Canada Nutraceuticals Market

REPORT
CANADA NUTRACEUTICALS MARKET

(2019-2024)
The study offers:

• A detailed understanding of the current market dynamics and growth opportunities
• The impact of rapid technological developments on the market
• An overview of the competitive intelligence, with product innovations and strategies of major players
Domain: Food and Beverage Base Year: 2018 Forecast Period: 2019-2024
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1 REPORT – CANADA NUTRACEUTICALS MARKET
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TABLE OF CONTENTS
1. INTRODUCTION 5. MARKET SEGMENTATION
1.1 Study Assumptions and Market Definition 5.1 By Type (Revenue in USD million, 2016-2024)
5.1.1 Functional Food
1.2 Scope of the Study
5.1.1.1 Functional Cereal
2. RESEARCH METHODOLOGY
5.1.1.2 Functional Bakery and Confectionary
3. EXECUTIVE SUMMARY
5.1.1.3 Functional Dairy
4. MARKET INSIGHT 5.1.1.4 Functional Snack
4.1 Market Drivers 5.1.1.5 Other Functional Foods

5.1.2 Functional Beverage
4.2 Market Restraints
5.1.2.1 Energy Drink
4.3 Industry Attractiveness - Porter's Five Forces Analysis
5.1.2.2 Sports Drink
4.3.1 Bargaining Power of Suppliers 5.1.2.3 Fortified Juice
4.3.2 Bargaining Power of Buyers 5.1.2.4 Dairy and Dairy Alternative Beverage
5.1.2.5 Other Functional Beverages
4.3.3 Threat of New Entrants
5.1.3 Dietary Supplement
4.3 4 Threat of Substitutes
5.1.3.1 Vitamin
4.3.5 Degree of Competition
5.1.3.2 Mineral
4.4 Consumer Behavior Analysis 5.1.3.3 Botanical
4.4.1 Consumer Demand Analysis 5.1.3.4 Enzyme

5.1.3.5 Fatty Acid
4.4.2 Target Market Identification
5.1.3.6 Protein
4.4.2.1 Demographic Strength and Weakness
5.1.3.7 Other Dietary Supplements
4.4.2.2 Purchasing and Spending Patterns

TABLE OF CONTENTS
6.4.11 Natural Factors Inc.
5.2 By Distribution Channel (Revenue in USD million, 2016-2024)
6.4.12 Trophic Canada
5.2.1 Specialty Stores
6.4.13 Magnum Nutraceuticals
5.2.2 Supermarkets/Hypermarkets
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
5.2.3 Convenience Stores
8. DISCLAIMER
5.2.4 Drug Stores/Pharmacies
5.2.5 Online Retail Stores
5.2.6 Other Distribution Channels
6. COMPETITIVE LANDSCAPE
6.1 Most Active Companies
6.2 Strategies Adopted by Leading Players
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 PepsiCo Inc.
6.4.2 General Mills Inc.
6.4.3 Nestle SA
6.4.4 Kellogg Company
6.4.5 Herbalife International of America Inc.
6.4.6 Nature's Bounty Inc.
6.4.7 Pfizer Inc.
6.4.8 Amway Corp.
6.4.9 Red Bull
6.4.10 Abbott

1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study

1. INTRODUCTION
1.1 STUDY ASSUMPTIONS AND MARKET DEFINITION

STUDY ASSUMPTIONS MARKET DEFINITION
◼ The base currency considered is the US Dollar (USD). Conversion of other ◼ The report on the Canada nutraceuticals market (henceforth, referred to as
currencies to USD is considered based on the average exchange rate for the the market studied) offers key insights into the latest market developments.
respective review period years. The exchange rate conversion for forecast
period was determined according to the base year’s conversion rates.
◼ It analyzes recent trends, drivers, and challenges affecting the nutraceuticals
market across Canada.
◼ The base year is identified based on the availability of annual reports and
secondary information. The base year considered for this study is 2018.
◼ The market studied is segmented by type and distribution channel. Based
on type, the market studied is segmented into functional food, functional
◼ The review period considered for this study is from 2016 to 2018. The CAGR beverage, and dietary supplement.
considered is for the forecast period, 2019-2024.
◼ The functional food segment is further divided into functional cereal,
◼ Market size estimations for the forecast years are in real terms. Inflation is functional bakery and confectionary, functional dairy, functional snack, and
not part of the pricing and the average selling price (ASP) is kept constant other functional foods.
throughout the forecast period for each country.
◼ The functional beverage segment is further divided into energy drink, sports
◼ Distribution of primary interviews conducted is based on the regional share drink, fortified juice, dairy and dairy alternative beverage, and other
of the market and the presence of key players in each region. functional beverages.
◼ As a result of data triangulation through multiple methodologies and ◼ The dietary supplements segment is further divided into vitamin, mineral,
approaches, the weighted averages of resulting estimates are considered botanical, enzyme, fatty acid, protein, and other dietary supplements.
the final values
◼ The report contains top-line revenue and detailed qualitative analysis of the
key players, highlighting the most adopted strategies of the companies in
the market studied.

1. INTRODUCTION
1.2 SCOPE OF THE STUDY
BY TYPE BY DISTRIBUTION CHANNEL

◼ Functional Food ◼ Specialty Stores
◼ Functional Beverage ◼ Supermarkets/Hypermarkets
◼ Dietary Supplement ◼ Convenience Stores
◼ Drug Stores/Pharmacies
◼ Online Retail Stores
◼ Other Distribution Channels

2. RESEARCH
METHODOLOGY

RESEARCH METHODOLOGY
■ Mordor Intelligence (MI) advocates an appropriate mix of secondary and primary research to meet client objectives.
■ MI translates market insights (market dynamics, competition, varying consumer demands, and regulations) into actionable business insights.
■ The following phases are practiced at Mordor for efficient delivery of various syndicated and consulting assignments:
STEP 1 STEP 2 STEP 3

SCOPING/ PROJECT INITIATION MARKET ANALYSIS PROJECT DELIVERY
Decipher client requirements/market to be

Extensive desk research to identify most relevant secondary information available
studied
Tailor-made research approach for

Contact Mordor’s empaneled experts and identify industry experts across the market
customized reports
Effective use of Mordor’s knowledge

Conduct primaries and surveys to gather qualitative and quantitative insights
repository to gather relevant insights
Confirm the objectives of the assignment with

Triangulate and analyze data to finalize actionable business insights
the client
Finalize report content and establish a Report delivery with high quality market insights, competitive landscape, etc.,
deliverable format as per the proposed content

RESEARCH PHASES EXPLAINED
SECONDARY RESEARCH PRIMARY RESEARCH
This phase involves a thorough synthesis of existing publications across the web ◼ At Mordor, we pool in industry experts across the value chain, to gather first-
hand insights on the market studied. In addition to these knowledgeable
to gather meaningful insights on the current situation of the market, technology
industry veterans or retired experts, consultants and freelancers are a call away to
developments, and any other market related information. The sources include, collaborate with Mordor on any assignment that requires real-time industry
but are not limited to: insights.
◼ We are also equipped to conduct market surveys to gather qualitative insights
◼ Scientific papers, journals, and publications
and the opinion of individuals related to the industry.
◼ Trade information to understand imports, exports, and average traded price ▪ Primary research is used both to validate the data points obtained from
of the commodity, if available secondary research and to fill the data gaps after secondary research. Data
gathered during the primary research phase are useful to arrive at critical
◼ Industry and government websites for blogs, magazines, and other
insights, both qualitative and quantitative; these insights can be used to
publications ascertain the following:
◼ Conference proceedings and association publications • Critical market dynamics (drivers, restraints, future, and regulations) and
their impact
◼ Investor presentations, technical brochures, annual reports, press releases,
• Market entry for new companies and insights on competitive landscape
transcripts of key personnel interviews, and other strategic publications by
•& Others
several competitors in the market
MODES OF PRIMARY RESEARCH
◼ Product information including technical specifications, approvals, patents, etc.
◼ Public sources (FAOSTAT, USDA, ITC TRADE MAP, etc.)
◼ Paid sources (Factiva, D&B Hoovers, Bloomberg, etc.) Others
◼ Other sources, including journals, articles, etc. (for prices and usage patterns) Telephonic Email Chat Virtual Surveys
Interviews Interviews Interviews Council

RESEARCH PHASES
DATA TRIANGULATION AND INSIGHT GENERATION

◼ Based on the factors (both endogenous and exogenous in nature) identified and collected during the secondary and primary phases, our in-house subject matter
experts transform the quantitative data extracted and use them to infer critical insights.
◼ The market size estimations are carried out through ‘bottom-up’ and ‘top-down’ approaches.
◼ Our top-down and bottom-up approaches are integrated into our ‘In-house Model Sheets’, which are used to generate the market estimates and growth rates
(depending upon the historical trends of the respective markets, along with various factors, such as drivers, restraints, and recent developments in the market) of the
product segment in the respective country.
It is a process of combining outcomes from different sources to increase the

validity and reliability of the results. This process also helps strengthen
DATA conclusions about findings and reduce the risk of false interpretations. The
TRIANGULATION insights obtained from both secondary and primary research are analyzed
and validated by the process of data triangulation to arrive at closer
estimates.
An econometric model is a simplified representation of a real-world process.

