Canada Functional Foods and Natural Health Products Market - Forecast(2021 - 2026)
Functional Foods & Natural Health Products market size is forecast to reach $19.2 billion by 2026, growing at a CAGR of 6.3% during the forecast period 2021-2026. Functional food offer micronutrient such as vitamins, minerals, fatty acids, fibers carbohydrates and other essential elements. They are medicinal meals that assist to boost immunity and reduce the risk of chronic diseases like diabetes, heart disease, cancer, obesity, and others. Functional foods are highly nutritious and linked to a variety of substantial health benefits. They protect against diseases, avoid vitamin deficiency, and support healthy growth and development. Natural health products are compounds that are found in nature that contain carotenoids, canola-based protein and can be utilised to maintain or restore health that include vitamins, minerals, herbs. The increasing prevalence of cardiovascular diseases such as heart attack, stoke and others coupled with growing consumption of healthy food products are the major factors driving the growth of the market. Increasing awareness about nutritional benefits of functional & natural health products is set to further enhance the overall market development of the Canada Functional Foods & Natural Health Products Market for the period 2021-2026.
Canada Functional Foods and Natural Health Products Market Report Coverage
The report: “Canada Functional Foods & Natural Health Products Market Forecast (2021-2026)”, by Industry ARC, covers an in-depth analysis of the following segments of the Canada Functional Foods & Natural Health Products Market.
By Functional Food Type: Bakery & Confectionery, Dairy, Fish & Eggs, Soy, Oils & Fats, Cereals & grains, Canola based, Hemp based, Others.
By Natural Health Product Type: Probiotics, Proteins & Amino Acids, Natural Vitamins, Fibers Carbohydrates, Carotenoids, Omega-3 Fatty Acids, Others.
By Form: Capsules, Tablets, Soft Gels, Others.
By Application: Sports Nutrition, Weight Management, Digestive Health, Cardio Health, Others.
Key Takeaways
Canada Functional Foods & Natural Health Products Market is increasing in 2020 owing to increasing spending capacity of the people coupled with rising disposable income of the people. The Canada Functional Foods & Natural Health Products Market scope for different regions will be provided in the final report.
Increasing prevalence of cardiovascular diseases set to aid the market growth of the Canada Functional Foods & Natural Health Products Market report.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Canada Functional Foods & Natural Health Products Market report.
High cost of functional food products is poised to create the hurdles for the Canada Functional Foods & Natural Health Products Market.
Canada Functional Foods and Natural Health Products Market Segment Analysis – By Functional Food Type
Dairy held the largest share in the Canada Functional Foods & Natural Health Products Market in 2020 and is estimated to grow at a CAGR 5.1% during the forecast period 2021-2026. Dairy based products are loaded with essential vitamins and minerals, including carbohydrates, protein, calcium, phosphorus, potassium, vitamins A, D, B12, riboflavin and niacin. These products, which come in the form of multivitamin tablets, powder, and liquids, are expected to find use among working professionals and sports athletes thereby dairy are estimated to register the higher CAGR over the period 2021-2026.
Canada Functional Foods and Natural Health Products Market Segment Analysis – By Application
Cardio Health held the largest share in the Canada Functional Foods & Natural Health Products Market in 2020 and is estimated to grow at a CAGR 4.6% during the forecast period 2021-2026. Functional foods considered to be those whole, fortified, enriched or enhanced foods that provide health benefits such as it is effective in prevention of cardiovascular diseases. Functional food ensure good health and longevity as they contain physiologically active components and helps in lowering the risk of heart diseases thereby cardio health are estimated to register the higher CAGR over the period 2021-2026.
Canada Functional Foods and Natural Health Products Market Segment Analysis – By Natural Health Product Type
Carotenoids held the largest share in the Canada Functional Foods & Natural Health Products Market in 2020 and is estimated to grow at a CAGR 4.8% during the forecast period 2021-2026. Carotenoids are naturally occurring pigments found in most plants that provide protection. Plants, algae, and photosynthetic bacteria are the primary sources of these compounds also people and animals must rely on food as a source of these compounds. They are widely utilised in food, feed, and cosmetics as safe, natural colorants thereby carotenoids are estimated to register the higher CAGR over the period 2021-2026.
Canada Functional Foods and Natural Health Products Market Drivers
Increasing Prevalence of Cardiovascular Diseases
Increasing prevalence of cardiovascular diseases among the people is increasing the growth of the Canada Functional Foods & Natural Health Products Market. According to the report published by Heart and Stroke Foundation of Canada, around 35,000 cardiac arrests occur in Canada annually thereby increasing the growth of the Canada Functional Foods & Natural Health Products Market during the forecast period 2021-2026.
