Analysing Competition - worth entering a competitive market if you can't get the top spot?

Does anyone have guidelines for analysing competition when entering a market?

I sell a private label brand from my own e-com store in Australia and do pretty well - but on Amazon.com it's much more competitive. It's not weight loss or supplements but is still kinda competitive.

To give some perspective - for the organic listings the number one selling product sits between #10-30 in it's parent category for best sellers rank and has over 1500 reviews.
The second result is a variant of the same listing and sits at #500 bsr in the parent category.

After that there's several products with 200-300 reviews, mostly copycats of the first listing. Some sitting as high as #200 bsr in the parent category.

I could probably rank for a few smaller keywords as I know the niche very well here in Australia, But I'm not sure how much time/money its worth trying to compete.

How do you guys analyse competition on Amazon?
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