ECONOMETRIC Here, the tools of econometric theory are used to analyze and forecast
MODELING economic phenomenon and to solve unknown quantities, such as forecast
demand, supply, investment, production, consumption, etc.
After the data is curated, analysts populate the report. From data and
REPORT forecasts, insights are drawn to visualize the entire ecosystem in a single
WRITING report.

3. EXECUTIVE
SUMMARY

3. EXECUTIVE SUMMARY
■ The Canadian nutraceuticals market was valued at USD 6227.36 million in

NUTRACEUTICALS MARKET 2018, and it is projected to reach USD 8,620.25 million by 2024, with growth
Revenue in USD million, Canada, 2016-2024 rate 5.62% during the forecast period, 2019-2024.
■ The rising demand for nutraceuticals with medical benefits is one of the
major factors driving the nutraceuticals market growth. They contain
X.X% antioxidants, probiotics, and polyunsaturated fatty acids, which help in
CAGR managing health issues, like obesity, CVD, cancer, cholesterol, arthritis, and
diabetes.
8145.54 8620.25 ■ The growing preference for personalized nutrition is one of the key
7704.51 nutraceuticals market trends, which may further stimulate the market growth.
7294.51
6913.10
6558.06 The trend of personalized nutrition is growing particularly among individuals
5919.15 6227.36 with gut related medical conditions, where generic treatment is not effective.
5631.72
■ The biggest issue faced by nutraceutical companies operating in Canada is
complying with the stringent health Canada regulations. Unlike the many
countries throughout the world, Canada has very stringent regulations
governing the sale of dietary supplements.
■ The online and e-commerce stores have been gradually increasing their
market share, in terms of revenue and popularity among consumers in the
Canadian market. Moreover, vendors are adopting online retail strategies to
2016 2017 2018 2019 2020 2021 2022 2023 2024 reduce cost and increase their margins, which may benefit the market, during
the forecast period.
SOURCE: Mordor Intelligence

4. MARKET
DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.4 Consumer Behavior Analysis

4. MARKET DYNAMICS
MARKET DRIVERS AND RESTRAINTS

GROWING EFFICACY OF
FUNCTIONAL FOODS AND THEIR ADVANCEMENT IN DIGESTIVE HEALTH
High ACTIVE INGREDIENTS MANAGEMENT
Market Drivers
Impact
Low
Low
Market Restraints
Impact
High COMPLEX REGULATORY FRAMEWORK

AND IMPROPER HEALTH CLAIMS

4. MARKET DYNAMICS
4.1 MARKET DRIVERS

4.1.1 GROWING EFFICACY OF FUNCTIONAL FOODS AND THEIR BOTANICAL
ACTIVE INGREDIENTS NUMBER OF CONSUMERS WHO ARE VEGETARIAN OR VEGAN, CANADA,
■ As Canadians age and face rising healthcare costs, many are considering the link 2018
between health and diet. The functional food (Nutraceutical) industry is seizing the 2.5 2.3
opportunity with product innovation and market expansion.
Number of consumers in
2.
■ The Canadian consumers are characterized by an inclination to a healthy lifestyle,
1.5
privileging natural, organic and functional products that are friendly to the environment
million
and in accordance with fair trade standards. 1. 0.85
■ Companies developing functional food products have begun marketing to specific 0.5
demographics, such as the aging population, young adults, and mothers. Functional 0.
foods that attract aging consumers include cholesterol-reducing spreads, milk and Vegetarian Vegan
yogurt, while parents are interested in products that may benefit their children's health,
such as omega-3 and DHA-enriched products for brain development.
■ Canada’s federal government vancouver-based Burcon NutraScience
■ June 2019, Diana Food’s ingredients has opened a new R&D laboratory to drive Corp. has invested USD 65 million to build a facility within the supercluster
its innovation in consumer health products supporting functional foods in to produce pea protein and canola ingredients.
Quebec, Canada.
■ Major meat protein companies, including Field Roast and Lightlife parent
■ Functional food growth in Canada is predicted to be in the areas of trans fat company Maple Leaf Foods, are backing the supercluster and plant-
replacements, sodium substitutes, sugar alternatives, free from allergens (in particular, protein market more generally.
gluten-free foods), clean labels, whole foods, naturally sourced bioactive,
nutrigenomics, protein boosters, and new technologies. ■ Entrepreneurs have directed the three prairie provinces Alberta,
Saskatchewan, and Manitoba to achieve world domination over the vegan
■ The growing vegan diet trend is also driving the demand for botanical functional protein market through the protein industries Canada supercluster.
ingredients used in functional food and beverages. Manufacturers have also isolated Facilitating this, the government pledged an investment of USD 950
and concentrated these botanical active ingredients in dietary supplements. These million, in July 2019.
functional foods with vegan ingredients supply the phytochemicals in dosages that
exceed those obtained from normal foods and are promoted for the health Source: Survey by Dalhousie University
enhancement.

4. MARKET DYNAMICS
4.1 MARKET DRIVERS

4.1.2 ADVANCEMENT IN DIGESTIVE HEALTH MANAGEMENT
Probiotic Products Available in Canada ■ The nutritional food and supplement market space is exploding with growing consumer interest in foods
(Approved by Health Canada listed Indications) containing bioactive compounds, which aid in preventing many diseases.
Activia, Fermented milk lq. for IBS
■ Canada has remarkable growth potential in probiotics because of the high level of consumption of
Probaclac BV®, Vaginal capsule, for BV supplements and dairy products. Additionally, the increasing concerns about preventive healthcare is driving
the market growth.
RepHresh™ Pro-B™ Probiotic, Oral Capsule, for BV ■ In Canada 13-20% of adults suffer from Irritable Bowel Syndrome (IBS). The lifetime risk for a Canadian to
develop IBS is 30%, other indications include Bacterial vaginosis (BV), Infectious Diarrhea (ID), and others.
MicroalguesBioGaia® ProTectis® Baby Drops for ID Awareness about the benefits offered by probiotics and increasing spending power of consumers are the key
drivers of the probiotics industry.
BioGaia® ProTectis® Baby Chew tabs for Colic
■ Seed, the US-based microbial sciences company setting a new standard of scientific rigour in the
GoodBelly® Probiotic Juice Drinks for IBS global probiotics market, began shipping its probiotic-based functional products significantly to
Canada in July 2019.
Nestlé® Gerber® Baby Cereals for Diarrhea
■ In April 2019, Rosell Institute for Microbiome and Probiotics by Lallemand, along with Mitacs a non-
BioGaia® ProTectis® Chew tabs for Constipation profit organization, announced USD 80,000 innovation research grant to Canada focused on probiotic
applications to improve human health.
Digestive Care™ Daily Probiotic for IBS
■ Consolidation is evident in the dairy sector, the predominant end-user industry of probiotics, 50% of the
yogurt probiotic brands in Canada is controlled by Yoplait, Danone Canada, and Parmalat.
FlorastorMax®, sachets for Antibiotic Associated
Diarrhea ■ Probiotics are gaining momentum in the oral care and nutricosmetic domain, although the biggest
Genestra Brands® HMF IBS Relief for IBS contribution of sales revenue of probiotics comes from dairy-based food products.

