SWOT Analysis
Strength: The Australia & New Zealand herbal supplements market benefits from growing health awareness amongst consumers in the region. Herbal supplements are considered natural and safe alternatives to pharmaceutical drugs for minor ailments. The established supply chain of herbal raw materials also supports product development. Government support for herbal medicine research further legitimizes the industry.
Weakness: However, lack of regulation and consistency in quality standards is a major concern. There is a risk of contamination or substitution that can impact consumer safety. Also, intellectual property rights over traditional herbal knowledge remains a challenge due to open source nature of such information.
Opportunity: The market has opportunities to introduce innovative delivery formats such as chewables, gummies or ready-to-drink mixes that make consumption more convenient. Also, leveraging traditional ethnic herbal practices of indigenous communities can help develop new products. Growing export potential to neighboring Asian markets also presents an opportunity.
Threats: Stringent regulatory measures can increase compliance costs for companies. Climate change impacts may disrupt traditional supply sources. Price wars among competitors and private label offerings pose threat from substitutes.
Key Takeaways
The Global Australia & New Zealand Herbal Supplements Market Demand is expected to witness high growth owing to rising health-consciousness and preference for natural therapies. The region has strong presence across the herbal value chain with established farming and production bases. 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: Australia & New Zealand dominate the oceanic herbal supplements market with over 80% value share. Australia is the fastest growing major market led by rising population and economic growth. New Zealand supplements industry is majorly export-oriented. Key native botanicals in demand include kava, rewarewa, pikopiko and manuka honey with medicinal properties.
Key players: 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.
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