Vitamins is expected to register more sluggish growth in constant value terms (2023 prices) over the forecast period. While such products benefitted hugely from the COVID-19 pandemic, as consumers looked to boost their immunity, they are, in a way, a victim of their own success, with competition increasing from other industries.
Despite the cost-of-living crisis exerting downward pressure on the category, there will be an ongoing drive for innovation within vitamins over the forecast period. This is likely to come from new formats that spark fresh interest amongst consumers.
The Therapeutic Products Act 2023, introduced in November 2022, was officially passed into law in July 2023, marking a substantial overhaul of the regulatory framework for natural health products in New Zealand. The Act replaces the long-standing Medicines Act 1981 and reclassifies natural health products, which are defined as items containing ingredients such as vitamins, minerals, plant or animal extracts, and micro-organisms like probiotics, as therapeutic products.
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Understand the latest market trends and future growth opportunities for the Vitamins industry in New Zealand with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
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Vitamins
This report originates from Passport, our Vitamins research and analysis database.
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