Australian supplement companies expand markets

New data from Complementary Medicines Australia (CMA), published in its Industry Audit 2021, valued Australia’s supplements sector at $5.69 billion in 2020, up 1.5 per cent from the previous year. Similarly to last year, the largest category was vitamin and dietary supplements, valued at $3.1b. The sports supplements segment was worth $1.4b, herbal products $750m and weight loss products $440m. Export revenue, however, dipped 14.15 per cent in 2020 to $1b.

Export markets

Australia remained the top exporter of complementary medicines to China and Hong Kong, which collectively accounted for 70 per cent of our supplements exports in 2020. Vietnam, Oceania and the Republic of South Korea accounted for 8.7 per cent, six per cent, and 5.2 per cent respectively of Australia’s total 2020 supplements exports. Much of the remaining 10.8 per cent were exported to five first-time export markets for Australian supplements: Iran, Israel, Brazil, Ireland and Russia. Exports to Iran hit $905k within a year of entering the market, Austrade numbers show. Several markets in South-East Asia, including Malaysia, Singapore and Thailand were identified as ‘future target markets’, alongside India and the UK, the report stated.

Domestic market

In Australia, a May 2020 survey conducted via YouGov Galaxy Omnibus found that vitamin D was the supplement most commonly consumed among Australians. Also in the top three were multivitamins and vitamin C. Other popular products: fish oil (31%), iron (25%), vitamin B (24%), calcium (22%), probiotics (19%) and vitamin E (14%). Drops in demand for cold and flu medications were offset by increased demand for immune-support products.

Read more in NutraIngredients Asia.

Source: ‘Delighted with growth’: Aussie supplement firms increase market size despite pandemic trials and tribulations – new data I NutraIngredients-Asia

Lead image: Australia’s health supplements sector has expanded, pivoted to immunity products and found new markets during the COVID-19 pandemic. Credit: Shutterstock