Australia: Vitamin Market 2024

Vitamin Market Size in Australia

In 2021, the Australian vitamin market increased by 64% to $X, rising for the second consecutive year after two years of decline. In general, the total consumption indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +7.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +103.7% against 2019 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Vitamin Production in Australia

In value terms, vitamin production soared to $X in 2021 estimated in export price. Overall, production recorded a strong increase. The pace of growth was the most pronounced in 2018 with an increase of 129%. As a result, production attained the peak level of $X. From 2019 to 2021, production growth remained at a somewhat lower figure.

Vitamin Exports

Exports from Australia

Vitamin exports from Australia contracted rapidly to X tons in 2021, with a decrease of -35.4% compared with the year before. In general, exports, however, enjoyed a resilient increase. The pace of growth appeared the most rapid in 2018 with an increase of 470%. As a result, the exports attained the peak of X tons. From 2019 to 2021, the growth of the exports remained at a lower figure.

In value terms, vitamin exports contracted to $X in 2021. Over the period under review, exports, however, showed resilient growth. The pace of growth was the most pronounced in 2018 when exports increased by 366% against the previous year. As a result, the exports attained the peak of $X. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for vitamin exports from Australia, accounting for a 57% share of total exports. Moreover, vitamin exports to China exceeded the volume sent to the second major destination, Vietnam (X tons), sixfold. Hong Kong SAR (X tons) ranked third in terms of total exports with a 6% share.

From 2012 to 2021, the average annual growth rate of volume to China stood at +55.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+58.7% per year) and Hong Kong SAR (+4.5% per year).

In value terms, China ($X) remains the key foreign market for provitamins and vitamins exports from Australia, comprising 68% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 7.9% share of total exports. It was followed by Hong Kong SAR, with a 5.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value to China stood at +66.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+58.6% per year) and Hong Kong SAR (+8.9% per year).

Export Prices by Country

The average vitamin export price stood at $X per ton in 2021, jumping by 40% against the previous year. Overall, export price indicated a measured expansion from 2012 to 2021: its price increased at an average annual rate of +3.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, vitamin export price increased by +111.3% against 2018 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was South Korea ($X per ton), while the average price for exports to New Zealand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (+7.6%), while the prices for the other major destinations experienced more modest paces of growth.

Vitamin Imports

Imports into Australia

In 2021, approx. X tons of provitamins and vitamins were imported into Australia; reducing by -6.4% compared with 2020. Over the period under review, imports, however, recorded a modest increase. The pace of growth was the most pronounced in 2015 when imports increased by 23%. Over the period under review, imports hit record highs at X tons in 2020, and then declined in the following year.

In value terms, vitamin imports shrank slightly to $X in 2021. Overall, total imports indicated tangible growth from 2012 to 2021: its value increased at an average annual rate of +2.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +10.7% against 2019 indices. The growth pace was the most rapid in 2018 when imports increased by 31% against the previous year. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of vitamin to Australia, with a 77% share of total imports. Moreover, vitamin imports from China exceeded the figures recorded by the second-largest supplier, Switzerland (X tons), more than tenfold. The third position in this ranking was taken by the United States (X tons), with a 4.9% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +3.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Switzerland (+5.1% per year) and the United States (-3.7% per year).

In value terms, China ($X) constituted the largest supplier of provitamins and vitamins to Australia, comprising 57% of total imports. The second position in the ranking was taken by the United States ($X), with a 13% share of total imports. It was followed by Switzerland, with an 8.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +4.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+1.2% per year) and Switzerland (+6.9% per year).

Import Prices by Country

In 2021, the average vitamin import price amounted to $X per ton, with an increase of 3.5% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.7%. The pace of growth was the most pronounced in 2017 an increase of 28%. The import price peaked at $X per ton in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by France (+9.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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