Rising Prevalence of Chronic Diseases coupled with Increased use of Supplements for Well-being to Foster Growth of Australia Nutraceuticals Market: Ken Research
Posted on 27 June 2017 by KenResearch Healthcare,
- Blackmores is observed to dominate Australia Nutraceuticals market followed by Pharmacare and Vitaco in 2016.
- By distribution channel, pharmacies dominated the Australia nutraceuticals market in year 2016
- Health benefit (immunity, nutrition, general well being) segment dominated the functional food and beverages market segment in Australia.
- Omega 3 fatty acids are expected to drive the dietary supplements market in Australia
Rising prevalence of chronic diseases in the country was the major factor driving nutraceuticals market in Australia. It has been observed that in 2014 approximately 24.0% of Australian adults were suffering with chronic health condition and used nutritional supplements for the treatment and management of the conditions such as arthritis, cancer, diabetes, osteoporosis, depression, age-related muscular degeneration and others. High prevalence of these diseases owing to high incident rate of obesity and diabetes is the major factor responsible for high demand for nutraceuticals in the country. Osteoporosis affected 2.2 million Australians in 2015 which is due to reduced intake of calcium and vitamin-D supplements and the same reason has resulted in increased demand for calcium and Vitamin-D supplements. Similarly, people were observed to consume nutraceuticals for cardiovascular diseases and it was recorded that the risk of hospitalization for a cardiovascular disease-related problem reduced by 4.2% in 2016 in Australia when people aged over 55 with cardiovascular disease took omega-3 fatty acids in preventative doses. The patients in Australia are also observed to consume high amount of nutraceuticals for losing weight as a fight against obesity, which is a major reason for various diseases.
Ken Research in its latest study, Australia Nutraceuticals Market Outlook to 2021 suggested vitamins and minerals in dietary supplements segment will continue to dominate the market during the forecast period. Rising prevalence of osteoporosis among geriatric population in the country is observed as the major reason behind the dominating share of the segment.
Australia nutraceuticals market is likely to showcase growth at a rapid pace during the forecasted period. The demand for supplements pertaining to well-being in Australia is anticipated to be high especially in the sport supplement section. The fastest growing segment has been protein bar while protein powders are expected to record increased sales.
The report provided information on market size for Australia nutraceuticals market, Australia nutraceuticals market segmentations on the bases of dietary supplements, functional food & beverages and distribution channels, regulatory landscape, import and export scenario, trends and developments and competitive landscape.
Ankur Gupta, Head Marketing & Communications