AUSTRALIA & NEW ZEALAND HERBAL SUPPLEMENTS MARKET ANALYSIS

Australia & New Zealand Herbal Supplements MarketSize and Trends

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 aware about the advantages of herbal supplements, and thus, people consume these supplements along with their diets to boost their immunity and to prevent diseases.

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.

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