There is a huge opportunity for Australian supplement brands to build on their stellar exports success over recent years by creating even more products tailored specifically for overseas markets, says the new CEO of the nation’s industry trade association.
Companies exporting dietary supplements from South Korea to Europe will no longer need to submit official certification showing its compliance to ethylene oxide levels set out by the European Commission.
Suppliers selling functional ingredients derived from palm oil, such as tocotrienols and carotene, are expecting pressures around working capital and lead time,with Indonesia’s palm oil export ban tightening supplies and pushing prices up.
The New Zealand government is starting to recognise the therapeutic benefits of natural health products, but the country is still a long way from making therapeutic claims product labelling a reality, says the country’s industry body.
China’s reduction of import tariffs, including supplement products such as fish oil soft gel capsules and Food for Special Medical Purposes (FSMPs), will make both imports and local production more competitive, according to industry experts.
Trade body Natural Health Products New Zealand is urging the government to prioritise the regulatory reforms concerning natural health products, amid fears that dated, 36-year-old current regulations could be extended by another five years.
The COVID-19 epidemic has led to a rebound in demand for plant extracts with immune-boosting effects, but a China industry expert has warned there are difficulties in exporting the goods due to logistic supply chain problems.
The Australian sugar industry's push for greater sustainability and traceability has received a shot in the arm, with its Coalition Government providing an A$2.25m grant to fund the Sustainable Sugar Project.