Australia Nutritional Supplements Market Analysis

The Australia Nutritional Supplements Market size stood at around xx Bn in 2023 and is projected to reach US $xx Bn by 2033, exhibiting a CAGR of xx% during the forecast period.

The Australia Nutritional Supplements Market Analysis Executive Summary

Nutritional supplements, also known as dietary supplements, are products designed to enhance or supplement an individual's diet by providing essential nutrients that may be lacking. These supplements can come in various forms, including tablets, capsules, powders, and liquids. They typically contain vitamins, minerals, herbs, amino acids, and other dietary ingredients aimed at promoting health and preventing deficiencies. For example, common nutritional supplements include multivitamins, fish oil capsules, and probiotics.

Globally, the scenario for nutritional supplements is characterized by a significant increase in consumer interest and usage. Research indicates that about 50% of adults in the United States regularly take dietary supplements to improve their health or address specific nutritional needs. The rise in health consciousness and preventive healthcare practices has driven demand for these products, particularly among populations with dietary restrictions or chronic health conditions. Additionally, the aging population is a key factor contributing to this growth, as older adults often seek supplements to maintain their health and manage age-related issues. However, while many consumers report positive experiences with nutritional supplements, there remains a need for more rigorous scientific evidence to support the claims made by manufacturers regarding their efficacy and safety.     

Australia Nutritional Supplements Market Dynamics

Market Growth Drivers

The adoption of nutritional supplements globally is positively influenced by a growing awareness of health and wellness, particularly as individuals increasingly seek preventive measures to enhance their overall well-being. Research indicates that many people are motivated to use dietary supplements to address nutritional gaps in their diets, especially in the context of busy lifestyles that may lead to inadequate nutrient intake. For instance, studies show that specific populations, such as older adults and individuals with dietary restrictions, often turn to supplements to maintain their health and prevent deficiencies. Additionally, the rise in health consciousness, spurred by public health campaigns and educational initiatives about nutrition, has encouraged consumers to incorporate supplements into their daily routines as a proactive approach to health maintenance. 

Opportunity

There is an opportunity for companies in this market to create novel products that target the growing geriatric community and also to add products that are plant based into their product portfolios. As of 2050, there will be over 2.6 billion geriatric people. This consumer base is highly susceptible to infections and disease as they have weakened immune systems and can greatly benefit from nutritional products that they can use to supplement their diet. Additionally there is a growing trend among consumers of moving toward plant based diets and products. Products that do not contain any animal by-products have the opportunity to be very popular among these consumers. 

Market Restraints

One significant concern is the inconsistency in product quality and efficacy, which can lead to consumer scepticism. Research highlights that many individuals are uncertain about the safety and effectiveness of various supplements due to a lack of rigorous scientific evidence supporting their claims. Furthermore, safety concerns regarding potential side effects and interactions with medications can deter consumers from using these products. The relatively high cost associated with quality nutritional supplements may also limit access for certain populations, particularly those with lower incomes. Additionally, misinformation about dietary supplements can create confusion among consumers regarding which products are genuinely beneficial, ultimately affecting their willingness to incorporate these supplements into their diets. 

Competitive Landscape for Nutritional Supplements Market in Australia

Key Players

• Abbott Nutrition
• Amway 
• Cardiff Sports Nutrition Ltd
• Cliff Bar & Company 
• Glanbia PLC
• Herbalife International of America, Inc
• Nature's Bounty Co
• Nestle
• PepsiCo
• Pfizer, Inc

Recent Developments

April 2023, Hemperella launched hemp-based protein powder, hemp muesli and other products.

March 2022, Cymbiotika, a nutritional supplement company launched its E-commerce platform for natural supplements. 

Mergers and Acquisitions

In April 2020, DSM announced the full acquisition of Glycom, a pioneer in the field of human milk oligosaccharides. 

Healthcare Policies and Regulatory Landscape for Nutritional Supplements  Market in Australia

Nutritional supplements are considered  dietary supplements in most regions, so they must meet the safety requirements, labeling standards and product certifications set out by the various regulatory bodies. Although laws around dietary supplements may be similar across continents, they are not  identical and this makes launching products simultaneously in different countries difficult.  Additionally all health claims made about nutritional supplements must be substantiated by scientific proof in order for companies to get approval to launch their products. With new trends like plant based products, companies within this market might face more stringent laws as regulatory bodies review their laws to meet consumer needs.