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The Canada nutraceutical market size is estimated to increase by USD 7.9 million, at a CAGR of 6.06% between 2023 and 2028. In Canada, the market is experiencing significant growth, driven by several key factors. The increasing trend towards vegan fast foods, which offer health benefits beyond nutrition, is a major catalyst. Additionally, the continuous rise in healthcare costs has led consumers to seek cost-effective alternatives for maintaining their health. Furthermore, there is a growing awareness and understanding of the benefits of nutraceutical products, which are derived from foods and contain health-promoting components. These factors collectively contribute to the expanding market for nutraceuticals in Canada.
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In the market, the nutraceuticals industry holds significant importance, offering solutions for various health issues. This sector encompasses a range of products, including antioxidants, probiotics, and polyunsaturated fatty acids. Antioxidants, essential for neutralizing free radicals, are crucial in preventing obesity-related health complications. Probiotics, beneficial bacteria, support gut health and boost immunity. Polyunsaturated fatty acids, essential fats, contribute to heart health, addressing cardiovascular disease concerns. The market in Canada continues to grow, providing accessible health solutions for consumers. The market is thriving with a diverse range of products incorporating plant extracts. Consumers are increasingly opting for functional beverage and snacks that promote health, such as Natures Bounty supplements. There's a growing preference for gluten-free and gelatin-free options, avoiding artificial colors and flavors. Brands like Nestlé innovate with offerings like Pineapple with Oats, targeting B2C spend and driving product sales. This sector's growth is bolstered by rising consumer healthcare spending and improved health system accessibilities, reflecting a shift towards holistic wellness solutions.
The rising popularity of functional foods is notably driving the market growth. Functional foods provide specific medical or health benefits such as bone healing, cholesterol control, heart health and other vision benefits in addition to regular daily nutritional intake. Increasing demand for nutrients and fortified food additives is expected to drive market growth in Canada. Functional foods add nutritional additives such as omega-3 fatty acids, fiber and vitamins and minerals to their product range. The purpose of including the aforementioned additives in the food industry is to increase the nutritional value of food.
However, the growing demand for healthy foods and beverages for various health purposes, including improving joint health, weight loss, and improving bone and muscle strength, is driving the growth of the nutraceutical market in Canada. Functional foods promote optimal health by reducing the risk of non-communicable diseases, boosting metabolism, improving nutrient absorption, promoting digestion, and aiding weight loss. Therefore, with increasing demand for health-promoting foods, the Canadian nutraceutical market is expected to witness significant growth during the forecast period.
Rising health consciousness among consumers is the key trend in the market. The growing awareness of the need to consume healthy foods and the increase in diseases worldwide have increased the health consciousness of consumers. Consumers are gradually moving from an unbalanced diet to a healthier diet. This increases the demand for functional foods and beverages that provide health benefits beyond basic nutrition. Due to work pressures and lifestyle changes, the number of overweight people in Canada is increasing. This has increased the incidence of diseases, including diabetes, in Canada.
Consumers understand the importance of a balanced diet and the regular use of nutritional supplements and healthy foods. Growing awareness about the benefits of dietary supplements, along with high consumption of dietary supplements to improve overall health, has led to widespread acceptance of nutritional products among individuals, which is expected to contribute to the growth of the dietary supplements market in Canada during the forecast period.
A strict regulatory framework and complex guidelines for marketing dietary supplements present significant challenges to the Canada dietary supplement market. Strict guidelines have been designed to ensure that only safe and high-quality supplements are brought to market. This requires extensive evidence provided by supplement and health food companies to justify the health claims of their products. Regulatory guidelines vary from country to country. In Canada, NHPs and food are regulated by the Food and Drug Act (FDA) and related regulations. Dietary supplements sold in Canada must be licensed by Health Canada and have a unique eight-digit Natural Product Number (NPN). Therefore, due to strict regulations on the sale of dietary supplements, the Canadian nutritional supplements market may face challenges during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovatorâs stage to the laggardâs stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Natrol LLC - The company offers nutraceuticals such as Nutramigen, PurAmino, and PurAmino Jr as its key offerings. They offer vitamins, minerals, hormones, and supplements for a wide category of health and wellness applications.
The market report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth of the Pharmacies segment will be significant during the forecast period. The nutraceuticals market in Canada is experiencing significant growth, particularly in the pharmacies segment through offline distribution channels. Personalized nutrition is also gaining popularity, leading to an increase in demand for nutraceuticals that cater to specific dietary needs. Prebiotics, probiotics, breakfast cereals, oats, soy, and other foods rich in fatty acids, fiber, and carotenoids are examples of functional foods with positive health benefits. effects Functional foods improve overall health and reduce the risk of disease. To optimize health benefits, market companies focus on adding nutrients to functional foods that are not usually lacking in foods. Therefore, the health food segment will dominate the market.
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The Pharmacies segment was valued at USD 6.50 billion in 2018. Consumers are increasingly preferring to purchase nutraceuticals from drugstores and pharmacies due to their confidence in the product's quality, safety, and adherence to health regulations. Nutraceutical companies are capitalizing on this trend by promoting their products through various strategies, including discounts and branding. Antioxidants, probiotics, polyunsaturated fatty acids, and other bioactive compounds are popular nutraceutical ingredients used to address various health issues such as obesity, cardiovascular disease, cancer, arthritis, diabetes, and more.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The market is a significant sector within the healthcare industry, encompassing various products such as antioxidants, polyunsaturated fatty acids, and herbal medicines. These nutraceuticals address numerous health issues, including obesity, cardiovascular disease, cancer, and arthritis. Companies like Burcon and Merit Functional Foods are key players in this market, innovating with vanilla flavor with oats and probiotic ingredients. Data from national statistical offices and international institutions reveal that healthcare spending in Canada is substantial. Accessibility to health systems and exchange rates influence the market dynamics. Over-the-counter (OTC) drugs and prescription drugs are integral components of the market. Trade associations and self-medication associations play crucial roles in shaping industry policies and regulations.
Further, country-specific associations, such as the Canadian Health Food Association, advocate for the nutraceuticals industry. Antioxidants and polyunsaturated fatty acids are essential nutraceuticals, with antioxidants neutralizing free radicals and polyunsaturated fatty acids promoting heart health. Herbal medicines and probiotic ingredients offer additional health benefits, making them popular choices in the Canadian market. In the market continues to thrive, offering personalized nutrition solutions through various nutraceutical companies. These businesses adhere to stringent health regulations, ensuring the safety and efficacy of their bioactive compounds. The expenditure on nutraceuticals, driven by preventive healthcare trends, is projected to increase. Offline retail channels, including drug stores, remain significant sales outlets for nutraceutical products.
Market Scope |
|
Report Coverage |
Details |
Page number |
133 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.06% |
Market growth 2024-2028 |
USD 7.9 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.63 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Advanced Orthomolecular Research Inc., Amway Corp., Archer Daniels Midland Co., Arkopharma Laboratories, Bactolac Pharmaceutical Inc., Cargill Inc., Danone SA, DuPont de Nemours Inc., EID Parry India Ltd., General Mills Inc., Innophos Holdings Inc., Koninklijke DSM NV, Matsun Nutrition Inc., Mead Johnson and Co. LLC, Natrol LLC, Nestle SA, The Hain Celestial Group Inc., Valensa International, and W. R. Grace and Co. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Market Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for Market forecast period |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Customer Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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