Australia Nutraceuticals Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Australia Nutraceuticals Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Australian nutraceuticals market is projected to record a CAGR of 7.5% during the forecast period.

Key Highlights

• The rising demand for nutraceuticals with medical benefits is one of the major factors driving the nutraceuticals market growth. They contain antioxidants, probiotics, and polyunsaturated fatty acids, which help in managing health issues, like obesity, CVD, cancer, cholesterol, arthritis, and diabetes.
• The growing preference for personalized nutrition is one of the key nutraceuticals market trends, which may further stimulate market growth. The trend of personalized nutrition is growing particularly among individuals with gut-related medical conditions, where generic treatment is not effective.

Key Market TrendsIncreasing Elderly Population

There is a plethora of products already on the market targeted toward the elderly consumers and focuses on the health and wellness of the geriatric population, which is expected to be the strongest factor for the growth of the market. There is a huge market of health-conscious aging consumers who want to do all they can to prolong their lives and usage of nutraceuticals has become one of the most popular options among this section of the population, helping them to take some of the control back into their own hands, in terms of their health and well being in their later years. People aged above 60 years of age invariably suffer from deficiency-related diseases. Functional food ingredients may help them to counter these chronic diseases. The major health categories that are a major focus of the manufacturers in the country are bone- and joint-assisting dietary supplements, calcium supplements, memory and brain health, and eye health supplements.

Growing Demand for Dietary Supplements

Increasing demand for sports nutrition, on account of growing fitness trends and sports activities, and new product launches are likely to have a significant impact on the industry. Owing to suitable demographics, such as the increasing aging population and costs of healthcare, the preference for dietary supplements is also growing tremendously. Due to the rising number of personalized online systems available to consumers free of charge, both manufacturers and retailers are beginning to offer free access to wellness tools, which will create a customized vitamin list, based on a consumer’s specific conditions and needs. The growing prevalence of chronic diseases and advantages associated with botanical drugs over synthetic drugs, such as being safer with no adverse side-effects and affordability, are driving the growth of this segment.

Competitive Landscape

The Australian nutraceuticals market is fragmented with the presence of global and local players. Companies are focusing on meeting consumer demands by product innovations, expansions, and mergers and acquisitions. The key players in the market are Kellogg Australia Pty. Ltd, Herbalife Australia, General Mills Australia Pty. Ltd, Amway Australia, and Nestle Australia Ltd.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

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