4. MARKET DYNAMICS
4.2 MARKET RESTRAINT

Guidelines for the Safety Assessment of 4.2.1 COMPLEX REGULATORY FRAMEWORK AND IMPROPER HEALTH CLAIMS
Novel Foods ■ As commercial interest in the marketing of nutraceutical products grows, regulatory agencies face new
challenges. Recent innovations in the agricultural and food sector have produced functional foods with the
potential to reduce the risk of some of the major diseases, like cardiovascular problems, arthritis, and others.
Novel Foods The growing burden of healthcare costs remains a key policy issue in Canada. Hence, the potential
Manufacturer
Section
implications for public healthcare costs may increase the consumption of fortified food and beverages in
diets.
■ The current regulatory environment is said to discourage innovation and marketing for
Bureau of Bureau of Bureau of
Chemical Nutritional Microbial nutraceuticals/functional foods. Under the food and drugs act, only a specified range of claims may be made
Safety Sciences Hazards for foods, otherwise, they are classed as drugs. Because of the dichotomy between foods and drugs,
manufacturers of nutraceuticals (functional foods) are faced with two choices: they can either market their
product with no health claims, or they can follow the more stringent regulatory requirements necessary for
If assessment is successfully completed, the products are
pushed for further analysis, if not, they are sent back for
drugs.
review
■ The no-health claims option restrict the manufacturer's freedom to market the goods with health claims, and
limits dissemination of information to consumers. The option to follow regulatory framework can delay a
Food rulings proposal drafted by NFS product's entry into the market, limit its advertising, and potentially add to its cost. This is also regarded as
novel food category in some instances.
Proposal presented to food ruling committee ■ With the growing consumer awareness of the potential benefits of nutraceuticals, there is a growing need
If accepted
for solid information. Information is required to better inform health professionals and the public about
these products to explain what these products can and can not do for them.
Letter of no objection sent to petitioner
■ Canadian regulations and policies are approximately equivalent to the European Union, Australia, and New
Zealand Food Authority, but are more restrictive than in the United States and Japan. This acts as a major
Decision document posted on health Canada restraint for the market players.
webinar
4. MARKET DYNAMICS
4.3 PORTER’S FIVE FORCES ANALYSIS
BAGRAINING POWER OF SUPPLIERS BARGAINING POWER OF BUYERS ■ Competition within the industry is high. There is a
significant number of suppliers in the market. The
competition among the existing suppliers is high.
The bargaining power of the supplier is moderate,
owing to easy availability of few raw materials. The
MODERATE MODERATELY buyers switching costs are moderate, this makes it
easier for competitors to attract buyers through
pricing and service offerings.
COMPETITIVE
■ Market players target different segments of
RIVARLY
consumers, and the products are differentiated
HIGH AND based on the end user segments. New launches in
compliance with the consumer trends in the target
INCREASING
segment may further help companies in better
positioning themselves in the market. In the
market studied, the ingredients’ level of efficiency
is generally assessed by intense R&D activities
MODERATE HIGH that are highly capital-intensive. Few of the major
players dominate the market, due to their
extensive distribution channel. The competitive
rivalry and expenditure on marketing are high
among brands.
THREAT OF NEW ENTRANTS THREAT OF SUBSTITUTES

4. MARKET INSIGHTS | 4.3 PORTER'S FIVE FORCES ANALYSIS
4.3.1 BARGAINING POWER OF SUPPLIERS: MODERATE

MARKET FAVOURABILITY
DETAILED DESCRIPTION
Unfavorable Favorable ■ The number of suppliers in the Canadian

nutraceutical industry are more compared to the
FACTORS 0 2 4 6 8 10
buyers. The suppliers have less control over prices,
and this makes the bargaining power of suppliers a
Input Differentiation weak force.
■ The product that these suppliers provide are
standardized, less differentiated, and have low
Impact of Inputs on
switching costs. This makes it easier for buyers to
Cost/Differentiation
switch suppliers.
■ The nutraceutical industry has moderately high input
Lack of Substitute Inputs differentiation, the suppliers do not provide a
credible threat for forward integration into the
industry.
Strength of Distribution Channels ■ The industry has multiple suppliers within its supply
chain. For example, Canadian nutraceutical
manufacturers have different suppliers for its
different geographic locations to ensure efficiency
Suppliers Concentration within its supply chain.
■ The raw materials, semi-finished products, and
components are often commodities supplied by
Ability to Forward Integrate small companies to large manufacturing companies,
their suppliers usually lack bargaining power. Hence,
the bargaining power of suppliers is moderate.

4.3.2 BARGAINING POWER OF BUYERS: MODERATE

MARKET FAVORABILITY DETAILED DESCRIPTION
■ Nutraceutical is unique among industries, because the

Unfavorable Favorable
patient has an absolute lack of power regarding
FACTORS 0 2 4 6 8 10
pricing of the supplement category.
■ The number of functional ingredient suppliers in the
Number of Substitute Products industry is a lot more than the number of
nutraceutical products manufacturers. The consumers
have a few trusted manufacturers to choose from,
Buyer Price Sensitivity therefore, do not have much control over prices. This
makes the bargaining power of buyers a weaker force
within the industry.
Product Differentiation ■ The quality of the products is important to the buyers,

and these buyers make frequent purchases. The
industry has both less and high price sensitive
consumers, this is because of the presence of both
Switching Costs low- and high-income group. There is no significant
threat to the buyers to integrate backwards.
■ In Canada, manufacturers are taking advantage of its
Ability to Backward Integrate economies of scale to develop costing advantage and
sell products at low prices to the low-income buyers
of the industry. This way it is able to attract a large
Buyer Concentration number of buyers.
■ Hence, the bargaining power of the buyers is
moderate.

4.3.3 THREAT OF NEW ENTRANTS: MODERATE

MARKET FAVORABILITY
Unfavorable Favorable ■ Regulation on nutraceuticals varies from country to

0 2 4 6 8 10 country. In Canada, nutraceuticals products are
FACTORS approved by local food and safety standard
regulators, strictly. They approve a product after
Capital Requirement examining the product’s claims.
■ The economies of scale is fairly difficult to achieve in
the industry. This makes it easier for those producing
Economies of Scale large capacitates to have a cost advantage. It also
makes production costlier for new entrants. Capital
expenditure is also high because of high R&D costs.
Product Differentiation ■ The access to distribution networks is favorable for
new entrants, they can easily set up their distribution
channels and come into the business. With only a
few retail outlets selling the product type, it is easy
Sunk Costs
for any new entrant to get its product on the shelves.
■ The government policies within the industry require
strict licensing and legal requirements to be fulfilled
Access to Distribution
before a company can start selling. This makes it
difficult for new entrants to join the industry,
therefore, making the threat of new entrants a weak
Industry Profitability force.
■ Hence, the threat of new entrant is moderate.

4.3.4 THREAT OF SUBSTITUTES: MODERATE

MARKET FAVORABILITY
Unfavorable Favorable ■ The market is divided into functional foods,
FACTORS 0 2 4 6 8 10 functional beverage, and dietary supplements.
■ Nutraceuticals may be substituted with naturally

buyer Propensity to Substitute healthy products, like wheat grass and barley grass
juices, while not all the benefits of a functional
beverage is established.
Relative Price Performance of
Substitute ■ There are few substitutes that are available and
produced by low profit earning industries. This
means that there is no ceiling on the maximum
Buyer Switching Costs profit that firms can earn in this industry.
■ There is no significant product differentiation with

Perceived Level of Product substitutes ingredients, comparatively. The products
Differentiation have high differentiation in terms of ingredient
combination and functional properties.
Number of Substitute Products ■ The switching cost is moderate for the end-
Available in the Market consumer because consumers are constantly
substituting dietary supplements with healthy foods.
Threat of substitutes is moderate, but it is expected
Ease of Substitution
to increase over time.
■ Hence, the threat of substitutes is moderate.

