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Herbal Supplements Market to Receive overwhelming hike in Revenues by 2024
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According to the report, titled “Herbal Supplements Market: Australia & New Zealand Industry Analysis and Forecast, 2017-2025,” the market is expected to bring in US$ 434.9 Mn by the end of 2017. In the eight-year forecast period, the herbal supplement revenues in Australia & New Zealand will have soared at an impressive 7.2% CAGR. The region’s rich dietary culture and growing per capita healthcare expenditure will continue to favor the growth of its herbal supplements market. Increasing demand for herbal supplements to strengthen one’s immunity and a sizeable population of baby boomers are two crucial factors driving the sales of herbal supplements in Australia and New Zealand.
Moreover, the consumers in this region are also actively aware of new products entering their market, particularly the ones with functional benefits. In 2016, more than US$ 150 Mn worth of herbal supplements were sold as tablets across Australia and New Zealand. The demand for herbal supplements in form of capsules and liquid products will continue to remain relatively high, registering a value CAGR of 7% and over. Demand for powdered herbal supplements will remain relatively less towards the end of forecast period.
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In addition to this, increasing application of herbal supplements in production of beauty & cosmetic care products is also driving the market’s growth. However, over 20% of Australia and New Zealand’s herbal supplements sales through 2025 will be emanating from sales of digestive & heart supplements. Prevalence of cardiovascular diseases among the region’s demographics will continue to boost the sales of herbal supplements. Revenues amassed from sales of bone & joint supplements are also expected to soar robustly, surpassing US$ 100 Mn towards the end of 2025.
The report has profiled leading manufacturers of herbal supplements across Australia and New Zealand. Companies such as Deep Blue Health (NZ) Co. Limited, Phytomed, NZ Herbals, Blackmores Limited, Vitaco Holdings Limited, Bioglan, Integria Healthcare and Sanderson are key players partaking in the growth of Australia and New Zealand’s herbal supplements market.
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