AUSTRALIA & NEW ZEALAND HERBAL SUPPLEMENTS MARKET ANALYSIS

Australia & New Zealand herbal supplements market was valued at US$ 1,182.3  Million in 2022, exhibiting a CAGR of 7.57 % in terms of revenue, over the forecast period (2023 to 2030) to reach US$ 2,120.3 Million by 2030.

Natural nutritional supplements, also known as herbal supplements, are consumed for nutritional deficiencies. Increasing prevalence of adult chronic disorders linked to high blood pressure and heart disease has prompted companies to produce such herbal ingredient-based supplements. Consumers are awrae about the advantages of herbal supplements, an thus, people consume these supplements along with their diets to boost their immunity and to prevent diseases.

Australia & New Zealand Herbal Supplements Market- Impact of Coronavirus (Covid-19) Pandemic

The COVID-19 outbreak has negatively impacted the Australia &New Zealand herbal supplements market due tostrict lockdown and stringent regulations, , and thus there was a decrease in demand for herbal supplements. Moreover, the production process of the herbal supplements was disrupted due to social distancing and lack of manpower.

Australia & New Zealand Herbal Supplements Market - Growth Drivers

• Increasing Population of Baby Boomer

Increasing population of baby boomer in Australia & New Zealand is boosting  demand for herbal supplements, and this is expected to drive the   market growth over the forecast period. According to a report by the Australian Population Research Institution, the population aged above 60 years is estimated to increase by 86% during 2011 to 2031 in the region. This factor is also expected to drive the market growth. Therefore, increasing baby boomer population is expected to drive the market growth of herbal supplements.

• Rising Awareness Regarding The Health Benefits of Herbal Supplements 

Rising awareness regarding the health benefits of herbal supplements in Australia is expected to drive the market growth. Shifting consumer preferences towards maintaining a healthy lifestyle has boosted consumption of herbal ingredients. Moreover, adults in Australia prefer herbal supplements, as consumption of these supplements does not have any side-effects, and are rich in vitamins and minerals. Thus, these factors are expected to drive  the market growth of Australia & New Zealand herbal supplements.

Australia & New Zealand Herbal Supplements Market - Restraints

• Availability of Pseudo Natural Herbal Supplements

Availability of pseudo natural herbal supplements is expected to hinder the market growth of Australia &New Zealand herbal supplements. Pseudo natural herbal supplements are conventional herbal supplement products that are marketed as ‘herbal supplements’, due to the presence of some herbal ingredients and consumers find difficulty in identifying herbal and conventional supplements. This factor is expected to restrict the market growth of Australia & New Zealand herbal supplements. Furthermore increasing population of baby boomer in Australia & New Zealand t is expected to witness significant market growth duing forecast period.

• Impact the Effectiveness of the Drugs

Not everyherbal supplements are good for health, some of supplement has severe allergic reactions as it contain the active ingredient that has a strong effect on the body. It can also increase the risk of bleeding in a person after surgery. Furthermore, if these products are consumed in combination with other drugs, it can impact the effectiveness of the drugs. This factor is expected to hinder the market growth. Furthermore rising the awareness of herbal supplement is expected to witness significant market growth duing forecast period.

Figure 1. Australia & New Zealand Herbal Supplements Market, By Product Type, 2022

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Australia & New Zealand Herbal Supplements Market- Opportunities

• Increasing Application of Herbal Supplements in Beauty Care Products

Increasing application of herbal supplements in skin care products  is expected to offer new growth opportunity to the market. Beauty supplements contain natural ingredients that helps in repairing damaged skin, and in treating other age-related skin conditions such as wrinkles. Moreover, growing awareness regarding the skin benefits of using herbal ingredientsor herbal supplements in skincare and cosmetic products also is also expected to drive the market growth.

• Expanding Distribution Channel from Niche Channels to the Mass Distribution Network

Expanding distribution channel from niche channels to the mass distribution network is expected to drive the market growth. Rising demand for green label products among consumer is encouraging manufacturers to shift their focus from niche distribution channels to mainstream mass retailers. Moreover, expanding supermarket chains in the country is further expected to drive the market growth.