4.3.5 COMPETITIVE RIVALRY: HIGH

MARKET FAVORABILITY
■ The Canadian nutraceuticals market is highly fragmented
Unfavorable Favorable with the presence of numerous international and domestic
FACTORS 0 2 4 6 8 10 players. Players, such as PepsiCo, Nestle, The Kellogg
Company, Herbalife, Nature's Bounty Inc., are the leaders in
Sustainable Competitive Advantage the industry.
Through Innovation ■ Competitors in the market focus on product developments
and innovations. Most of the industry players are
international firms, which means their strategies and
Competition between Online and developmental activities may not go unnoticed, and this
Offline Companies may help them capture high market share.
■ The exit barriers within the industry are particularly high,
due to high investment required in capital and assets to
Level of Advertising Expense
operate. The exit barriers are also high, due to government
regulations and restrictions. This makes players within the
industry reluctant to leave the business.
Powerful Competitive Strategies ■ The end products produced within the industry are highly
differentiated in terms of the ingredient combinations used
and end user applications. As a result, it is difficult for
competing rms to win the customers of each other
Entry and Exit Barriers because of each of their products in unique.
■ The strategies adopted within the industry are diverse,
which means they are unique to each other.
Firm Concentration Ratio Innovation/new launches occupy a major share followed by
the expansion strategy in nutraceuticals market in Canada.
This makes the rivalry among existing players high within
the industry.
4.4 CONSUMER
BEHAVIOR ANALYSIS
4.4.1 Consumer Demand Analysis
4.4.2 Target Market Identification
4.4.2.1 Demographic Strength and Weakness
4.4.2.2 Purchasing and Spending Patterns

4.4 CONSUMER BEHAVIOR ANALYSIS

4.4.1 CONSUMER DEMAND ANALYSIS
◼ The agriculture and agri-food sector is responding to consumer health ◼ Canadians are interested in living healthier lives, and as a population, they
awareness by offering products tailored to a range of audiences, based on are making some progress toward that goal. Food and beverage products,
age, gender, health concern, and occasion. Functional foods, foods and which target specific health concerns have generally higher nutritional
beverages that contain specific components that provide health benefits quality or are developed and packaged to meet the on-the-go needs of
beyond traditional nutritional functions, are being developed and are these consumers, may have success.
gaining the attention of Canadian consumers.
◼ Canadians are embracing the ever-increasing variety of foods and beverages
◼ In terms of healthy foods, Canadians think of: available to them, putting modern twists on traditional favorites, and eagerly
• Nutrient content trying new cuisines. The Canadian diet now includes more fresh fruits,
• Freshness or fresh format yogurts, cheeses, creams, red meats, exotic juices, low-fat milk, wine, and
• Eating a healthy balance or variety of foods spirits, and less cereal, sugar, oils, fats, and eggs.
◼ In Canada, a high prevalence of supplement use was reported among
◼ Canadians are quite knowledgeable about nutrition, particularly about the athletes, including young athletes; this is mainly explored in Alberta,
role of fat, fiber, functional ingredients and cholesterol in food. Canadians Quebec, and British Columbia.
obtain food and nutrition information from sources that are the most easily ◼ Canada ranks second in terms of internet penetration. However, Canadian
accessible, including the product labels, the internet, magazines, businesses are falling short of the digital shift. Canadian businesses rank
newspapers.
seventh in terms of information technology (IT) spending; they invest 42%
◼ On account of the rising demand for healthy foods and changing consumer less than their American counterparts. By 2023, specialists predict that
lifestyles, manufacturers are focusing on providing supplements rich in customers may manage 85% of their relationship with an enterprise without
proteins and vitamins. There is an increasing demand for nutritional and interacting with a human.
fortifying food additives.
◼ Companies are developing brands with a strong story aligned to their
◼ The growing consumer interest in the benefits of a healthy diet and wellness
different clienteles. Also, they adapt their marketing strategies to better
has led to a thriving fortified food and beverage industry in the recent past,
address consumers’ evolving behaviors.
and the trend is expected to continue over the forecast period.

4.4.2 TARGET MARKET IDENTIFICATION

4.4.2.1 DEMOGRAPHIC STRENGTH AND WEAKNESS 4.4.2.1 PURCHASING AND SPENDING PATTERNS
◼ The proportion of Canadians who are aging is increasing as a result of ◼ The conference board of Canada states that Gen X and baby boomers have
decreasing fertility rates, longer life expectancies, and as the baby boomer more purchasing power in Canada. In 2017, the average Canadian
generation entering their senior years. An older society leads to more household spent USD 63,723 on goods and services, up by 2.5% from 2016.
opportunities for food and beverage products that feature innovations Spending varied across provinces and was highest in Alberta (USD 72,957)
suited to elders, in terms of health, convenience, packaging, and food and British Columbia (USD 71,001). On average, Canadian households spent
service. USD 8,784 on food, also little changed from 2015. They spent an average of
USD 6,176 on food and supplements purchased from stores.
◼ The fastest-growing consumer segment in Canada is those who aged 60
years-old and older. In 2016, age group above 60 accounted for 23% of the ◼ Canadians consumers define quality in terms of freshness, nutrition, safety,
population, and by 2030 they are expected to account nearly 29% of the appearance, and flavor, and consistently rank it as one of the most
total population. important considerations in their food and beverage decision-making
process.
◼ The growing number of older Canadians is expected to drive increased
demand for a wide range of age-specific products and services, particularly ◼ The contribution of diet to health is well established. Consumers are now
health-related products and services, like nutraceuticals. more interested in proactively maintaining or improving current well-being
and addressing potential health risks through food and beverage choices,
◼ Millennials represented about 7.3 million Canadians in 2018 (more than 20% for themselves and their families.
of the population). By 2020, Gen Y members are likely to be 20 to 40 years
old. They shop online and use smartphones and mobile devices. Their ◼ Vitamins/minerals, protein, botanicals, prebiotics/probiotics, and fatty acids
purchases are influenced by what they read on social media. are the most commonly used dietary supplements in Canada.
◼ Since a majority of millennials are ready to spend more to stay ahead of ◼ Although functional foods have been in the marketplace in Canada for a
trends and are not particularly brand loyal, brands and retailers may have to number of years, it is the area of digestive health that seems to have
continuously and quickly reinvent their offer, experience and brand story to triggered the greatest consumer interest. The star category for this claim is
offer these clients the experience they are looking for dairy, particularly yogurt.

5.1 BY TYPE
5.1.1 Functional Food
5.1.2 Functional Beverage
5.1.3 Dietary Supplement

5. MARKET SEGMENTATION | 5.1 BY TYPE
5.1 BY TYPE
NUTRACEUTICALS MARKET NUTRACEUTICALS MARKET

Revenue in USD million, by Type, Canada, 2016-2024
Market Share (%), by Type, Canada, 2018
CAGR %
Type 2016 2017 2018 2019 2020 2021 2022 2023 2024
(2019-2024)
Functional
1,924.24 2,048.87 2,183.32 2,328.47 2,485.26 2,654.74 2,838.05 3,036.44 3,251.29 6.90 35.06%
Food
43.57%
Functional
1,185.39 1,255.43 1,330.88 1,412.20 1,499.91 1,594.58 1,696.81 1,807.31 1,926.80 6.41
Beverage
Dietary
2,522.09 2,614.85 2,713.16 2,817.38 2,927.92 3,045.19 3,169.65 3,301.80 3,442.16 4.09
Supplement
Total 5,631.72 5,919.15 6,227.36 6,558.06 6,913.10 7,294.51 7,704.51 8,145.54 8,620.25 5.62
21.37%
Functional Food Functional Beverage
Dietary Supplement
SOURCE: Mordor Intelligence SOURCE: Mordor Intelligence

5.1.1 FUNCTIONAL
FOOD
5.1.1.1 Functional Cereal
5.1.1.2 Functional Bakery and Confectionary
5.1.1.3 Functional Dairy
5.1.1.4 Functional Snack
5.1.1.5 Other Functional Foods

5. MARKET SEGMENTATION | 5.1 BY TYPE | 5.1.1 FUNCTIONAL FOOD
5.1.1 FUNCTIONAL FOOD

Revenue in USD million, by Type, Functional Food, Canada, 2016-2024 Market Share (%), by Type, Functional Food,
Canada, 2018
Functional CAGR %
2016 2017 2018 2019 2020 2021 2022 2023 2024
Food (2019-2024)
7.90% 14.40%
Functional 38.75%
150.23 160.95 172.55 185.13 198.78 213.59 229.67 247.14 266.13 7.53
Cereal
Functional
Bakery and 272.45 292.52 314.29 337.94 363.63 391.56 421.95 455.02 491.06 7.76
17.30%
Confectionary
Functional Dairy 330.87 353.41 377.76 404.09 432.57 463.41 496.80 533.00 572.26 7.21
21.65%
Functional Snack 410.65 440.43 472.72 507.75 545.78 587.09 631.99 680.83 733.98 7.65 Functional Cereal
Functional Bakery and Confectionary
Other Functional
760.04 801.57 846.00 893.56 944.50 999.10 1,057.64 1,120.44 1,187.87 5.86 Functional Dairy
Foods
Functional Snack
Total 1,924.24 2,048.87 2,183.32 2,328.47 2,485.26 2,654.74 2,838.05 3,036.44 3,251.29 6.90 Other Functional Foods


