2014-03-05 20:59:01 - Herbal/Traditional Products in Australia - a new market research report on companiesandmarkets.com
Blackmores Ltd was Australia´s largest herbal/traditional remedies player in 2012 with a 10% value share. This position was achieved through the company´s leadership of herbal/traditional dietary supplements, where Blackmores Ltd accounts for 11% of the category´s retail value sales. The company is looking to grow sales internationally, while also growing sales within Australia by expanding its product offer into less traditional categories such as beauty and personal care, sports nutrition and weight management. The company´s natural image, Australian provenance and 80 years of business experience are expected to support it in this strategy going forward.
Sales of herbal/traditional products grew by 9% in current value terms in 2012, to reach A$706 million. The prevailing consumer trend of eating healthily and avoiding
the consumption of products that are potentially detrimental to health supported sales of herbal/traditional products. Products in this category are perceived to be more natural and therefore better for the body. Concern around the efficacy of herbal/traditional products is a key area of focus, as consumers need to see tangible results that support product claims.
The herbal/traditional products category is expected to see a CAGR of 3% in constant value terms over the forecast period. While the category is maturing, Australian consumers´ ongoing desire to minimise their consumption of artificial ingredients and improve their diets will see them lean towards herbal/traditional products where they can, particularly as a first response.
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