Sleep disorders are becoming more common amongst the Australian population and the main reasons for this are the busier lifestyles of urban consumers, longer working hours and higher stress levels. However, in recent years it has been the increasing use of technology playing the biggest role in the rising prevalence of sleep disturbance, with increased screen time on mobile devices blamed for the sleep issues being experienced by many Australians.
Recent recommendations contained within the report issued by the Australian Parliament’s Health, Aged Care and Sport Committee following its official Inquiry into Sleep Health Awareness in Australia are likely to influence value sales growth of OTC sleep aids during the forecast period. This is because the Committee has recommended launching an education and awareness campaign to encourage people to prioritise sleep and to highlight that regularly forgoing sleep due to the pressures of a busy lifestyle can have serious health consequences.
Herbal/traditional sleep aids remain the most popular products in the category and this is related to the general desire among consumers to use healthier, more natural sleep aids. With non-herbal sleep aids often regarded with suspicion by Australians due to their propensity for side effects and the possibility of dependency, these products are likely face challenges attracting consumers during the forecast period.
Key Pharmaceuticals continued to lead sales of sleep aids in 2019 due to the enduring popularity of its brand Dozile, which is well-established in Australia and highly trusted among the countries consumers. Key Pharmaceuticals is the strongest of several Australian companies with strong positions in sleep aids, all of which benefit from their local heritage and strong brand equity, presenting strong barriers to entry for rival players and products.
One major reason for the strong positions of the leading local companies in sleep aids is the growing preference for herbal/traditional sleep aids. This is because the vast majority of the category’s domestic players manufacture their products from natural ingredients.
Private label has not yet made any serious impact in sleep remedies in Australia. Although numerous chained retailers would likely be keen to establish a presence in a category with such high growth potential, barriers to entry remain high due to the strong positions of domestic brands that have a strong understanding of the local market.
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This industry report originates from Passport, our Consumer Health market research database.