June 22, 2024
Australia & New Zealand Herbal Supplements Market

Australia & New Zealand Herbal Supplements Market Is Expected To Be Flourished By Growing Healthcare Awareness Among Population

The Australia & New Zealand herbal supplements market is primarily driven by the growing health awareness among population and increasing preference for natural products over synthetic drugs. Herbal supplements contain essential nutrients derived from plants to support human physiological functions and biochemical processes. Some common herbal supplements are Echinacea, ginseng, Ginkgo biloba, garlic, saw palmetto, flaxseed oil, and fish oil. They are effective in improving immunity, cardiovascular health, cognitive functions, bone health, joints, and digestion.

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 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

Growing healthcare awareness among population: With rising health consciousness and awareness regarding adverse effects of chemicals and synthetic medicines, consumers are willing to adopt natural remedies like herbal supplements. Herbal supplements are perceived to cause lesser or no side effects compared to medicines, which has boosted their popularity. The trend of preventive healthcare has also driven adoption of herbal supplements to support health from within.

Preference for natural products over synthetic drugs: There is rising preference for herbal alternatives over prescription medication due to perceived natural properties. Consumer opinion surveys have revealed increasing skepticism towards chemicals and artificial ingredients used in medicines and personal care products. Herbal supplements are considered more natural and sustainable due to plant-derived ingredients. These natural attributes appeal to health-conscious audience.

Segment Analysis

The Australia & New Zealand herbal supplements market is segmented into product type and distribution channel. Based on product type, the market is segmented into capsules & tablets, powders, other product types. Capsules & tablets dominates the product type segment as they are easy to consume and more preferred. The distribution channel segment includes pharmacies & drug stores, health & beauty stores, direct selling & e-Commerce, other sales channels. Pharmacies & drug stores dominates the distribution channel segment as they are the traditional and major distribution points.

PEST Analysis

Political: Regulations around herbal and natural products have been supporting the market growth. However, stringent approvals are required to maintain quality which impacts smaller players.

Economic: Rising disposable incomes and health awareness has been driving increased spending on herbal supplements. The economic growth in the region supports the market expansion.

Social: Changing lifestyles, growing aging population and focus on preventive healthcare is increasing the social acceptance of herbal supplements. Customers prefer natural products for minor ailments.

Technological: Advancements in processing and packaging aids in enhancing product quality, safety and shelf life. Digital platforms help expand the reach and customers base.

Key Takeaways

The Australia & New Zealand Herbal Supplements Market Growth is expected to witness high growth till 2031 supported by rising health consciousness. The region accounts for over 20% market share in global herbal supplements consumption. The global Australia and 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 2031.

Australia is the major and dominating market in the region with over 60% value share owing to large population base and growing cultural acceptance of herbal products. New Zealand is emerging as a high growth market at 8-10% CAGR led by increasing popularity of Maori herbs and traditions in dietary supplements. Key cities Auckland and Wellington are major markets in the country accounting for over 55% of sales.

Key players

Key players operating in the Australia & New Zealand Herbal Supplements market 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. These companies focus on expanding their regional presence through strategic partnerships.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it