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Australia & New Zealand Herbal Supplements Market is Estimated to Witness High Growth

Australia & New Zealand Herbal Supplements Market

Australia and New Zealand are known for their pristine natural environments, and this aids in the cultivation of high quality herbal ingredients. Herbal supplements manufactured from such pure ingredients are increasingly demanded to aid in preventive healthcare. Some of the commonly available herbal supplements in the region include turmeric, ginger, garlic, echinacea, and probiotic supplements. These supplements help improve immunity, joint health, heart health, digestive health and more.

The global 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 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

Increasing Demand for Immunity Boosters

With the effects of climate change manifesting in rise in various disease outbreaks, there is growing focus on building natural immunity in the Australasian region. The COVID-19 pandemic has further emphasized the need for holistic health measures like consuming herbal supplements that improve resistance to illness. Manufacturers are realizing the market opportunity in developing supplements featuring local superherbs to support immunity. Turmeric, ginger and echinacea based formulations are being highly sought after. As preventive healthcare grows in importance, the demand for natural immunity boosting herbal supplements is expected to rise substantially in Australia and New Zealand over the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the Australia & New Zealand herbal supplements market is moderate. The market is dominated by few major players and requires high capital to setup production and distribution facilities.

Bargaining power of buyers: The bargaining power of buyers is high in this market. Buyers can choose from a wide range of herbal supplements being offered by various brands. Buyers also have choice to switch to conventional medicines.

Bargaining power of suppliers: The bargaining power of suppliers is moderate. The raw materials used in production of herbal supplements such as plants and herbs have many suppliers. However, suppliers of key/unique herbal extracts may enjoy some bargaining power.

Threat of new substitutes: The threat of substitutes is high. Consumers can switch to conventional medicines, vitamins, minerals, and other supplements as alternatives to herbal supplements.

Competitive rivalry: The competitive rivalry in the market is high due to presence of many global and regional brands.

SWOT Analysis

Strength: Wide offerings of herbal products, Increasing health awareness, Growing population contributing to demand.

Weakness: Lack of scientific evidence, Regulatory barriers, Quality & consistency issues.

Opportunity: Untapped rural markets, Rising disposable incomes, Growing preference for natural products.

Threats: High competition, Strong influence of allopathic drugs, Chemical contamination & adulteration risks.

Key Takeaways

The Australia & New Zealand Herbal Supplements Market Growth is expected to witness high over the forecast period. Growing health awareness among consumers is driving the demand for herbal supplements in the region. However, lack of scientific evidence validating claims and regulatory barriers remain key challenges. The global 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 2024-2031.

Regional analysis: Asia Pacific dominates the global market with over 40% share. Australia & New Zealand together contribute over 20% share in the regional market. Strong presence of herbal suppliers, growing focus on preventive healthcare and highspend on natural products are driving the Australian & New Zealand market.

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. Major companies are focusing on new product launches and strategic partnerships to increase market share.

Explore more information on this topic, Please visit -

https://www.ukwebwire.com/australia-new-zealand-herbal-supplements-market-size-and-trends-analysis/ 

Explore more trending article related this topic -

https://www.pressreleasebulletin.com/vertical-farming-market-forecasts-and-growth-analysis/ 

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