The Supplements Market in Australia
2018-08-15 10:34 Wednesday
A recent report from Complementary Medicines Australia (CMA) reveals that the value of Australia's supplement industry has reached $4.9 billion USD, an almost 70% increase from 2013.
Vitamins and diet supplements account for $2.7 billion, sports nutrition products for approximately $1 billion, herbs and traditional products an additional $1 billion, and weight loss products for $43 million.
Industry expert Dusko Pejnovic attributes the fast growth to increased consumption in Asia, especially in the flourishing Chinese market. Pejnovic revealed that of the top five ingredients (listed below) in the market, most related products are found in Asia.
The Highest-selling Supplement Ingredients:
1. Probiotics (10.2% annual sales growth)
2. Propolis (9.6%)
3. Calcium (9.1%)
4. Chlorophyll (7.4%)
The report also noted that the supplement industry has created more than 13 thousand high-tech jobs, with total employment in excess of 29 thousand. The volume of supplement exports is estimated to have reached $320 million USD, but when taking into account unofficial channels which service consumers across the Asia Pacific Region, the real export volume may in fact exceed $1 billion USD.
Supplements exports in New Zealand have experienced similar success, reaching $1.4 billion USD in 2014, a CAGR of 5%, with probiotics, magnesium and natural products as the fast-growing segments.