Figure 2. Australia & New Zealand Herbal Supplements Market, By Form, 2022

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Australia & New Zealand Herbal Supplements Market- Trends

• Increasing Innovation In The Herbal Product 

Increasing innovation in the herbal product by the manufacturer is a major trend in the region that is expected to drive the market growth. For instance, in September 2019, Swisse Wellness, a global premium wellness brand, announced the launch of two new product lines in the U.S. including the Jelly range and Australian clay masks. This product is prepared by using premium quality botanicals, antioxidants, vitamins, and naturally sourced ingredients.

• Rising Number of Acquisitions Among Major Players

Rising number of acquisitions among major players for expanding their presence in the market is expected to drive the market growth. For instance, in May 2016, Blackmores, Australia-based vitamin manufacturer, announced the acquisition of Global Therapeutics, China-based herbal medicine firm. With the US$23 million contract, Blackmores can now sell traditional and herbal medicines in Asia. Hence, rising adoption of such a growth strategy by the major player is expected todrive the market growth.

Australia & New Zealand Herbal Supplements Market- Segmentation

By producttype, the Australia & New Zealand Herbal Supplements Market is categorized into beauty supplements, bone and joint supplement, body building supplement, digestive & heart supplement,  immunity supplement, brain supplement, weight loss supplement, others ( vision, supplement, menopause supplement). The digestive & heart supplement segment held the largest market share in 2022, and is further projected to exhibit highest CAGR during the forecast period, owing to rising consumer awareness regarding potential benefits of herbal supplments in preserving heart health, and rising prevalence of cardiovascular disorders.

Bone and joint supplement segment is expected to witness significant growth in the upcoming forecast period in 2022, owing to growing rates of skeletal disorders such as arthritis and osteoporosis.

Australia & New Zealand Herbal Supplements Market– Recent Developments

• In January 2023, - The Therapeutic Products Bill (TPB) was  presented for the first time in New Zealand. It included clauses that would categorise some medical foods and herbs as "drugs," rendering them unavailable to the general population without a prescription from a doctor. Any food or herb with therapeutic potential would be illegal to access under the New Zealand TPB proposal.
• In June 2022,Nestlé Health Science, acquired The Better Health Company (TBHC), the holding company for GO Healthy, Egmont, and CDH Investments. As part of this agreement, Nestlé Health Science purchased The Better Health Company. This includes the top supplement company in New Zealand, GO Healthy, the New Zealand Health Manufacturing facility that produces vitamins, minerals, and supplements, and the Egmont Manuka honey label.
• In July 2022, PureHarvest, an Australia-based organic and natural food company, launched four new plant-based milk varieties, in addition to the already available Almond, Oat, Soy, Rice, and Coconut milk options. The company also has Organic Hazelnut Milk, Organic Cashew Milk, Australian Macadamia Milk, Creamy Oat Milk, and Organic Cashew Milk.
• In June 2021, V Energy, introduced its brand-new 'Can You Feel It' campaign in association with award-winning animation production firm Psyop and Clemenger BBDO. This promotion urges people to feel their best and cultivate a positive perspective.
• In October 2022, Remedy Drinks,  announced Remedy K! CK, a clean energy drink that is natural, and is sold at 7-Eleven locations all around Australia. Three fruity flavours of Remedy K! CK are Blackberry, Lemon Lime, and Mango Pineapple.

Australia & New Zealand Herbal Supplements Market– By Form

By form, the Australia A& New Zealand Herbal Supplements Market is categorized into tablets, powder, capsules, and liquid. The tablets segment held the largest market share in 2022, and is further projected to exhibit the highest CAGR during the forecast period, owing to its easeof  use and simplicity of packaging for retail sales. Tablets are a common herbal supplement.

Australia & New Zealand Herbal Supplements Market – Key Players

Major players operating in the Australia & New Zealand Herbal Supplements Market include Blackmores Limited, Vitaco Holdings Limited, Integria Healthcare, Bioglan, Deep Blue Health (NZ) Co. Limited, Phytomed, NZ Herbals, and Sanderson

*Definition: Herbal supplements, also known as a botanical products, have numerous health benefits with strong effects on the body. These products are intended to maintain various health problems but are not helpful in treating any illness or disease. These products are claimed to reduce stress, enhance the immunity system, and improves digestion. Moreover, herbal supplement is also beneficial for improving sleep quality, reducing anxiety, enhancing appetite, and also for managing diabetes. However, herbal supplements should not be consumed without doctor’s prescription as it can have  unpleasant health effects.