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:
The Australia & New Zealand herbal supplements market encompasses products derived from plants and plant extracts that are used to supplement the diet. Key product segments in this market include multi-herbal supplements, green tea, garlic, ginseng, echinacea, St. John's wort, and gingko biloba supplements. Growing adoption of natural and herbal remedies over synthetic drugs to prevent and manage various health conditions is a major factor driving the demand for herbal supplements in Australia and New Zealand.
Market Dynamics:
Increasing health awareness among consumers has propelled the demand for healthier food and beverage options in recent years. Herbal supplements are perceived to be more natural and safer alternatives to synthetic drugs and vitamins. This has significantly boosted the popularity of various herbal supplements across Australia and New Zealand. Additionally, rising disposable incomes have allowed consumers to spend more on health and wellness products such as herbal supplements. The COVID-19 pandemic further accelerated this trend as people started focusing more on boosting their immunity through natural alternatives. Blackmores Limited, Vitaco Holdings Limited, and Integria Healthcare are among the prominent players offering a wide range of herbal supplements in these regions, catering to the increasing demand.
SWOT Analysis
Strength: The ANZ herbal supplements market has a wide range of herbal products that address various health conditions. Herbal supplements are considered safe and natural alternatives to conventional medicines. The market players have strong brand recognition and loyalty in the region.
Weakness: Herbal supplements lack scientific evidence and standardization. Overconsumption of certain herbal products can cause side effects. The supplements are usually not reviewed or approved by regulatory authorities like medicines. Small local players have limited resources for marketing and expansion.
Opportunity: Rising health awareness and preference for organic and natural products offer an opportunity to introduce new herbal formulations. The aging population seeking alternative treatment presents a customer base. Online retail channels provide an avenue for increased accessibility and sales.
Threats: Stringent regulations can affect product availability and commercial viability. Alternative treatment options and changing consumer preferences pose competitive threats. Economic slowdowns can decrease discretionary spending on herbal supplements.
Key Takeaways
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 consumer preference for herbal remedies and natural products.
Regional analysis: Australia dominates the regional market with the largest revenue share of over 70% in 2022. The growth can be attributed to the large and aging population seeking herbal alternatives. New Zealand is projected to witness the fastest growth at a CAGR of 8.9% during the forecast period owing to rising health consciousness among Kiwis.
Key players analysis: Key players operating in the ANZ 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 a leader in Australia and has a significant market presence in New Zealand as well. Vitaco Holdings and Bioglan also enjoy a strong brand image in both countries.
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