Canada Nutraceuticals Market Growth, Trends and Forecasts (2019 - 2024)
The Canadian nutraceuticals market is expected to witness a growth rate of 5.62% during the forecast period, 2019-2024.
The rising demand for nutraceuticals with medical benefits is one of the major factors driving the nutraceuticals market growth. They contain antioxidants, probiotics, and polyunsaturated fatty acids, which help in managing health issues, like obesity, CVD, cancer, cholesterol, arthritis, and diabetes.
The growing preference for personalized nutrition is one of the key nutraceuticals market trends, which may further stimulate market growth. The trend of personalized nutrition is growing particularly among individuals with gut-related medical conditions, where generic treatment is not effective.
The biggest issue faced by nutraceutical companies operating in Canada is complying with the stringent health Canada regulations. Unlike the many countries throughout the world, Canada has very stringent regulations governing the sale of dietary supplements.
Scope of the Report
The Canada Nutraceuticals Market is segmented by Type as Functional Foods sub-segmented into functional cereals, functional bakery & confectionary, functional dairy, functional snacks, and others, Functional Beverages sub-segmented into energy drinks, sports drinks, fortified juices, dairy & dairy alternative beverages, and others, Dietary Supplements sub-segmented into vitamins, minerals, botanicals, enzymes, fatty acids, proteins and others, and by Distribution Channel as specialty stores, supermarkets/hypermarkets, convenience stores, drug stores/pharmacies, online retail stores, and others.
Key Market Trends
Growing Efficacy of Functional Foods and their Botanical Active Ingredients
As Canadians age and face rising healthcare costs, many are considering the link between health and diet. The functional food (Nutraceutical) industry is seizing the opportunity with product innovation and market expansion. Canadian consumers are characterized by an inclination to a healthy lifestyle, privileging natural, organic and functional products that are friendly to the environment and in accordance with fair trade standards.
Companies developing functional food products have begun marketing to specific demographics, such as the aging population, young adults, and mothers. Functional foods that attract aging consumers include cholesterol-reducing spreads, milk, and yogurt, while parents are interested in products that may benefit their children's health, such as omega-3 and DHA-enriched products for brain development are gaining popularity lately.
Advancement in Digestive Health Management
The nutritional food and supplement market space is exploding with growing consumer interest in foods containing bioactive compounds, which aid in preventing many diseases. Canada has remarkable growth potential in probiotics because of the high level of consumption of supplements and dairy products. Additionally, increasing concerns about preventive healthcare are driving market growth.
In Canada, 13-20% of adults suffer from Irritable Bowel Syndrome (IBS). The lifetime risk for a Canadian to develop IBS is 30%, other indications include Bacterial vaginosis (BV), Infectious Diarrhea (ID), and others. Awareness about the benefits offered by probiotics and the increasing spending power of consumers are the key drivers of the probiotics industry. Probiotics are gaining momentum in the oral care and nutricosmetic domain, although the biggest contribution of sales revenue of probiotics comes from dairy-based food products.
The most active companies in the nutraceuticals market in Canada are General Mills Inc., Kellogg’s, Nestle, Red Bull, and Magnum Nutraceuticals. Magnum Nutraceuticals is the most active among all the key players. It has actively expanded its facilities and entered into partnerships, along with new product launches, in the last five years.
Companies in the nutraceuticals market are expanding their product portfolios, in order to strengthen their consumer bases and increase their brand visibility in the market.
Innovation/new launches occupy the major share in the market, followed by the expansion strategy. The major players are focusing on introducing new products to cater to the interests of consumers. Rising health awareness among consumers has resulted in companies including various natural health ingredients in their products. Inclusion of plant extracts is one of the strategies adopted by the key manufacturers in the functional beverage and dietary supplement markets.
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