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The Australia & New Zealand Herbal Supplements Market is estimated to be valued at US$ 1,182.3 Million in 2022 and is expected to exhibit a CAGR of 7.57 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Herbal supplements contain concentrated herbs or herbal extracts and are used to supplement diet. They are widely consumed for overall well-being and to promote good health by enhancing immunity. Key types of herbal supplements available in the market include vitamins, sports nutrition, minerals, weight management and others.
Market key trends:
The market has been witnessing rising growth owing to increasing health awareness among consumers in Australia and New Zealand. There is a rise in preference for herbal products over synthetic medicines due to perceived natural benefits. Additionally, growing demand for specialized herbal supplements targeted towards specific health concerns such as immunity, stress, digestive health etc. is fueling the market growth. Easy availability of wide range of herbal supplements through retail stores, online platforms and direct-to-consumer marketing by manufacturers is also supporting the increased product acceptance in the region.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as it requires significant capital investment and distribution network to penetrate the market. However, ease of raw material availability and growing awareness helps new players to enter.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of numerous substitutes and brands in the market. Buyers can easily switch to alternatives based on price and quality.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to dependence of manufacturers on raw material suppliers. Suppliers possess threat to raise prices of raw materials.
Threat of new substitutes: The threat of new substitutes is high with alternative herbal products and supplements available in the market.
Competitive rivalry: Intense competition exists among existing players.
SWOT Analysis
Strength: Wide availability of herb extracts and easy availability of raw materials. Growing consumer awareness regarding health benefits.
Weakness: High competitiveness increases marketing and promotion costs. Lack of clinical evidence & standardization for some herbal extracts.
Opportunity: Rapid growth of herbal supplements market. Increasing consumer preference for herbal products over allopathic medicines.
Threats: Stringent regulatory framework. Fluctuations in raw material prices and availability impacts margins.
Key Takeaways
The Australia & New Zealand Herbal Supplements Market Share is expected to witness high growth at a CAGR of 7.57% over the forecast period due to increasing health consciousness among consumers and growing preference for herbal medicines over allopathic drugs.
The Australia region accounts for the largest share in the herbal supplements market due to rising awareness about herbal products and growing older population. However, New Zealand market is expected to grow at fastest pace driven by increasing demand for immunity boosting and digestive health supplements.
Key players operating in the Australia & New Zealand herbal supplements market are Blackmores Limited, Vitaco Holdings Limited, Integria Healthcare, Bioglan, Deep Blue Health (NZ) Co. Limited, Phytomed, NZ Herbals, and Sanderson. Major players are launching new products with clinical evidence and focusing on strengthening distribution network to stay competitive.
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