Press release
Australia Nutritional Supplements Market to Grow to USD 9.95 Million by 2030, Expanding at 10.2% CAGR
Australia Nutritional Supplements Market
The Australia Nutritional Supplements Market, valued at USD 5.04 million in 2023, is projected to grow at a compound annual growth rate (CAGR) of 10.2%, reaching nearly USD 9.95 million by 2030. This growth is driven by increasing health consciousness, an aging population, and a rising demand for personalized nutrition solutions.
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► Competitive Landscape
Key players in the Australian nutritional supplements market include Blackmores, BioMedicals, Nutralife, Life-Space, Fusion Health, and Nature's Own. These companies are focusing on product innovation, expanding their natural and organic product lines, and enhancing distribution channels to meet evolving consumer preferences.
► Regional Insights
Growth and Opportunities in the United States
The U.S. nutritional supplements market is experiencing robust growth, driven by a strong emphasis on preventive healthcare and wellness. Companies like GNC Holdings, Herbalife Nutrition, and Amway are expanding their product portfolios to include personalized nutrition and plant-based supplements. The market is also witnessing increased mergers and acquisitions, with Nestlé Health Science acquiring Vital Proteins to strengthen its position in the collagen supplements segment.
Trends and Consolidation in Asia-Pacific
Asia-Pacific is the fastest-growing region in the nutritional supplements market, with countries like China, India, and Japan leading the demand. In Australia, the market is shifting towards natural and organic products, with consumers prioritizing locally sourced ingredients and eco-friendly packaging. Companies are pursuing organic certifications from organizations like NASAA and ACO to meet consumer demand for transparency and quality.
Consolidation and Updation in Europe
Europe's nutritional supplements market is characterized by stringent regulations and a focus on product quality. Companies like Holland & Barrett, Sanofi, and Bayer are investing in research and development to introduce innovative supplements targeting specific health concerns. The region is also witnessing consolidation, with larger firms acquiring smaller companies to expand their product offerings and market reach.
Growth and Opportunities in the Middle East and Africa
The Middle East and Africa region is experiencing growing demand for nutritional supplements, driven by increasing health awareness and a rising middle-class population. Countries like South Africa and the UAE are emerging as key markets, with companies focusing on introducing affordable and high-quality supplements to cater to diverse consumer needs.
► Recent Developments
In March 2023, Wellnex Life collaborated with Chemist Warehouse to expand its medicinal joint venture, aiming to launch five new products by the end of the financial year.
In March 2023, Butterfly Equity acquired Milk Specialties Global for $166.9 million to expand its reach in the global nutritional supplements market.
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► Australia Nutritional Supplements Market Segment Analysis:
by Form
Capsules
Powder
Tablet
Liquid
by Ingredients
Fatty Acids
Minerals
Vitamin
Protein
Botanical
by Product
Dietary Supplements
Sports
Supplements
Beauty Supplements
by Distribution Channel
Hypermarkets
Supermarkets
Pharmacy Stores
Online Channels
According to Forms, an estimated 44% of the Australian nutritional supplement market is made up of tablets. Tablets are a major factor in the expansion of the nutritional supplement sector in Australia. Their widespread use generates a sizable customer base and sustains steady demand, which propels the market's overall expansion. For businesses that focus on tablets, the expanding trend provides certainty through steady sales and revenue growth. Unless they provide special advantages that meet particular needs not met by tablets, the popularity of tablets may restrict the expansion of other forms, such as powders and liquids.
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► Australia Nutritional Supplements Market Key Players:
1. Blackmores
2. BioMedicals
3. Nutralife
4. Life-Space
5. Fusion Health
6. Nature's Own
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