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The nutraceutical market size in Canada is estimated to grow at a CAGR of 6.38% between 2022 and 2027. The canada nutraceuticals market size is forecast to increase by USD 7.95 billion. The growth of the market depends on several factors, including the rising popularity of functional foods, continuous rise in healthcare costs, and increasing awareness of nutraceutical products.
This market research report extensively covers market segmentation by product (functional food, dietary supplements, and functional beverages) and distribution channel (pharmacies, online retail stores, speciality stores, and supermarkets/hypermarkets). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The rising popularity of functional foods is notably driving the market growth, although factors such as the stringent regulatory framework may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Nutraceuticals Market In Canada Driver
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.
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.
Significant Nutraceuticals Market In Canada Trends
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.
Major Nutraceuticals Market In Canada Challenge
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.
Key Nutraceuticals Market In Canada Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s 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.
Global Nutraceuticals Market in Canada Customer Landscape
Vendors 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. Under this segment, the company offers vitamins, minerals, hormones, and supplements for a wide category of health and wellness applications.
The canada nutraceuticals market report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth of the functional food segment will be significant during the forecast period. 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 vendors focus on adding nutrients to functional foods that are not usually lacking in foods. Therefore, the health food segment will dominate the nutrition market in Canada in 2022.
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The functional food segment was valued at 7.90 billion in 2017 and continued to grow until 2021. Functional foods are eaten more often to support good health. For additional health benefits, folic acid is added to bread and breakfast cereals, and omega-3 fatty acids from fish oil are added to baked beans or bread. Therefore, as consumers increasingly prefer healthy foods, the demand for the segment is expected to increase, which in turn will boost the growth of the focus market during the forecast period.
The research report growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by Product (Functional food, Dietary supplements, and Functional beverages) and Distribution Channel (Pharmacies, Online retail stores, Specialty stores, and Supermarkets/hypermarkets).
Nutraceuticals Market Scope In Canada |
|
Report Coverage |
Details |
Page number |
128 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.38% |
Market growth 2023-2027 |
USD 7.95 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.42 |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, 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., E.I.D. 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, W. R. Grace and Co., and Herbalife Nutrition Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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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 Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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