The global Australia & New Zealand Herbal Supplements Market is estimated to be valued at US$ 1271.8 Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Australia & New Zealand Herbal Supplements Market comprises products derived from plants and other plant materials including leaves, stems, flowers, fruits and seeds. Herbal supplements are available in various forms including tablets, capsules, liquids and softgels. They provide various health benefits such as antioxidant, immune support, digestive health and heart health.
Market key trends:
Increasing preference towards natural ingredients based supplements is one of the major trend witnessed in the Australia & New Zealand Herbal Supplements Market. Consumers prefer supplements that contain natural and herbal extracts over the chemically synthesized ingredients due to rising awareness regarding the side effects of allopathic medicines. In the recent past, there has been significant growth in revenues for supplement brands that use natural ingredients over artificial colors, flavors or preservatives. This is expected to significantly drive the demand for herbal supplements in Australia and New Zealand over the forecast period.
Segment Analysis
Content: The Australia & New Zealand herbal supplements market is dominated by the dietary supplements segment. The dietary supplements segment held around 68% share of the total market in 2022 owing to growing health consciousness among consumers and increasing preference for herbal supplements over conventional medicines for minor health issues. Being natural and organic with minimal side effects, herbal supplements are gaining popularity for conditions like mood enhancement, joint health, digestive health, sleep disorders, and immune system support in the region.
Key Takeaways
The Australia & New Zealand Herbal Supplements Market Growth is expected to witness high growth, exhibiting a CAGR of 7.5% over the forecast period, due to growing consumer preference for herbal products owing to perceived health benefits and minimal side effects.
Regional Analysis
Australia dominates the herbal supplements market in the region with around 60% revenue share in 2022. The market in Australia is driven by the availability of a wide range of herbal supplements, aggressive product promotions by brands, and strong retail distribution channels across the country. New Zealand is another major market driven by increasing health & wellness expenditure and adoption of herbal supplements for various minor ailments.
Key Players
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. Blackmores Limited is the market leader with its wide range of herbal supplements for weight management, bone & joint health, immunity, and stress management.
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