A growing business is directly proportional to the potentiality of the market. And when it comes to the food and dietary supplement market, the innovation and creativity of the product depends upon the manufacturers and sometimes in special circumstances, like the pandemic to make the products more desirable for the consumers, brand owners try to recreate the products in different product categories and play with the complexities of the food and dietary supplements. However, the potential of the market and the Regulatory boundaries play a major role in stimulating this innovation with high profit.
The Australian and New Zealand markets have become more conducive after the implementation of the Free Trade Agreement (FTA), which means that it would help any US exporter to enter the market without paying Tariffs. This would be beneficial for the US manufacturers who wish to export their products to Australia, as once Australia used to charge more than 30% tariff for certain dairy products and 4-5 % for fresh, processed fruits and vegetables, respectively. Since then, because of the tariff amendment, the Australian and New Zealand market has become lucrative for food products.
In Australia, Food/Dietary Supplements are considered complementary medicines, regulated under the Therapeutic Goods Administration (TGA), Australia. There are two (02) major ways to register complementary medicines with the TGA; the L Process (Listing) and the R Process (Registration). The primary difference between the two (02) processes is confined to the complexities of the complementary medicines.
On the other hand, New Zealand is purely a compliance-based market where the dietary supplements are regulated under the MEDSAFE (New Zealand Medicine and Medical Device Authority). The dietary supplements in New Zealand fall under the Food Act, 2014 and Biosecurity Act, 1993.
The influx of the pandemic has definitely increased the growth of minerals, vitamins or dietary supplements markets because of the changed purchasing pattern of the consumer, which also made the regulations more stringent. But still, to be at par with the dynamic regulations and trends the Food/Dietary Supplements manufacturer must always be aware of the legal framework to remain effective and sustainable in the Food Industry.