5.1.1.1 FUNCTIONAL CEREAL

■ The functional cereal segment of dietary supplements in the Canadian nutraceuticals market
was valued at USD 172.55 million in 2018, and is projected to reach USD 266.13 million by 2024, NUTRACEUTICALS MARKET
registering a CAGR of 7.53% during the forecast period. Revenue in USD million, Functional Cereal, Canada, 2016-2024
■ Ready-to-eat cereal (RTEC) is a popular breakfast option in Canada, and the majority consume
266.13
these RTEC cereals for breakfast in the country. There are over 160 varieties of ready-to-eat
cereals available across Canada, many of which are fortified with vitamins and minerals, 247.14
including folic acid, thiamin, niacin, pantothenic acid, vitamin B6, zinc, and iron. 229.67
213.59
■ Canada, has permitted to fortify cereal breakfast with the type and amount of micronutrients 198.78
that are specified by Health Canada, including thiamine, niacin, vitamin B6, folic acid, 185.13
pantothenic acid, magnesium, iron, and zinc 172.55
160.95
150.23
■ According to data released by Canadian Community Health Survey (CCHS) in 2015, the
prevalence of RTEC consumption was highest in children aged two to 12 years, followed by
adolescents aged 13 to 18 years, and then by adults ≥19 years. Therefore RTEC food products,
are expected to increase the application of functional ingredients further in the Canadian
market.
■ In a survey conducted by Kellogg’s in March 2018, 9 out of 10 Canadians eat cereal, with more
than half of them consuming cereal one-to-three times per week. About 35% of Canadian
population is expected to have it for dinner and 21% of them can consume it any time of day.
■ Canadians cereal choices are driven majorly by taste above everything else at 75%. Nutrition
follows at 60%, and value at 42%. Therefore, companies, such as Kellogg Co, Nestle S.A, can 2016 2017 2018 2019 2020 2021 2022 2023 2024
leverage their future products launches toward more functional and nutrition-based cereals, SOURCE: Mordor Intelligence
thus grasping the marketing opportunity for providing nutritional food to the consumers.

5.1.1.2 FUNCTIONAL BAKERY AND CONFECTIONARY

■ The functional bakery and confectionary segment of dietary supplements in the Canadian
nutraceuticals market was valued at USD 314.29 million in 2018, and is projected to reach USD NUTRACEUTICALS MARKET
491.06 million by 2024, registering a CAGR of 7.76% during the forecast period. Revenue in USD million, Functional Bakery and Confectionary,
Canada, 2016-2024
■ The investment toward the launch of functional bakery and confectionery products, can further
increase the sales of these products in the country, as consumers in Canada are also considering
those food products, which contribute to the betterment of their overall health, thus leading to
491.06
an increase in the sales for functional bakery and confectionary products in the country.
455.02
■ In June 2017, Weston Bakeries Ltd, which is Canada's premier producer and marketer of 421.95
fresh baked goods, partnered with Dave's Killer Bread from the United States to bring its 391.56
organic bread across the country. The bread manufactured by Dave’s Killer is rich in whole 363.63
grains, fiber and protein, and does not contain attributes, such as fructose corn syrup, 337.94
314.29
artificial ingredients, artificial preservatives, and fillers or additives. It is packed with 292.52
nutrient thus, providing functional property to the bread manufactured. 272.45
■ Metro Inc., one of Canada’s largest food store chains, had introduced a line of artisan breads that
include immune-health beta-glucan ingredient. Therefore, daily supplements of the beta-glucan
ingredient is expected to increase the immune system in the Canadian people.
■ Energy bars and sports protein bars categories in Canada are expected to create prominence in
the market due to its added nutrient value. This reflects consumer trends that have driven major
shifts in the market. Eating habits are becoming more fluid and healthier, creating strong
demand for the portability, convenience, and satiety offered by protein bars. Therefore,
companies, such as Kellogg Canada Inc., offer a variety of protein bars in Canada, like Vector
Protein Bars Peanut, which have 10 g of protein and a very high source of fiber for 180 calories 2016 2017 2018 2019 2020 2021 2022 2023 2024
per bar. SOURCE: Mordor Intelligence

■ Vector energy bar chocolate chip is enriched with 24 vitamins and minerals, 9 g of protein
and 32 g of carbohydrates, thus aiding for heavy physical activities.
5.1.1.3 FUNCTIONAL DAIRY

■ The functional dairy segment of dietary supplements in the Canadian nutraceuticals market
NUTRACEUTICALS MARKET
was valued at USD 377.76 million in 2018, and is projected to reach USD 572.26 million by
Revenue in USD million, Functional Dairy, Canada, 2016-2024
2024, registering a CAGR of 7.21% during the forecast period.
■ Addition of Vitamin A , Vitamin C and Vitamin D to fluid milk is a legal requirement under
Health Canada's Food and Drugs Act. Vitamin D is added to all forms of milk while Vitamin A 572.26
is added only to skim and partly (partially) skimmed milks. Evaporated and powdered milks 533.00
which are sold at retail in Canada have similar requirements for vitamin addition. 496.80
463.41
■ According to Canada’s Food and Drugs Act, cow’s milk is fortified with 88 to 117 IU (2.2 to 2.9 432.57
µg) of vitamin D3 per cup (250 mL). But the current regulations do not allow yogurt and 404.09
377.76
cheese to be fortified with vitamin D. Thus, increased Canadian regulations for fortification of 353.41
330.87
dairy products, is further expected to increase its scope to other dairy products types, such as
cheese, yogurts, and dairy desserts, among others.
■ In Canada, drinking milk is fortified to provide vitamin D and aids the population meet the
recommended dietary allowance in the country. As per the studies conducted by the St-
Hyacinthe Research and Development Center, one-quarter of Canadian population do not
meet the RDA (Aa proportion that rose to more than one-third in the winter).
■ Researchers at the St-Hyacinthe Research and Development Centre, Agriculture and Agri-
Food Canada in Quebec investigated the opportunity in fortifying cheese with vitamin D.
Cottage cheese was selected, because its manufacturing process readily allows for the
2016 2017 2018 2019 2020 2021 2022 2023 2024
addition of vitamin D after the draining step without any loss of the vitamin in whey.

5.1.1.4 FUNCTIONAL SNACKS

■ The functional snacks in the Canadian nutraceuticals market was valued at USD 472.72 million in
2018 and is projected to reach USD 733.98 million by 2024, registering a CAGR of 7.65% during NUTRACEUTICALS MARKET
the forecast period (2019-2024). Revenue in USD million, Functional Snack, Canada, 2016-2024
■ Virtually, majority of all Canadians are active snackers, enjoying snacks throughout the day as
the act of snacking is seen as part of a healthy lifestyle. Canadians prioritize keeping healthy 733.98
snacks on hand and are driven to do so to satisfy cravings. Supporting this factor, the growing 680.83
demand for functional food, indulgence, meal replacement, and on-the-go snacking is the major 631.99
factor fueling the functional/fortified snack market growth in Canada. 587.09
545.78
■ In addition to this, Canadian consumers are always on the move, due to busy lifestyles, which 507.75
creates a demand for convenient on-the-go snack products. Canadian population and expat 472.72
population, place a high value on their health and wellness, leading to a change in snacking 440.43
410.65
behavior compared to previous generations. This behavior change has led to the innovation of
many better-for-you (BFY) food.
■ Increasing health and wellness consciousness has been the key factor impacting many types of
fortified savory snacks in the past decade. As a part of this trend, the consumption of savory
snacks having high vitamin content had mounted during the previous years. Renowned
companies are strategizing toward the same trend, such as by merging with the health-based
savory snacks companies.
■ Campbell Soup, which has its operations in both Canada and the United States, acquired
Kettle Chips from Snyder's-Lance Inc. in 2018, as part of its diversification strategies.
Kettle Chips have some of its organic potato chips in its product portfolio, such as 2016 2017 2018 2019 2020 2021 2022 2023 2024
country style barbeque and salt & fresh ground pepper, which contain vitamin A (4)% and SOURCE: Mordor Intelligence
vitamin C (15%), which are not provided in other variety of its products.

