominates the Australia & New Zealand herbal supplements market and is expected to continue its dominance over the forecast period. This is attributed to increasing preference for herbal products over allopathic medicines in the region. New Zealand is expected to exhibit highest growth rate during the forecast period owing to rising adoption of herbal supplements among consumers.
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 is expected to maintain its leading position in the market over the forecast period.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it