Pharmacy Daily | Top 5 trends in complementary meds

THE top trends in Australia's complementary medicines industry, which was valued at $5.5b in 2022, representing a 5.5% increase from the previous year, and growing at an average annual rate of 4.8% over the past five years, are predicted by Daniel Xu, COO, GMP Pharmaceuticals.

"Australian consumers are increasingly seeking products that can help prevent illness and support the body's natural healing processes and promote a more holistic approach to health and wellbeing," Xu noted

Xu's five key predictions for the sector in the coming years include:

Personalised healthcare

Consumers are increasingly seeking products and services that are tailored to their individual needs, and with continuous advancements in technology, the pharmaceutical and supplement industry is investing heavily in research and development to tailor supplements and health products that cater to specific health needs.

The plant-based revolution

Companies are developing plant-based supplements and health products to cater to vegetarian and vegan customers.

With its diverse climate and geography, Australia is home to a wide range of plant species that can be used to develop natural health products, allowing us to be leaders in the development of plant-based alternatives.

Convenience is key

Aussie consumers are seeking products that are easy to consume and fit into their busy lifestyles such as gummies, powders, and liquids.

The trend towards convenience has also led to the development of combination products that offer multiple benefits in one product and allows consumers to simplify their supplement regimen and save time.

Finding new and emerging markets

With the increasing demand for health products in emerging markets, such as Asia, companies are investing in expanding their operations to these regions. The Australian Government has implemented policies such as the Export Market Development Grant to support businesses in their efforts to expand into overseas markets.

E-commerce explosion

The COVID-19 pandemic has accelerated the shift towards online shopping. Australian companies are continuing to invest in developing their e-commerce platforms whether through their own online storefront or that of a distributor or wholesaler.