Market Trends of Canada Nutraceuticals Industry
This section covers the major market trends shaping the Canada Nutraceuticals Market according to our research experts:
Increasing Expenditure on Health and Wellness
The rising concern about healthy lifestyles has led the population in the country to cater to nutritional products. The increasing expenditure on health and wellness has led to an increase in market demand for nutraceuticals. The nutritional food and supplement market is exploding with growing consumer interest in foods containing bioactive compounds, which aid in preventing many diseases. Additionally, increasing concerns about preventive healthcare are driving the market growth. According to a recent report by the Canadian Institute for Health Information, the total amount spent on health care in Canada in 2022 is expected to reach CAD 331 billion. The increase in spending is a result of the pandemic in 2020, which has sparked a surge in spending. This growth is by the increased expenditure on health and wellness products. The population in the country is more interested in investing in nutraceuticals because of their preventive benefits for chronic diseases. Alongside, nutraceuticals also help add essential nutrition to the daily diet, which in turn helps in leading a healthy lifestyle.
Offline Retail Channels Dominate the Segment
The offline retail channels cater to most of the nutraceutical sales in the country. Pharmacies and drug stores cater to a large portion of nutraceutical sales, especially health and dietary supplements. Consumers majorly prefer this channel because of the wide availability of a variety of products, which helps them in choosing according to their needs and comparing the benefits. Additionally, due to the high functional attributes of nutraceuticals, their sales through specialty stores are higher in the country. According to Statistics Canada, as of 2021, 556 food supplement stores are present in the Ontario region of the country, which caters to the highest count in Canada. Moreover, consumers prefer supermarkets/hypermarkets for purchasing functional food and beverages, owing to the availability of a wide variety and affordable prices with good discounts. The personal touch associated with purchasing various nutraceuticals, especially supplements, through various offline retail channels has led to the growth of the nutraceuticals market in Canada.
