Market Size of Canada Nutraceuticals Industry
| Study Period | 2018 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 8.65 Billion |
| Market Size (2029) | USD 11.61 Billion |
| CAGR (2024 - 2029) | 6.05 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Canada Nutraceuticals Market Analysis
The Canada Nutraceuticals Market size is estimated at USD 8.65 billion in 2024, and is expected to reach USD 11.61 billion by 2029, growing at a CAGR of 6.05% during the forecast period (2024-2029).
The Covid-19 pandemic hit many industries but temporarily negatively affected the nutraceutical industry in Canada. People were taking different supplements during the pandemic to build their immunity to fight the virus. For instance, according to Statistics Canada, vitamin and supplement sales in Canada increased from CAD 940.61 in Q2 2020 to CAD 1,088.29 in Q2 2021. This surge in demand for different supplements led to an upsurge in demand for nutraceuticals in the Canadian market.
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, cardiovascular disease, cancer, cholesterol, arthritis, and diabetes. The growing preference for personalized nutrition is one of the critical 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 regulations in Canada. Unlike many countries worldwide, Canada has very stringent regulations governing the sale of dietary supplements.
Canada Nutraceuticals Industry Segmentation
Nutraceuticals are products that provide nutrition, along with other health benefits. It has many physiological benefits, protecting the human body against chronic diseases. Canada's Nutraceuticals Market is segmented by type and distribution channel. By type, the market is segmented as functional food, functional beverages, and dietary supplements. The functional food category is further sub-segmented into functional cereals, functional bakery & confectionary, functional dairy products, functional snacks, and other functional foods. Similarly, functional beverages are sub-segmented into energy drinks, sports drinks, fortified juices, dairy & dairy alternative beverages, and other functional beverages, and dietary supplements are sub-segmented into vitamins, minerals, botanicals, enzymes, fatty acids, proteins, and other dietary supplements. Further, based on distribution channels, the market is segmented as specialty stores, supermarkets/hypermarkets, convenience stores, drug stores/pharmacies, online retail stores, and other distribution channels. For each segment, the market sizing and forecasts have been done on the basis of value (in USD million).
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Canada Nutraceuticals Market Size Summary
The nutraceuticals market in Canada is experiencing significant growth, driven by an increasing demand for products with medical benefits such as antioxidants, probiotics, and polyunsaturated fatty acids. These products are gaining popularity for their role in managing health issues like obesity, cardiovascular diseases, and diabetes. The trend towards personalized nutrition, particularly among individuals with specific health conditions, is further propelling market expansion. Despite the challenges posed by stringent health regulations in Canada, the market is benefiting from a rising consumer interest in preventive healthcare and healthy lifestyles. This shift is reflected in the growing expenditure on health and wellness products, which is contributing to the market's robust growth trajectory.
The distribution of nutraceuticals in Canada is predominantly through offline retail channels, with pharmacies, drug stores, and specialty stores playing a crucial role in sales. Consumers favor these channels due to the wide variety of available products and the ability to compare benefits. The market is highly competitive, with major global players like General Mills Inc., The Kellogg Company, Nestlé SA, HerbaLife International of America Inc., and PepsiCo Inc. actively expanding their product offerings and entering partnerships to enhance brand visibility. Innovations and new product launches are key strategies for these companies, as they aim to cater to the evolving consumer preferences for natural health ingredients and functional foods.
Canada Nutraceuticals Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Functional Food
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2.1.1.1 Functional Cereal
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2.1.1.2 Functional Bakery & Confectionary
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2.1.1.3 Functional Dairy
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2.1.1.4 Functional Snacks
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2.1.1.5 Other Functional Foods
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2.1.2 Functional Beverage
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2.1.2.1 Energy Drink
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2.1.2.2 Sports Drink
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2.1.2.3 Fortified Juice
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2.1.2.4 Dairy and Dairy Alternative Beverage
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2.1.2.5 Other Functional Beverages
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2.1.3 Dietary Supplement
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2.1.3.1 Vitamin
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2.1.3.2 Mineral
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2.1.3.3 Botanical
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2.1.3.4 Enzyme
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2.1.3.5 Fatty Acid
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2.1.3.6 Protein
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2.1.3.7 Other Dietary Supplements
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2.2 Distribution Channel
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2.2.1 Specialty Stores
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2.2.2 Supermarkets/Hypermarkets
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2.2.3 Convenience Stores
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2.2.4 Drug Stores/Pharmacies
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2.2.5 Online Retail Stores
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2.2.6 Other Distribution Channels
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Canada Nutraceuticals Market Size FAQs
How big is the Canada Nutraceuticals Market?
The Canada Nutraceuticals Market size is expected to reach USD 8.65 billion in 2024 and grow at a CAGR of 6.05% to reach USD 11.61 billion by 2029.
What is the current Canada Nutraceuticals Market size?
In 2024, the Canada Nutraceuticals Market size is expected to reach USD 8.65 billion.
