Australian supplements data part 2: Women’s health continues to reign supreme, mood product soar for domestic market sales

16-Oct-2024 - Last updated on 16-Oct-2024 at 03:54 GMT

The Australian complementary medicines market is forecast to have CAGR of 5.7% over the next five years. ©Getty Images

The wide-ranging women’s health category continues to be the biggest category for sales in Australia’s vitamins and dietary supplements sector, while products for mood and relaxation have seen explosive growth in the past year

The Australian complementary medicines industry has experienced steady growth in recent years, with annual revenue reaching AUD$6.2 bn (US$4.2bn) in 2024. As we previously reported, AUD$1.2bn (US$806m) was accounted for by exports.

At home, the market is forecast to have a compound annual growth rate (CAGR) of 5.7% over the next five years, according to a new Industry Snapshot published by trade body Complementary Medicines Australia.

It noted that over 75% of Australian households use complementary medicines, particularly those with higher education and income levels. It said growth was being driven by increasing rates of chronic diseases, an ageing population and a desire for natural solutions.

“Given Australia’s ageing population and the increasing incidence of chronic diseases, the demand for these therapies and products is expected to rise further. This demographic shift is prompting more individuals to seek out preventive measures and integrative health solutions to maintain their quality of life. Empowering well-informed health consumers is integral to improving outcomes and fortifying the population’s resilience, ensuring the long-term sustainability of essential healthcare services,” it added.

The top five most common chronic conditions identified in Australia are mental and behavioural conditions (26.1%), back problems (15.7%), arthritis (14.5%), asthma (10.8%), and diabetes (5.3%).

In terms of the best-selling vitamins and dietary supplements in Australia, women’s health continues to reign supreme as the most popular segment, accounting for 20.6% of the market, valued at $352.2 million in 2024.

“This is followed by digestive health products, which have seen significant growth as consumers seek remedies to combat the side effects of stressful lifestyles and unhealthy diets. Additionally, products supporting bone and joint health were the third and fourth most popular segments, reflecting the fact that 30% of Australians suffer from musculoskeletal conditions,” sated the report.

“The mood/relaxing supplements category experienced the most rapid growth between 2019-24 with a CAGR of 20.6%, followed by beauty (16.8%), women’s health (11.3%), energy (10.4%) and digestive (9.3%). Within the multivitamin supplements category, pregnancy multivitamins experienced the most rapid growth, with 26.7% of the segment, $98.6 million of sales in Australia and a CAGR of 11%.”

Mind matters

The report highlighted that an estimated 8.5 million Australians aged over 16 have experienced a mental disorder at some time in their life - around 43% of that age cohort.

In response, consumers are seeking natural solutions to address stress, anxiety, and sleeplessness. In particular, complementary medicines, such as adaptogenic herbs and calming supplements, are gaining popularity as natural alternatives to traditional medications.

Alongside this, the beauty from within trend has led to a surge in demand for beauty supplements, such as collagen products.

“These supplements offer benefits like improved joint health, skin health, and hair and nail growth. This trend is driven by a desire for natural and effective solutions to enhance beauty and overall wellbeing.”

Meanwhile, the nutrition category is a particular area of growth, driven by society’s increasing focus on fitness and exercise.

“Plant-based protein powders are a particularly popular segment, catering to the growing demand for sustainable and ethical products. Manufacturers are also focusing on developing new products, such as performance enhancers, pre-, post-, and intra-workout supplements, and fat burners. Protein powders are also proving popular among consumers seeking weight management solutions,” it noted.

CMA CEO john O’Doherty added: “As an industry, we remain committed to supporting the health and wellbeing of Australians. With over 75% of households using complementary medicines, our products play a vital role in preventive health and overall wellbeing. This aligns with broader health trends, as consumers increasingly seek natural and holistic approaches to managing their health. Innovation remains at the heart of our industry. From new delivery formats like gummies to personalised nutrition solutions, our members are at the forefront of developing products that meet evolving consumer needs. We are also embracing sustainability, with many companies taking important steps to reduce their environmental impact and ensure ethical supply chains.”