Maintaining momentum: Australian supplements sector secured domestic and exports growth
Australia’s complementary medicines sector has been growing, with the sector officially valued at AUD$5.6bn last year (US$3.9bn), up from AUD$5.2bn (US$3.5bn) in 2018, while exports had grown by another 15% to AUD$1.1bn (US$766m).
In the report titled ‘Industry Audit and Trends 2020’, the Complementary Medicines Australia (CMA) said that the biggest category went to the vitamin and dietary supplements, which was worth AUD$3.1bn (US$2.1bn) and recorded a five-year CAGR growth of 55%.
This was followed by sports nutrition at AUD$1.31bn (US$910m), herbal/traditional products at AUD$760m (US$529m), and weight loss at AUD$430m (US$299m).
In June, the industry reported a profit margin of 10.8% and 92 Therapeutic Goods Administration (TGA) approved manufacturing sites.