By 2030, it is anticipated that the Australian nutrition and supplements market will reach a value of $9.81 Bn from $4.58 Bn in 2022, growing at a CAGR of 10% during 2022-30. The market is primarily dominated by local players such as Blackmores, BioMedicals, Nutralife, and Life-Space. The market for nutrition and supplements in Australia is primarily driven by reimbursement scenarios, increasing customer awareness, and increasing disposable incomes. The Australian nutrition and supplements market in Australia is segmented by Type, Product, application, and Distribution Channel.
By 2030, it is anticipated that the Australia nutrition and supplements market will reach a value of $9.81 Bn from $4.58 Bn in 2022, growing at a CAGR of 10% during 2022-30.
In Australia, medicinal products containing such ingredients as herbs, vitamins, minerals, nutritional supplements, homeopathy, and certain aromatherapy preparations are referred to as "complementary medicines or supplements" and are regulated as medicines under the Therapeutic Goods Act 1989. In Australia, the industry for vitamins and dietary supplements accounts for more than half of the profits made by the complementary medicine sector. The second-most significant area was sports nutrition.
In Australia, it was predicted that by 2021, spending on nutritional supplements would total $1.9 Bn. This shows consistent growth over the past few years, which is reflective of the nation's growing awareness of and demand for health and wellness products.
Market Growth Drivers
The Australian market for supplements and nutrition is growing as the elderly population rises. Many Australians are thinking about the connection between health and diet as they get older and deal with rising healthcare costs. The dietary supplement and nutrition sector is expanding its market and developing new products to take advantage of opportunities.
In Australia, people 35 and older are more likely to buy vitamins, minerals, and other supplements than people 25 and younger. The demand for dietary supplements is increasing significantly as a result of favorable demographics like the aging population and rising healthcare costs.
The amount of money made from sales in the nutrition and supplement market segment has significantly decreased. This decline can be attributed to a number of factors, including decreased foot traffic in physical stores as a result of coronavirus precautions and an increase in online sales, which gave Australian consumers the option to buy vitamins and supplements from other vendors and abroad.
Australia has a risk-based approach with a two-tiered system for the regulation of all medicines, including nutrition and supplements. The lower-risk medicines can be listed on the Australian Register of Therapeutic Goods (ARTG), and higher-risk medicines must be registered on the ARTG.
In Australia, there is no national reimbursement system for nutrition and supplement products. They can be sold over the counter without a prescription, but their efficacy and safety must be established. Some private health insurance plans may provide limited coverage for certain types of supplements, but this is not widespread and depends on the individual's policy.
1. Executive Summary
1.1 Product Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Government Regulation in Country
1.6 Recent Developments in the Country
2. Market Size and Forecasting
2.1 Epidemiology of Disease
2.2 Market Size (With Excel and Methodology)
2.3 Market Segmentation (Check all Segments in Segmentation Section)
3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints
4. Competitive Landscape
4.1 Major Market Share
4.2 Key Company Profile (Check all Companies in the Summary Section)
220.127.116.11 Product Applications and Services
18.104.22.168 Recent Developments
22.214.171.124 Partnerships Ecosystem
126.96.36.199 Financials (Based on Availability)
5. Reimbursement Scenario
5.1 Reimbursement Regulation
6. Methodology and Scope
By Product (Revenue, USD Billion):
By Consumer Group (Revenue, USD Billion):
By Formulation (Revenue, USD Billion):
By Delivery Channel (Revenue, USD Billion):
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