Herbal supplement is a type of dietary supplement that is composed of one or more herb, and is also called a botanical product. These products are available in different forms such as capsules, liquids, tea bags, tablets, and powders. Some of the common examples of herbal products and supplements are Echinacea, black cohosh, ginkgo, garlic, and saw palmetto. Herbal products are manufactured for enhancing the health, and for treating the health-related problem but these are not approved by FDA because FDA consider the herbal product as a food not drug. However, according to the FDA, dietary supplements are not meant to diagnose or cure disease or its symptoms.
Australia & New Zealand Herbal Supplements Market was valued at US$ 1,182.3 million in 2022, exhibiting
Australia & New Zealand Herbal Supplements Market - Growth Drivers
- Increasing Demand For Herbal Supplement
Increasing demand for herbal supplement in the Australia & New Zealand is expected to drive the market growth. Rising health awareness in the region has increased demand for the herbal supplement as it offers various health benefits such as boosting the immune system, prevention of migraine headaches, protection from cold and flu, allergies, lower cholesterol, prevention of arthritis, rheumatic diseases, maintain triglyceride levels & blood pressure, and prevention of cardiovascular diseases. These factors are expected to drive the market growth over the forecast period.
Australia & New Zealand Herbal Supplements Market -Opportunities
- Rising launches of product through the online retailing channel
Increasing penetration of online retailing is expected to offer lucrative growth opportunities over the forecast period. Rising launches of product through the online retailing channel is expected to drive the market growth. E-Commerce is expected to increase the adoption of such products due to easy availability. Hence, this factor is expected to drive the market growth.
Australia & New Zealand Herbal Supplements Market - Restraints
- Rising Demand For Supplements Providing Instant Result
Rising demand for supplements that provides instant result is expected to limit the adoption of herbal supplements in Australia & New Zealand. Increasing adoption of conventional supplements, as these products show rapid results as compared to herbal supplements is expected to hamper the market growth negatively over the forecast period. Moreover, herbal medicines are not good for serious conditions such as heart attacks and fractured bones. This factor is also expected to restrict the market growth. Furthermore, rising demand for the herbal products is expected to witness the significant market growth during forecast period.
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Key Takeaways
On basis of product type, in 2022, digestive & heart supplement segment accounted the largest market share of 20.3%, in terms of revenue, followed by beauty supplement and bone & joint supplement, respectively. Increasing demand for digestive & heart supplements due to rising cardiovascular and blood pressure related diseases among people is expected to drive the segment growth.
Australia & New Zealand Herbal Supplements Market- Trends
Increasing number of partnership among major players for herbal supplements is expected to drive th Australia & New Zealand herbal supplements market growth. For instance, in October 2016, Blackmores Limited, entered into a joint agreement with Tasnim Pharma, an Iran-based leading pharmaceutical company. Through this agreement, Blackmores Limited is expected to offer high-quality natural health products and services to customers in Iran.
Growing export of herbal supplements from Australia is expected to drive the Australia & New Zealand herbal supplements market growth. For instance, in April 2019, the Australian supplement industry surpassed its American counterpart to become the largest exporter of supplements and health food products to China. Around 22.3% of all supplements and health foods imported into China from Australia. Therefore, growing exports of herbal supplements in the region are expected to drive the market growth.
Australia &New Zealand Herbal Supplements Market- Competitive Section:
Major market players include Blackmores Limited, Vitaco Holdings Limited, Integria Healthcare, Bioglan, Deep Blue Health Co. Ltd., Phytomed, NZ Herbals, and Sanderson.
Australia & New Zealand Herbal Supplements Market- Recent Developments
- In April 2023, Botanical Supplement expanded in Australia & New Zealand, owing to rising demand for natural and plant-based products. Botanical supplements, usually referred to as herbal supplements, are made from plant materials, and are frequently used due to itstherapeutic and dietary advantages.
In April 2020, Standard Process and Integria Healthcare renewed 10-year collaboration agreementto provide whole food-based and herbal supplements to healthcare professionals. The new deal aims to promote closer cooperation between the two businesses.
