Herbal supplements are gaining immense popularity in Australia and New Zealand due to rising consumer awareness about health and wellness. Herbal supplements contain medicinal parts of plants like leaves, seeds, berries, roots, and flowers. They deliver various health benefits like boosting immunity, improving digestion, easing joint discomfort, enhancing memory, and reducing stress levels. Key herbal supplements consumed in the region include turmeric, ginger, echinacea, spirulina, garlic, ginkgo biloba, ginseng, St. John's wort, and saw palmetto. Rising lifestyle diseases, growing aging population, and increasing disposable incomes have been driving the uptake of herbal supplements.
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 Market Size 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.
Key opportunities in the market include new product launches, increasing demand for organic herbal supplements, and growing health and wellness trend. Major herbal supplement companies are innovating and launching customized herbal formulations for specific requirements like female health, immunity support, joint care, stress relief, cognitive function, etc.
Global expansion is another important trend. Key players are expanding their presence across Australia, New Zealand, Southeast Asia, North America and Europe to tap the growing worldwide demand. Companies are also building strategic partnerships and acquiring local brands to strengthen foothold in foreign markets.
Market Drivers
The main driver for the Australia & New Zealand herbal supplements market is the rising popularity of herbal remedies and natural ingredients based products. Consumers in the region are increasingly adopting organic and herbal alternatives to medicines for minor ailments owing to perceived safety and fewer side effects. This has bolstered the consumption of herbal supplements. Government initiatives to promote traditional medicines and supplements have also propelled the market growth.
Market Restraints
Although demand is rising, lack of regulations and quality standards is one of the key challenges faced by the Australia & New Zealand herbal supplements industry. Absence of product standardization and fake labeling issues are hurting consumer confidence in some supplements. High price of organic and natural herbal ingredients also limits the mass adoption of supplements in price-sensitive regions. Stringent labeling and manufacturing regulations can further impede the industry growth.
Segment Analysis
The Australia & New Zealand Herbal Supplements market is dominated by tablets/ capsules segment which holds around 40% market share. Tablets/capsules are the most preferred type of herbal supplements due to ease of consumption and dosing accuracy. Tablets/capsules maintains consistent dosage of active ingredients and makes transportation and storage easier. The liquids segment is the second largest comprising around 35% share majorly due to pediatric usage and ease of consumption without water. The powders segment is expected to witness highest growth during the forecast period owing to increasing health awareness and preference for natural sources over synthetic ingredients among consumers.
Global Analysis
Geographically, Australia dominates the herbal supplements market in the region holding around 60% share due to modern retail formats and growing health awareness. However, New Zealand market is expected to witness fastest growth during the forecast period owing to increasing focus towards preventive healthcare and rising preference for herbal medicine among Kiwi citizens. North America is the most prominent importer of herbal supplements from Australia & New Zealand region accounting for over 40% of export share. This is attributed to growing health and wellness trends in the U.S. and Canada. Asia Pacific region has emerged as the second largest importer mainly catering to increased demand from countries like China, India, Japan and South Korea.
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