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 |
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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.
