Market Size of Australia Nutraceuticals Industry
| Study Period | 2018 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 7.09 Billion |
| Market Size (2029) | USD 9.06 Billion |
| CAGR (2024 - 2029) | 5.04 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Australia Nutraceuticals Market Analysis
The Australia Nutraceuticals Market size is estimated at USD 7.09 billion in 2024, and is expected to reach USD 9.06 billion by 2029, growing at a CAGR of 5.04% during the forecast period (2024-2029).
The Australia Nutraceuticals industry is continually growing despite a dip in export revenue after the pandemic, as firms are innovating new immunity-based products and utilizing sustainable manufacturing techniques. After the pandemic, the country's people have become more aware of health issues, and the benefits of nutraceuticals like available breakfast cereals and snack bars have been on the rise. The market is increasing due to the launch of products containing probiotics and immune-boosting ingredients, which, in turn, have boosted its growth in the country.
Furthermore, the rising demand for nutraceuticals with medical benefits is one of the major factors driving the nutraceutical market growth. They contain a high concentration of bioactive compounds such as antioxidants, polyunsaturated fatty acids, and others that help manage health issues like obesity, CVD, cancer, cholesterol, arthritis, and diabetes. The growing preference for personalized nutrition is one of the critical nutraceuticals market trends, which may further stimulate market growth. The customized nutrition trend is growing, particularly among individuals with gut-related medical conditions where generic treatment is ineffective.
Australia Nutraceuticals Industry Segmentation
Nutraceuticals are food-derived supplements that have both nutritional and therapeutic properties. The Australian nutraceuticals market is segmented by type and distribution channel. Based on type, the market is segmented into functional food, beverages, and dietary supplements. The available food segment is further sub-segmented into Cereals, Bakery & Confectionery, Dairy, Snacks, and Other Functional Foods. The available beverages segment is further sub-segmented into Energy Drinks, Sports Drinks, Fortified Juice, Dairy & Dairy Alternative Beverages, and Other Functional Beverages. The dietary supplements segment is further sub-segmented into Vitamins, Minerals, Botanicals, Enzymes, Fatty Acids, Proteins, and Other Dietary Supplements. Based on distribution channels, the market is segmented into Supermarkets/Hypermarkets, Specialty Stores, Convenience Stores, Drug Stores/Pharmacies, and Online Retail Stores. For each segment, the market sizing and forecasts have been done based on value (in USD million).
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Australia Nutraceuticals Market Size Summary
The Australian nutraceuticals market is experiencing steady growth, driven by increased consumer awareness of health and wellness post-pandemic. This sector is characterized by the introduction of innovative products, particularly those focusing on immunity and sustainable manufacturing practices. The rising demand for nutraceuticals with medical benefits, such as those containing probiotics and immune-boosting ingredients, is a significant factor propelling market expansion. The trend towards personalized nutrition, especially among older Australians and those with specific health conditions, is further stimulating market growth. As the population ages and healthcare costs rise, there is a growing recognition of the link between diet and health, leading to increased consumption of functional foods and dietary supplements.
The market is also benefiting from the increasing popularity of sports nutrition, driven by fitness trends and active lifestyles. Companies are launching new products to cater to these demands, with a focus on online marketing and distribution channels to reach a broader audience. The fragmented nature of the market sees both global and local players competing, with key companies like Kellogg Australia, Herbalife Australia, and Nestle Australia Ltd. leading the charge. The introduction of new product categories and the use of social media platforms for branding and customer engagement are crucial strategies for market players. As chronic diseases become more prevalent, the preference for botanical drugs over synthetic alternatives is also contributing to market growth, highlighting the ongoing shift towards natural and organic products.
Australia Nutraceuticals Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Product Type
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2.1.1 Functional Food
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2.1.1.1 Cereals
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2.1.1.2 Bakery and Confectionery
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2.1.1.3 Dairy
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2.1.1.4 Snacks
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2.1.1.5 Other Functional Foods
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2.1.2 Functional Beverage
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2.1.2.1 Energy Drinks
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2.1.2.2 Sports Drinks
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2.1.2.3 Fortified Juice
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2.1.2.4 Dairy and Dairy Alternative Beverages
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2.1.2.5 Other Functional Beverages
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2.1.3 Dietary Supplements
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2.1.3.1 Vitamins
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2.1.3.2 Minerals
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2.1.3.3 Botanicals
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2.1.3.4 Enzymes
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2.1.3.5 Fatty Acids
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2.1.3.6 Proteins
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2.1.3.7 Other Dietary Supplements
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2.2 Distribution Channel
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2.2.1 Specialty Stores
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2.2.2 Supermarkets/Hypermarkets
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2.2.3 Convenience Stores
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2.2.4 Drug Stores/Pharmacies
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2.2.5 Online Retail Stores
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Australia Nutraceuticals Market Size FAQs
How big is the Australia Nutraceuticals Market?
The Australia Nutraceuticals Market size is expected to reach USD 7.09 billion in 2024 and grow at a CAGR of 5.04% to reach USD 9.06 billion by 2029.
What is the current Australia Nutraceuticals Market size?
In 2024, the Australia Nutraceuticals Market size is expected to reach USD 7.09 billion.
