The global nutraceutical market is estimated to be worth US$650.5 billion by 2030, according to Allied Market Research. This increasing demand for natural supplements and other nutraceutical products made from flora and fauna represents a shift from the once-evergreen pharmaceutical industry, a trend that keen entrepreneurs and business owners in New Zealand can capitalise on.
The rich selection of nutraceuticals in New Zealand can serve as a strong resource for businesses to enter the global nutraceutical market with ease if desired. This article aims to explain the relationship between nutraceutical supplements and New Zealand, as well as how local businesses can sell and export natural supplements from New Zealand.
New Zealand’s nutraceutical background
Vitamins and minerals in New Zealand are worth US$125.30 million, a sector that will grow by 5.14% yearly till 2027, figures by Statista indicate. This makes New Zealand’s nutraceutical industry the country’s quickest-growing food and beverage sector that has emerged over the past decade.
As a country renowned for its agricultural and food expertise, it comes as no surprise that New Zealand boasts a multitude of natural resources at its disposal, allowing the country to formulate a wide variety of nutraceutical products for consumption worldwide.
Alongside an extensive history of ingenuity and creativity with regards to the export of various health-based products, New Zealand is now well recognised for a plethora of natural supplements that are coveted all over the world. Manuka honey — a variation of traditional honey with boosted inflammatory and antibacterial properties that is made from nectar made by bees that pollinate the Manuka plant in New Zealand — is but one such example.
But what exactly is it about New Zealand’s biodiversity that allows the creation of such high-quality nutraceutical products?
New Zealand’s biodiversity and how it impacts its nutraceutical business
New Zealand’s biodiversity in flora and fauna is touted to include an estimated 80,000 different species, with the fact that its land mass has spent hundreds and thousands of years isolated allowing for much uniqueness in said flora and fauna.
However, having an interesting biosystem is not the only thing New Zealand boasts. Significant investments are constantly made to the cultivation and perfection of the country’s ecosystem, with research and development (R&D) being undertaken on a daily basis to regularly upgrade and evolve agricultural practices such that the highest quality of agriculture is achieved.
Furthermore, the New Zealand government in no way overlooks the significance its biodiversity holds in relation to the country’s wealth and value, and as such, commits to pouring its generated wealth back into its natural resources on a continual basis, helping constantly redefine its biodiversity in ways that are not just protective but fruitful for global business.
Private research organisations also constantly offer R&D services with foreign direct investments, innovating better ways to grow flora and nurture fauna and thereby facilitating nutraceutical supplements of the highest quality. For example, New Zealand’s natural access to a higher amount of ultraviolet (UV) rays from the sun also helps in ensuring that its flora grows with a higher amount of polyphenols, a substance that protects plants from the harsher UV rays and are full of antioxidants for humans to consume. With a deep understanding of components of the New Zealand’s plants, manufacturers can create supplements that offer a host of health benefits.
This strong cultural, geographical and historical affinity to the development of nature has made most New Zealand locals favour nutraceuticals over pharmaceuticals and unnatural supplements for health benefits, while positioning the country as one of the best places to obtain natural supplements from.
Regulatory boons to look out for in the booming global nutraceutical market
As with most food and beverage products, there are laws to follow when participating in the retail industry of nutraceuticals. In other words, businesses looking to sell or export natural supplements have a set of regulations set by New Zealand’s Ministry of Primary Industries to abide by regarding the trade of their products.
The most basic yet essential rule in this regard is that all ingredients represented in the product have to be clearly reflected in the labelling and declared safe for human consumption by the New Zealand government. New Zealand’s nutraceutical supplement regulations also pose great similarity to the food and beverage regulations in the country, and as such, all products should be checked against the government’s requirements for the latter on top of the former.
Under international food safety standards, nutraceutical ingredients — alongside the process by which the product was made — must be fully disclosed and evident for the average consumer to read on the product itself. There must also not be any ingredients or aftereffects undisclosed to customers.
Local businesses and entrepreneurs looking to partake in the global natural supplement market must follow both the New Zealand food and beverage laws, along with the laws of the country which the product is being imported into.
