Vitamins and supplements
Demand for vitamins and supplements is expected to reach $5.2 billion by 2030 at around 3% per annum growth.
Titled: Vitamins and supplements
- Export opportunity is $2 billion
- Domestic consumption is $1.5 billion
- Export opportunity is $3.2 billion
- Domestic consumption is $2 billion
Vitamins and supplements describe manufactured pills, capsules, tablets and/or liquids designed to supplement an individual’s dietary or nutritional needs. Examples include health and wellbeing products in the form of pills, oils, tablets and powdered mixes.
Vitamins and supplements are a growing opportunity over the next decade. Consumer health and wellness needs are wide-ranging. Current segments include vitamins and supplements for eye, gut, mobility and joint health, and comes in various forms such as pills, liquids or powdered mixes. CSIRO analysis estimates that the opportunity for vitamins and supplements may reach $5.2 billion by 2030 under current growth trends. Estimates are predicated on continued demand for vitamins and health supplements from Asia. Strong demand from China for authentic and safe supplements has led to growth in Australia’s ‘Daigou’ network, where personal shoppers buy on behalf of overseas consumers for resale in their home country.
With more than 40,000 Daigous operating across Australia, how the Chinese government responds to Daigou sales and how local businesses adapt their retail and e-commerce strategies to global consumers may affect near term growth in this export opportunity. For industry to meet consumer needs and compete effectively with low-cost producers overseas, continued investment in evidence, innovation and product development is important. Similarly, supplement and ingredient provenance and traceability will be important as the risk of product fraud can threaten the health and wellness of consumers, and the reputation of local industry. Policy, regulation and education will also have important roles in guiding consumption and industry growth in vitamins and supplements.
See full report for methodology and references.