Rising Consumption of Functional Food
Increasing consumption of functional food product owing to rising awareness about health among the people is increasing the growth of the Canada Functional Foods & Natural Health Products Market. Consumer health consciousness is increasing as a result of increased awareness of various diseases, nutritional inadequacy, and a desire for healthy ageing, among other factors thereby increasing the growth of the Canada Functional Foods & Natural Health Products Market during the forecast period 2021-2026.
Canada Functional Foods and Natural Health Products Market Challenges
High Cost
The major factor that is set to impede the growth of the Canada Functional Foods & Natural Health Products Market is high prices functional food products compare to other to its alternatives. Another factor which hamper the growth of market is high investment required for R&D for production of new products.
Canada Functional Foods and Natural Health Products Market Report Coverage
The report: “Canada Functional Foods & Natural Health Products Market Forecast (2021-2026)”, by Industry ARC, covers an in-depth analysis of the following segments of the Canada Functional Foods & Natural Health Products Market.
By Functional Food Type: Bakery & Confectionery, Dairy, Fish & Eggs, Soy, Oils & Fats, Cereals & grains, Canola based, Hemp based, Others.
By Natural Health Product Type: Probiotics, Proteins & Amino Acids, Natural Vitamins, Fibers Carbohydrates, Carotenoids, Omega-3 Fatty Acids, Others.
By Form: Capsules, Tablets, Soft Gels, Others.
By Application: Sports Nutrition, Weight Management, Digestive Health, Cardio Health, Others.
Key Takeaways
Canada Functional Foods & Natural Health Products Market is increasing in 2020 owing to increasing spending capacity of the people coupled with rising disposable income of the people. The Canada Functional Foods & Natural Health Products Market scope for different regions will be provided in the final report.
Increasing prevalence of cardiovascular diseases set to aid the market growth of the Canada Functional Foods & Natural Health Products Market report.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Canada Functional Foods & Natural Health Products Market report.
High cost of functional food products is poised to create the hurdles for the Canada Functional Foods & Natural Health Products Market.
Canada Functional Foods and Natural Health Products Market Segment Analysis – By Functional Food Type
Dairy held the largest share in the Canada Functional Foods & Natural Health Products Market in 2020 and is estimated to grow at a CAGR 5.1% during the forecast period 2021-2026. Dairy based products are loaded with essential vitamins and minerals, including carbohydrates, protein, calcium, phosphorus, potassium, vitamins A, D, B12, riboflavin and niacin. These products, which come in the form of multivitamin tablets, powder, and liquids, are expected to find use among working professionals and sports athletes thereby dairy are estimated to register the higher CAGR over the period 2021-2026.
Canada Functional Foods and Natural Health Products Market Segment Analysis – By Application
Cardio Health held the largest share in the Canada Functional Foods & Natural Health Products Market in 2020 and is estimated to grow at a CAGR 4.6% during the forecast period 2021-2026. Functional foods considered to be those whole, fortified, enriched or enhanced foods that provide health benefits such as it is effective in prevention of cardiovascular diseases. Functional food ensure good health and longevity as they contain physiologically active components and helps in lowering the risk of heart diseases thereby cardio health are estimated to register the higher CAGR over the period 2021-2026.
Canada Functional Foods and Natural Health Products Market Segment Analysis – By Natural Health Product Type
Carotenoids held the largest share in the Canada Functional Foods & Natural Health Products Market in 2020 and is estimated to grow at a CAGR 4.8% during the forecast period 2021-2026. Carotenoids are naturally occurring pigments found in most plants that provide protection. Plants, algae, and photosynthetic bacteria are the primary sources of these compounds also people and animals must rely on food as a source of these compounds. They are widely utilised in food, feed, and cosmetics as safe, natural colorants thereby carotenoids are estimated to register the higher CAGR over the period 2021-2026.
Canada Functional Foods and Natural Health Products Market Drivers
Increasing Prevalence of Cardiovascular Diseases
Increasing prevalence of cardiovascular diseases among the people is increasing the growth of the Canada Functional Foods & Natural Health Products Market. According to the report published by Heart and Stroke Foundation of Canada, around 35,000 cardiac arrests occur in Canada annually thereby increasing the growth of the Canada Functional Foods & Natural Health Products Market during the forecast period 2021-2026.
Rising Consumption of Functional Food
Increasing consumption of functional food product owing to rising awareness about health among the people is increasing the growth of the Canada Functional Foods & Natural Health Products Market. Consumer health consciousness is increasing as a result of increased awareness of various diseases, nutritional inadequacy, and a desire for healthy ageing, among other factors thereby increasing the growth of the Canada Functional Foods & Natural Health Products Market during the forecast period 2021-2026.
Canada Functional Foods and Natural Health Products Market Challenges
High Cost
The major factor that is set to impede the growth of the Canada Functional Foods & Natural Health Products Market is high prices functional food products compare to other to its alternatives. Another factor which hamper the growth of market is high investment required for R&D for production of new products.
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