5.1.1.5 OTHER FUNCTIONAL FOODS

■ The other functional foods of dietary supplements in the Canadian nutraceuticals market was
valued at USD 846.00 million in 2018, and is projected to reach USD 1,187.87 million by 2024, NUTRACEUTICALS MARKET
Revenue in USD million, Other Functional Foods, Canada, 2016-
registering a CAGR of 5.86% during the forecast period. 2024
■ Other functional foods included in the Canadian nutraceutical market are fats and oils, meat,
fish and eggs, and baby food
1,187.87
■ The edible fats and oils sub-segment is thriving in Canada, due to new product introductions, 1,120.44
which capitalize on consumers health. 1,057.64
999.10
944.50
■ Canadian consumers are preferring low-fat diet. Better-for-you fats and functional oils have 893.56
become a part of the healthier eating trend, which is shaping the food industry. 846.00
801.57
760.04
■ In the baby food and infant formulation market, health benefiting, high-quality organic, and
functional products with high-end packaging are trending. Market leaders, such as Nestle, are
providing gerber organic oatmeal baby cereal (add milk), which has additional nutrients like
calcium, riboflavin, thiamine, and niacin, that support baby’s growth and development.
■ There has been growing inclination toward, Omega-3 eggs in Canada. As these types of eggs
fortified with flax goodness through flax fed to laying hens. These eggs contain the essential
omega-3 fatty acid, alpha-linolenic (ALA), plus two other omega-3 fatty acids:
eicosapentaenoic acid (EPA), and docosahexaenoic (DHA).
■ Moreover, omega-3 enriched eggs provide about 12 times more omega-3 fatty acids
than regular eggs, based on an average omega-3 content of 0.5 grams in omega-3 2016 2017 2018 2019 2020 2021 2022 2023 2024
enriched eggs versus 0.04 grams in regular eggs

5.1.2 FUNCTIONAL
BEVERAGE
5.1.2.1 Energy Drink
5.1.2.2 Sports Drink
5.1.2.3 Fortified Juice
5.1.2.4 Dairy and Dairy Alternative Beverage
5.1.2.5 Other Functional Beverages

5. MARKET SEGMENTATION | 5.1 BY TYPE | 5.1.1 FUNCTIONAL BEVERAGE
5.1.1 FUNCTIONAL BEVERAGE

Revenue in USD million, by Type, Functional Beverage, Canada, 2016-2024 Market Share (%), by Type, Functional Beverage,
Canada, 2018
Functional 4.70%
2016 2017 2018 2019 2020 2021 2022 2023 2024 CAGR % (2019-2024)
Beverage
8.80%
Energy Drink 408.54 435.85 465.32 497.16 531.57 568.78 609.05 652.65 699.89 7.08
34.96%
Sports Drink 350.11 363.29 377.25 392.04 407.73 424.37 442.02 460.75 480.65 4.16 23.19%
Fortified Juice 273.24 290.26 308.57 328.28 349.51 372.39 397.06 423.67 452.41 6.62
Dairy and Dairy

100.84 108.67 117.18 126.46 136.58 147.61 159.64 172.79 187.16 8.16
Alternative Beverage 28.35%
Energy Drink
Other Functional
52.66 57.37 62.55 68.25 74.53 81.43 89.04 97.44 106.70 9.35 Sports Drink
Beverages
Fortified Juice
Total 1,185.39 1,255.43 1,330.88 1,412.20 1,499.91 1,594.58 1,696.81 1,807.31 1,926.80 6.41 Dairy and Dairy Alternative Beverage
Other Functional Beverages
SOURCE: Mordor Intelligence SOURCE: Mordor Intelligence

5.1.2.1 ENERGY DRINK

■ The energy drink segment of dietary supplements in the Canadian nutraceuticals market was
valued at USD 465.32 million in 2018, and is projected to reach USD 699.89 million by 2024, NUTRACEUTICALS MARKET
registering a CAGR of 7.08% during the forecast period. Revenue in USD million, Energy Drink, Canada, 2016-2024
■ Energy drinks are functional beverages, which provide additional mental and physical
stimulation for a short period of time to the consumers intaking it. While energy drinks are 699.89
available in a wide range of flavors, formulations, and formats in Canada, they generally share 652.65
attributes, such as contain caffeine, which are intended to supply temporary physical and/or 609.05
mental stimulation restoring alertness and wakefulness at times of fatigue, or drowsiness, 568.78
among others. 531.57
497.16
■ Canadian hectic lifestyle is fueling continued growth in energy drinks, but concerns over their 465.32
high sugar level has shifted consumer preference toward products that claim to contain less 435.85
408.54
sugar. Monster Energy and Rockstar, two of the leading brands, are investing a great deal in their
low-calorie SKUs to benefit from this shift in consumer preference.
■ Most energy drink manufacturers, such as Bomb Energy Drink, Red Bull, Beaver Buzz, and
Monster Energy, and that produce the energy drinks consumed in Canada are members of the
Canadian Beverage Association (CBA). These members support a responsible commitment to the
manufacturing, marketing, and consumption of their products. CBA members voluntarily adhere
to the Energy Drink Marketing Code, which outlines that energy drinks are not to be marketed to
children, including the marketing or sale of energy drinks in schools between grades K-12.
■ With the strong dominance of the three multinationals in the Canadian market such as Coca
Cola, Pepsi, and Red Bull, the smaller brands are trying to target niche segments by positioning
2016 2017 2018 2019 2020 2021 2022 2023 2024
themselves as a source of clean and natural energy drink. Among these offerings, the GURU
brand has a unique position, as it has been able to strengthen its position as an organic drink
and has taken a stronghold in areas, such as Quebec, and is expanding its distribution across SOURCE: Mordor Intelligence
Canada.
5.1.2.2 SPORTS DRINK

■ The sports drink segment of dietary supplements in the Canadian nutraceuticals market was valued
at USD 377.25 million in 2018, and is projected to reach USD 480.65 million by 2024, registering a NUTRACEUTICALS MARKET
CAGR of 4.16% during the forecast period. Revenue in USD million, Sports Drink, Canada, 2016-2024
■ The amount of sugar in the soft drinks have been discussed around the world, but in sports drinks
the trend has been slightly different, as many athletes find the role of sugar in improving their
performance undeniable, as calories intake increases the energy among the sports participants.
Thus, this factor is expected to the sales of sports drink in Canada.
■ On the other hand, the concern about artificial sweeteners, such as aspartame and sucralose and 480.65
460.75
other nutrient content, has seriously hampered the growth of traditional reduced sugar sports 442.02
424.37
drinks, encouraging suppliers to produce products containing natural sweeteners with fewer 407.73
392.04
calories. 377.25
363.29
■ Therefore, part of the efforts in reinvigorating sales of sports drinks is to address the unhealthy 350.11
image associated with sports drinks. This was the strategy behind PepsiCo’s launch of certified
organic variant G Organic in the United States, which is likely to enter Canada over the forecast
period. Moreover, a new Powerade Zero and VitaminWater Active, was introduced by Coca-Cola in
April 2018 in Canada, so as to position sports drinks, which benefits the overall stamina and
endurance building of the sport person consuming it.
■ As per the demand for sports and energy drinks in various Canadian provinces, the data published
by StatCan, the total average annual expenditure on sports and energy drinks per household in
Canada was CAD 224, with Newfoundland and Labrador (Canada) amounting to the highest
expenditure and second highest being Nova Scotia with CAD 41. This is expected to drive the
market for fortified sports drinks.
■ In the Canadian sports drink market, local brands are witnessing high growth potential and are
projected to continue to expand and eventually grow out of the niche brand profile. One such 2016 2017 2018 2019 2020 2021 2022 2023 2024
brand is BioSteel, which was created by a former professional athlete and is now being distributed SOURCE: Mordor Intelligence
in various national retail chains in Canada.

