Australia & New Zealand Herbal Supplements Market Witness Growth Owing To Rising Health Awareness10/26/2023 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.
Market Overview: The Australia & New Zealand herbal supplements market deals with products containing herbs, herbal extracts, mixtures and combinations that are used to supplement the diet. Herbal supplements offer various health advantages like immunity boost, improved digestion, bone health and heart health. The growing health-consciousness and awareness about preventive healthcare has boosted the demand for herbal supplements across Australia and New Zealand. Market key trends: One of the major trends in the Australia & New Zealand herbal supplements market is the growing demand for herbal supplements claiming additional health benefits. Many supplements in the market make high-impact claims around supporting heart health, brain health, joint health, weight management and digestive health. This has increased their popularity. Also, many Millennials and Gen Z consumers are drawn towards supplements offering more niche benefits like decreased stress, relaxation or focus enhancement. Such emerging consumer needs are shaping the future of this market. Segment Analysis The Australia & New Zealand herbal supplements market is segmented into dietary supplements and herbal/traditional products. The dietary supplements segment dominated the market in 2022 and is expected to continue its dominance over the forecast period. This is due to the increasing health awareness among consumers and growing preference for herbal products with perceived health benefits. Within dietary supplements, vitamins & minerals was the largest sub-segment due to rise in aging population and growing focus on preventive healthcare in the region. Key Takeaways The Australia & New Zealand Herbal Supplements Market Share size was valued at US$ 1,182.3 million in 2022 and is anticipated to reach US$ 2,098.1 million by 2030, expanding at a CAGR of 7.57% during the forecast period. The growth is attributed to rising consumer preference for herbal alternatives to pharmaceutical drugs owing to perceived natural credentials of herbal products. Regional analysis indicates that Australia captured the largest share of the market in 2022 due to increasing health consciousness and adoption of herbal supplements. However, New Zealand is expected to witness the fastest growth over the forecast period supported by growing local production of herbal products and rising promotion of native herbs. Key players operating in the Australia & New Zealand herbal supplements market include Blackmores Limited, Vitaco Holdings Limited, Integria Healthcare, Bioglan, Deep Blue Health (NZ) Co. Limited, Phytomed, NZ Herbals, and Sanderson. Among these, Blackmores Limited dominated the market in 2022 supported by its strong brand presence and wide variety of herbal products. The company is actively focusing on new product launches to further expand its market share. Read More, https://www.insightprobing.com/australia-new-zealand-herbal-supplements-market-trends-size-and-share-analysis/
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. Archives
February 2024
Categories
All
|