June 13, 2024
Australian & New Zealand Herbal Supplements Market

The Australian & New Zealand Herbal Supplements Market is Estimated to Witness High Growth Owing to Rising Health Consciousness

The Australian & New Zealand herbal supplements market is primarily driven by the growing health consciousness among consumers across both countries. Herbal supplements provide various health benefits such as improved immunity, digestive health, heart health, joint and bone health, weight management, and others. The easy availability of herbal supplements through various distribution channels such as hypermarkets/supermarkets, convenience stores, specialty stores, and online retails is also augmenting the market growth. The significant demand for herbal supplements containing ingredients like turmeric, ginseng, holy basil, ginger, echinacea, garlic, and others is driving the Australian & New Zealand herbal supplements market.

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

The key opportunities in the Australia & New Zealand Herbal Supplements Market Growth include product innovation, new product launches, and strategic partnerships & collaborations. Many players are focusing on developing unique formulations of herbal supplements containing various herb blends to cater to consumer demand.

Key players operating in the Australian & 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.

The Australian & New Zealand herbal supplements market is also witnessing significant expansion in key international markets. Many companies are expanding their manufacturing and distribution facilities across Asia Pacific and Europe to leverage the high market potential.

Market Drivers

The growing health & wellness trend among Australia & New Zealand Herbal Supplements Market Growth consumers is one of the key drivers propelling the market growth. There is a rising awareness about preventive healthcare and the role of herbal supplements in improving immunity. This is fueling the demand for various herbal supplements containing ingredients like turmeric, ginger, garlic, and others renowned for their health benefits. Moreover, the easy availability of herbal supplements through multiple distribution channels is also boosting the sales across both countries.

PEST Analysis

Political: The regulations regarding herbal supplements differ between Australia and New Zealand. Both countries have regulatory bodies that approve new herbal ingredients and monitor product safety. However, New Zealand has less stringent rules compared to Australia.

Economic: The Australian and New Zealand economies are influenced by international trade. As disposable incomes rise in the region, more consumers opt for herbal supplements which are considered healthier alternatives to medications. The growth of the health and wellness industry also drives demand.

Social: Younger consumers in Australia and New Zealand increasingly prefer natural and herbal products. With growing health awareness, many see herbal supplements as supportive of general well-being. Social media has increased exposure to herbal ingredients and brands from other parts of the world.

Technological: E-commerce platforms have expanded access to herbal supplements in Australia and New Zealand. Online retailers offer a wider variety of both domestic and international brands. Technology also enables producers to enhance production processes, implement quality control measures and improve logistical networks across the vast geographical regions.

Geographical concentration of value

In terms of value, the Australian and New Zealand herbal supplements market is concentrated heavily in the southeastern regions of Australia and the North Island of New Zealand. New South Wales and Victoria account for over 60% of the total market size in Australia due to their large and health-conscious populations. In New Zealand, Auckland and Wellington regions contribute close to half of the country’s total market value due to the prominence of health stores, pharmacies and herbal product manufacturers in these areas.

Fastest growing region

Queensland is expected to record the highest growth rate in the Australian herbal supplements market through 2031. This is attributed to Queensland’s growing population, increased health expenditures and expansions by domestic as well as international herbal brands in the state. The tourism industry is also driving greater awareness and trial of herbal products among visiting consumers. In New Zealand, the South Island is predicted to emerge as the fastest growing region as distributors strengthen penetration and optimize last-mile deliveries in the less populated southern areas.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it