5.1.2.3 FORTIFIED JUICE
■ The fortified juice segment of dietary supplements in the Canadian nutraceuticals market was
valued at USD 308.57 million in 2018, and is projected to reach USD 452.41 million by 2024,
Revenue in USD million, Fortified Juice, Canada, 2016-2024
registering a CAGR of 6.62% during the forecast period.
■ Fortified juices made from exotic fruits, aloe-vera, gooseberry, bitter gourd, bottle gourd, and
452.41
others, are being expected to be consumed by many Canadian consumers, particularly the
rising expat population, as it helps enhancing metabolism, strengthening the immune system, 423.67
397.06
and solving gastric issues, which are faced by many consumers nowadays.
372.39
■ Hence, the consumers are trying to find natural remedies for health problems, thereby 349.51
328.28
opting for these fortified juices, which can be consumed on a day-to-day basis, in turn 308.57
providing plethora of health benefits. 290.26
273.24
■ Athletes or sports person in Canada often use various ergogenic aids to address fatigue and
enhance exercise performance. Natural juices made with vegetables and fruits, without added
sugar and containing bioactive compounds are of interest to the fortified juice industry as
possible ergogenic aids.
■ As per the data released by StatCan on 1 November 2015, about 40% of Canadians were
below the cut-off point of vitamin D in winter, compared with 25% in the summer. Therefore, in
order to curb this deficiency among its consumers, companies are introducing vitamin D and
calcium fortified juices in Canada. For instance:
■ PepsiCo, Inc.’ - Tropicana Essentials® Calcium and Vitamin D.

2016 2017 2018 2019 2020 2021 2022 2023 2024
■ The Coca-Cola Company’s - Minute Maid® Original with Calcium and Vitamin D, which
enhances the body’s absorption of calcium. SOURCE: Mordor Intelligence

5.1.2.4 DAIRY AND DAIRY ALTERNATIVE BEVERAGE

■ The dairy and dairy alternative beverage segment of dietary supplements in the Canadian
nutraceuticals market was valued at USD 117.18 million in 2018, and is projected to reach USD NUTRACEUTICALS MARKET
187.16 million by 2024, registering a CAGR of 8.16% during the forecast period. Revenue in USD million, Dairy and Dairy Alternative Beverage,
Canada, 2016-2024
■ Two bioactive ingredients, which are being targeted for functional dairy products particularly
187.16
beverages are omega-3 fatty acids and plant sterols. In general, low-fat milks appears to be
preferred for fortification with omega-3 fatty acids, while probiotic yogurt drinks have been 172.79
preferred for fortification with plant sterols and stanol esters. 159.64
■ Selective recent examples of functional dairy beverages in Canada containing omega-3 147.61
fatty acids are the low fact milk being manufactured by the Canadian companies, such as 136.58
Lactania and Natrel. 126.46
117.18
■ According to Canadian dairy company Natrel, omega-3 fatty acids fortified dairy beverages 108.67
100.84
promote the reduction of blood cholesterol; prevent certain illnesses, such as cardiovascular
disease; foster brain and visual development in children; improve immune reactions against
allergies; and reduce the risk of forming blood clots. These multiple benefits of the fortified dairy
products with omega-3 fatty acids is expected to increase the demand of the same, during the
forecast period.
■ Canadian consumer demand for alternatives to dairy is expected to rise in the future, this is
especially evident when considering milk substitutes. Each type of non-dairy milk offers a unique
nutritional profile, with a wide range of values for protein, carbohydrates, and fat, along with
vitamins and minerals, thus increasing consumers influence particularly millennials toward them.
■ Moreover dairy alternative companies are venturing into Canada and are launching their
2016 2017 2018 2019 2020 2021 2022 2023 2024
products in the country, so as to increase their market share further. In March 2017, Califa Farms
had tapped into the Canadian dairy alternatives beverage market, by launching almond milk in
the country, where it was for sale in 400 retails stores in Canada.

5.1.2.5 OTHER FUNCTIONAL BEVERAGES

■ The other functional beverages segment of dietary supplements in the Canadian nutraceuticals
market was valued at USD 62.55 million in 2018, and is projected to reach USD 106.70 million by
2024, registering a CAGR of 9.35% during the forecast period.
Revenue in USD million, 5.1.2.5 Other Functional Beverages,
■ The other functional beverages included in the Canadian market studied are probiotics drinks and Canada, 2016-2024
functional water.
■ Probiotic drinks are a part of the functional beverages, which can help in improving the health 106.70
conditions of gut by maintaining the balance of the intestine. Moreover, consumption of probiotics 97.44
in conjunction with food helps the human body absorb the vitamins and nutrients from food 89.04
better. Considering this health benefits, many Canadians companies, such as Danone’s Activia, Bio-
81.43
K Plus International Inc., Welo Probiotics and Karma Culture LLC have their extensive probiotic
74.53
drinks products.
68.25
■ Welo and Bio-K Plus also uses a non-dairy probiotic, which is found to be ten times more 62.55
effective than a yoghurt-based probiotic. (Dairy probiotics have as low as 3 to 5% 57.37
52.66
survivability in the gut, so they don’t get where they need to go.). Thereby providing the
Canadian consumers with upmost nutrition level.
■ Functional water is recognized as aquaceutical, a non-alcoholic beverage similar to water having
additional ingredients that increase functional benefits. It provides both refreshment and taste.
■ Some common additives to functional water are vitamins, acids, minerals, herbs, and fruits or
vegetables, which help in improving immunity and boost energy. The shift in preference from
carbonated and high sugar beverages is likely to drive the demand for the functional water market
in Canada.
■ The market is also witnessing innovations in the Canadian functional water, for instance, in January 2016 2017 2018 2019 2020 2021 2022 2023 2024
2019, Flow Alkaline Spring Water announced the launch of their functional beverage line, Flow
Glow, a spring water brand infused with CBD (cannabidiol) and botanical and other antioxidant
ingredients including grape seed and grape skin extracts.
5.1.3 DIETARY
SUPPLEMENT
5.1.3.1 Vitamin
5.1.3.2 Minerals
5.1.3.3 Botanical
5.1.3.4 Enzyme
5.1.3.5 Fatty Acid
5.1.3.6 Protein
5.1.3.7 Other Dietary Supplements

5. MARKET SEGMENTATION | 5.1 BY TYPE
5.1.3 DIETARY SUPPLEMENTS

Revenue in USD million, by Dietary Supplements, Canada, 2016-2024 Market Share (%), by Dietary Supplements, Canada,
2018
CAGR (%) (2019-
Type 2016 2017 2018 2019 2020 2021 2022 2023 2024
2024)
Vitamin 842.89 869.10 896.82 926.12 957.12 989.91 1,024.61 1,061.34 1,100.22 3.51 25.52%
33.05%
Mineral 170.23 176.92 184.00 191.52 199.50 207.96 216.95 226.50 236.65 4.32
Botanical 386.23 401.80 418.32 435.84 454.44 474.20 495.19 517.51 541.23 4.43
14.28%
49.89 52.03 54.29 56.70 59.27 61.99 64.89 67.98 71.26 4.68 6.78%
Enzyme
15.42%
2.94%
Fatty Acid 71.11 75.30 79.79 84.61 89.79 95.36 101.36 107.80 114.75 6.28
2.00%
359.92 373.28 387.42 402.41 418.30 435.14 453.01 471.97 492.10 4.11 Vitamin
Protein
Mineral
Botanical
Other Dietary
641.82 666.43 692.52 720.17 749.50 780.61 813.63 848.70 885.94 4.23 Enzyme
Supplements Fatty Acid
Protein
Total 2,522.09 2,614.85 2,713.16 2,817.38 2,927.92 3,045.19 3,169.65 3,301.80 3,442.16 4.09 Other Dietary Supplements

5. MARKET SEGMENTATION | 5.1 BY TYPE | 5.1.3 DIETARY SUPPLEMENTS
5.1.3.1 VITAMIN
■ The vitamin segment in the dietary supplements in the Canada nutraceuticals market was
valued at USD 896.82 million in 2018 and is projected to reach USD 1,100.22 million by 2024,
Revenue in USD million, Vitamin, Canada, 2016-2024
registering a CAGR of 3.51% during the forecast period (2019-2024).
■ Canadians are one of the most heath-oriented consumers across the world. Moreover, there is a 1,100.22
growing concern for the increasing ageing population during the future course of time in the 1,061.34
1,024.61
country. This can be validated by the data provided by the government of Canada, which 989.91
957.12
mentions that in not more than a decade, 23% of the country’s population is likely to be aged 926.12
896.82
more than 65. 869.10
842.89
■ With this growing source of concern, consumers are shifting toward healthier options, including
food products fortified with vitamins and supplements to enhance the nutrition. This growing
health trend is likely to drive the vitamin A sector in the country.
■ It is estimated that around 5.5 million Canadians are suffering from risk of sight loss, which
offers a promising market for manufacturers to introduce food products and supplements
incorporated with vitamin A.
■ Additionally, the prevalence of osteoporosis is increasing with the aging population. According
to Osteoporosis Canada, at least one in three women, and one in five men, suffers from an
osteoporotic fracture during their lifetime, while Canadian women have shown four times more
vulnerability due to significant bone loss and low bone density.
■ These factors also aid in Canadians opting for adequate supplementation and fortified
food products and beverages, supporting bone and joint health, such as vitamin D and 2016 2017 2018 2019 2020 2021 2022 2023 2024
calcium supplementation, as it is difficult to obtain the recommended levels through SOURCE: Mordor Intelligence
food alone.

