Australia & New Zealand Herbal Supplements Market

The Australia & New Zealand herbal supplements market comprises a variety of herbal extracts

The Australia & New Zealand herbal supplements market comprises a variety of herbal extracts, vitamins, minerals, and other natural ingredients marketed as supplements to enhance health and provide additional nutritional value. Key herbal ingredients included in these supplements are turmeric, green tea extracts, ginger, garlic, ginseng, etc. known for their anti-inflammatory, antioxidant, and other health-promoting properties. Growing consumer awareness about preventive health management and the side effects of synthetic drugs has increased the demand for organic and natural herbal supplements in the region.

The 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.

Key Takeaways

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 players are focused on launching new herbal extracts and formulations to expand their product portfolios.

Growing Demand: With the rising health awareness, there is increasing demand for herbal supplements as an alternative to pharmaceutical products. The Australia & New Zealand Herbal Supplements Market Growth is specifically high among adults aging between 35 to 54 years for general wellness and preventive healthcare.

Technological Advancements: Major players are investing in R&D to develop advanced extraction technologies for herbal supplements. This help in retaining the active ingredients and offer enhanced absorption in the body. Players are also focusing on utilizing combination of herbs for multi-targeted health benefits.

Market Trends

Shift to Plant-Based Products: With the growing trend of veganism and plant-based diet, there is increasing adoption of herbal supplements derived from plant sources like turmeric, ginger, garlic etc. Players are developing vegetarian and vegan capsule/soft-gel formulations to cater to this demand.

Preventive Healthcare: Due to changing lifestyles and increasing healthcare costs, consumers are more inclined towards managing general health and immunity through daily supplements rather than depending on symptomatic treatment. This drives the demand for herbal supplements emphasizing on preventive healthcare.

Market Opportunities

E-Commerce Platforms: Emerging online wellness platforms provide opportunities for herbal supplement brands to promote their products, educate customers and expand consumer reach. This can help drive further growth in the market.

New Product Launches: Development of innovative delivery formats like gummies/chewables and custom/tailored blends can attract newer consumer base especially millennials. Players can capitalize on this to gain competitive edge.

Impact of COVID-19 on the Australia & New Zealand Herbal Supplements Market
The COVID-19 pandemic has significantly impacted the growth of the Australia & New Zealand herbal supplements market. During the lockdown period in 2020 and 2021, people became increasingly worried about their overall health and immunity. As a result, the demand for herbal supplements offering immunity-boosting properties surged dramatically. Key herbal supplements like turmeric, ginger, garlic, echinacea, and others witnessed unprecedented demand as consumers looked to boost their health naturally through these supplements.

Manufacturers struggled to meet this sudden surge in demand during early 2020 due to disruptions in manufacturing and supply chains caused by lockdowns and social distancing norms. However, they scaled up production throughout 2020 and 2021 to fulfil the increasing requirements. E-commerce also emerged as a major sales channel for herbal supplements as people avoided visiting stores during the pandemic period. Herbal supplement brands boosted their online presence and delivery capabilities to reach customers.

New Zealand’s population is increasingly adopting preventive healthcare approaches. Growing awareness regarding the benefits of herb-infused formulations is driving trial and repeat usage of supplement brands especially among millennials and Gen Z consumers. The COVID-19 pandemic has further pushed the industry growth in New Zealand as individuals focus on naturally boosting immunity. Easier availability online complemented by expanding brick-and-mortar retail networks has augmented geographic coverage and accessibility. Overall, New Zealand’s herbal supplements industry is expected to see consistent growth prospects over the forecast period.

Get More Insights On Australia & New Zealand Herbal Supplements Market