Balancing
diets of the common people continues to be a top priority of
governments witnessing an alarming rise in food-related disorders.
Some regions are augmenting their staple foods while others are
adopting new edible products in their nutritionally deficient diets.
On the same lines, the demand for herbal supplements is also on an
upsurge. Herbal supplements taken as medications are helping
consumers become more resilient to generic diseases, which is
incidentally prompting companies to increase their production. In
Australia and New Zealand, the demand for herbal supplements is also
expected to gain traction in the years to come. Persistence Market
Research’s report on Australia
& New Zealand’s herbal supplements market projects that
by the end of 2025, a little over US$ 760 Mn will be amassed in
revenues.
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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