Australia Nutraceuticals Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Australia Nutraceuticals Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The Australian nutraceuticals market is projected to record a CAGR of 7.50% during the forecast period 2022-2027.

COVID-19 has a moderate positive impact on the market studied owing to the increased awareness of preventative health; the pandemic has agitated product innovation in the market studied, and categories like functional breakfast cereals and snack bars have registered a strong performance owing to the launch of products with Probiotics, Immunity boosting ingredients.

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

As Australians age and face rising healthcare costs, many are considering the link between health and diet. The functional food (Nutraceutical) industry is seizing the opportunity with product innovation and market expansion; Australian consumers are characterized by an inclination to a healthy lifestyle, privileging natural, organic, and functional products that are friendly to the environment and in accordance with fair trade standards. Companies developing functional food products have begun marketing to specific demographics, such as the aging population, young adults, and mothers. Functional foods that attract aging consumers include cholesterol-reducing spreads, milk, and yogurt, while parents are interested in products that may benefit their children's health, such as omega-3 and DHA-enriched products for brain development. Further, the general rise in health consciousness in Australia was already boosting sales in this country, even before the pandemic arrived, while the aging of the Australian population offers fertile conditions for the further development of dietary supplements in particular, as consumers looked to prevent the development of age-related conditions.

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. Key players are focusing on the social media platform and online distribution channels for their online marketing and branding of their products to attract more customers. The platform has proved beneficial for both players and newcomers since the audience size is vast, and discounted offerings make the platform more competitive than retail; Companies are focusing on meeting consumer demands through 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

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