Canada Functional Foods and Natural Health Products MarketGrowth in Health Awareness Among Consumers Driving the Growth of Canada Functional Foods & Natural Health Products Market.
Canada Functional Foods & Natural Health Products Market size was valued at $ 18.52 Billion by 2020, and is anticipated to grow at a CAGR of 6.8% during the forecast period 2021-2026. The Canada Functional Foods & Natural Health Products Market growth rate is attributed to the increasing demand for healthy foods and altering lifestyles of consumers, producers are focused on offering protein and vitamin-rich supplements, which is helping the Canada functional foods and natural health products industry to grow and is anticipated to have a favorable impact on the industry through the forecast period 2021-2026. Rising geriatric population, increasing healthcare costs, changing lifestyle, food innovation, medical discoveries, and expectations regarding their higher prices have aided the overall growth.
Canada Functional Foods & Natural Health Products Market Segment Analysis - By Functional Food Type
On the basis of functional food type, dairy segment held the highest segmental revenue share in 2020. This can be attributed to the fact that the diary-based drinks, spreads, and yogurts are rich in compounds and have good delivery systems for functional foods which has surged the demand of functional foods. Furthermore, these products are anticipated to find applications among working professionals and sports athletes in the form of multivitamin tablets, powder, and liquids over the forecast period 2021-2026.
On the contrary, fats and oils segment is anticipated to witness significant rise along the forecast period 2021-2026 as fats and oils are witnessing an increased application in food and beverage industry owing to the ascending demand for healthy and clean-labeled foods. Furthermore, rising awareness among the elderly population to enhance their body resistance has led to increased expenditure on food items with a substantial amount of fats and oils.
Canada Functional Foods & Natural Health Products Market Segment Analysis - By Product Form
On the basis of product form, tablets segment accounted for the largest segmental revenue of the Canada Functional Foods & Natural Health Products market in 2020 owing to their cost effectiveness and easy packaging techniques. However the segmental market is poised to witness downfall during the forecast years to the capsules and soft gel segment owing to its bitter taste and the presence of lubricants that are not suitable for consumption.
On the contrary, the capsules are poised to hold the highest growth rate with a CAGR of 6.89% over the forecast period 2021-2026. This is attributed to the fact that Capsules are widely accepted since they enable unique mixes of ingredients, provide protection from sensitive ingredients, reduce gastrointestinal irritation, and ensure oil and fat-soluble nutrient delivery, which positively influence the segmental regional market during the forecast period 2021-2026. However, capsules are expensive and are characterized by significant space and potency limitations, which are anticipated to restrict the growth in the upcoming years.
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Canada Functional Foods & Natural Health Products Market Drivers
Growth in health awareness among consumers
The Canada Functional Foods & Natural Health Products market is poised to receive upswing owing to the consumer consciousness toward healthy food products has been fuelling the market for health food products. Consumers today perceive food products not just as a means to combat hunger, but also to provide essential nutrients to the body, to be able to prevent nutrition deficiency and also improve physical & mental well-being.
Canada Functional Foods & Natural Health Products Market Challenges
Higher cost for functional food products
Despite several drivers, development and commerce aspects of functional food ingredients are complex, expensive, and uncertain. Moreover, substantial investment is required for the R&D of a strain to be used for the production of new functional ingredients, hence higher cost for functional food products owing to the inclusion of healthier or naturally sourced ingredients is one of the major factor which is to hinder the market growth in the forecast period 2021-2026.
Canada Functional Foods & Natural Health Products Industry Outlook
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Canada Functional Foods & Natural Health Products Market. In 2019, Canada Functional Foods & Natural Health Products Market share is fragmented by the top ten players present in the market. Canada Functional Foods & Natural Health Products Market top 10 companies are General Mills Inc., GFR Pharma, Herbalife, DowDuPont, Archer Daniels Midland Company, BASF SE, Cargill, Arla Foods, Chr. Hansen, Koninklijke DSM N.V. and others.
In November 2017, ADM expanded its product portfolio by introducing Nutriance, a new range of innovative wheat protein concentrates, which find applications in sports nutrition and senior nutrition products.
In December 2017, DSM acquired BioCare Copenhagen A/S, through this acquisition; the company expanded its offering in gut health ingredients with probiotics.
The factors such as growing consumer interest in the benefits of a healthy diet and wellness is one of the major factors projected to impel growth of Canada Functional Foods & Natural Health Products Market.
Rising demand for healthy foods and changing consumer lifestyles, manufacturers are focusing on providing supplements rich in proteins and vitamins are the key factors owing the growth in the segment during forecast period 2021-2026.
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