5. MARKET SEGMENTATION | 5.1 BY TYPE | 5.1.3 DIETARY SUPPLEMENT
5.1.3.2 MINERAL
■ The mineral segment of dietary supplements in the Canada nutraceuticals market was valued at
USD 184 million in 2018 and is projected to reach USD 236.65 million by 2024, registering a NUTRACEUTICALS MARKET
CAGR of 4.32% during the forecast period (2019-2024). Revenue in USD million, Mineral, Canada, 2016-2024
■ The growth in demand for mineral-based dietary supplements in the country is primarily driven 236.65
by the increased usage of calcium supplements, along with the increased awareness about 226.50
calcium being a crucial mineral for bone and joint health. 216.95
207.96
199.50
■ Iron, calcium, magnesium, and zinc supplements remain some of the most popular mineral 191.52
184.00
supplements, and with emerging and ongoing research, lesser known minerals, such as copper, 176.92
170.23
chromium, manganese, and selenium are also attracting the attention of Canadian consumers,
owing to their posed health benefits. Additionally, multi-mineral supplements or minerals
combined with vitamins are also witnessing increased sales among Canadians.
■ Iron and calcium supplements are popular among women due to high prevalence of anemia
and osteopenia among women in the country. Moreover, pregnant women are often
recommended iron and calcium consumption throughout the pregnancy period. As a result, the
mineral-supplement demand from pregnant women is also high.
■ A rising trend in the market is that of vegan supplements, which are formulated without animal
ingredients or derivatives for vegans and vegetarians.
■ For instance, NATURELO, a leading supplement producer in the country, introduced a

vegetarian and vegan variant of multivitamins for men, to expand its consumer-base by
catering to vegan consumers too.
2016 2017 2018 2019 2020 2021 2022 2023 2024
■ The market is fragmented, with a large number of regional players. Some of the other leading
brands in the market include NOW, Vitalite, Jamieson, and MegaFood, among others.

5.1.3.3 BOTANICAL
■ The botanical segment of dietary supplements in the Canada nutraceuticals market was valued
at USD 418.32 million in 2018 and is projected to reach USD 541.23 million by 2024, registering NUTRACEUTICALS MARKET
a CAGR of 4.43% during the forecast period (2019-2024). Revenue in USD million, Botanical, Canada, 2016-2024
■ Botanical supplements are supplements derived from the root, flower, leaf, or seed of plants.
They are increasingly being used across Canada for dietary supplementation purposes. 541.23
517.51
495.19
■ The growing prevalence of nutritional deficiencies and advantages associated with botanical 474.20
supplements, over synthetic supplements, such as being considered safer with no adverse side- 454.44
435.84
effects, and more affordability, are primarily driving the growth of this segment. 418.32
401.80
386.23
■ Herbal or botanical supplements have emerged as a popular complementary supplement to
modern diets, as many consumers consider herbs and botanicals to be natural, and therefore,
healthier and gentler than conventional supplements. Thus, consumers use herbs and
botanicals for a variety of medical conditions, as well as for maintaining overall health and well-
being.
■ Garcinia Cambogia is a popular botanical weight-loss supplement in the country derived from a
tropical fruit known as the Malabar tamarind. These are offered by popular nutraceutical brands
such as Meta-Slim and Vita-Age, in the form of tablets or gummies.
■ Additionally, with the increased awareness toward mental health and wellness in the country,
players like Throne Research are now offering botanical supplements for stress relief that are
claimed to enhance mood, sleep, and mental focus.
2016 2017 2018 2019 2020 2021 2022 2023 2024
■ Some of the major brands in the market offering botanical supplements include Starwest
Botanicals, Pure-Le, Herbalife, ENEREX, Purely Inspired, and Botanica Research, among others.

5.1.3.4 ENZYME
■ The enzyme segment of dietary supplements in the Canada nutraceuticals market was valued at
USD 54.29 million in 2018 and is projected to reach USD 71.26 million by 2024, registering a
Revenue in USD million, Enzyme, Canada, 2016-2024
CAGR of 4.68% during the forecast period (2019-2024).
■ Rising consumer awareness regarding the severity of digestive disorders, coupled with rising
health-consciousness, is expected to stimulate the growth of the enzymes segment of dietary 71.26
supplements. 67.98
64.89
■ The high prevalence of gastrointestinal tract diseases, such as irritable bowel syndrome, 61.99
59.27
inflammatory bowel disease, constipation, and gastroesophageal reflux disease, has raised 56.70
concerns toward stomach health, which, in turn, is anticipated to fuel the market growth. 54.29
52.03
49.89
■ Carbohydrates are widely used enzymes, which include amylase, cellulose, pectinase, lactase,
and some other enzymes that are extensively used in food and beverages that are consumed
daily.
■ Plant enzyme supplements are in greater demand, as they support digestion and maintain the
optimal rate of metabolism without posing any considerable side effects.
■ Technological advancement in enzyme engineering is expected to benefit this segment, by
introducing specific enzyme systems catering to various health disorders.
■ Pure Encapsulations LLC offers a new digestive enzyme supplement, Digestive Enzymes Ultra,
that contains a high-strength mixture of vegetarian enzymes supporting enhanced protein,
carbohydrate, fiber, fat, and dairy digestion and stimulating optimal nutrient bioavailability and
absorption.
■ Some of the major brands offering enzyme supplements in the Canadian market include 2016 2017 2018 2019 2020 2021 2022 2023 2024
Jamieson, Pure Encapsulations, RenewLife, and Webber Naturals, among others. SOURCE: Mordor Intelligence

5.1.3.5 FATTY ACID

■ The fatty acid segment of dietary supplements in the Canada nutraceuticals market was valued
at USD 79.79 million in 2018 and is projected to reach USD 114.75 million by 2024, registering a NUTRACEUTICALS MARKET
CAGR of 6.28% during the forecast period (2019-2024). Revenue in USD million, Fatty Acid, Canada, 2016-2024
■ Fatty acids provide a wide range of medicinal benefits, especially omega-3 fatty acids that play
a key role in regulating metabolic activities, apart from maintaining the optimum cholesterol
level in the body. 114.75
107.80
■ The fatty acids segment is majorly driven by the increased awareness about the numerous 101.36
benefits associated with the three types of omega-3 fatty acid supplements: alpha-linolenic 95.36
89.79
acid (ALA), eicosapentaenoic acid (EPA), and docosahexaenoic acid (DHA). 84.61
79.79
■ These supplements are associated with promoting mental health, eye health, pregnancy health, 75.30
71.11
early life health, heart health, respiratory health, metabolism, and skin quality. They are
increasingly posed as multi-functioning supplements, which is resulting in rising demand.
■ Thus, the fatty acid segment is expected to register steep growth in Canada, owing to the
growing geriatric population, rising prevalence of lifestyle-related diseases, favorable
government conditions encouraging production of essential fatty acids, and easy availability of
raw materials.
■ Infant formula is a growing trend in the market, which is expected to boost the growth of this
segment in the near future. The demand for omega-3 ingredients is also expected to rise in the
infant-supplements category.
2016 2017 2018 2019 2020 2021 2022 2023 2024
■ Some of the leading brands offering fatty acids dietary supplements include Adrien Gagnon,
Jamieson, and Omega XL, among others.

5.1.3.6 PROTEIN
■ The protein segment of dietary supplements in the Canada nutraceuticals market was valued at
USD 387.42 million in 2018 and is projected to reach USD 492.10 million by 2024, registering a NUTRACEUTICALS MARKET
CAGR of 4.11% during the forecast period (2019-2024). Revenue in USD million, Protein, Canada, 2016-2024
■ The segment for protein supplements is primarily driven by the increasing popularity of
protein-rich diet regimes, such as the Atkins Diet and the Keto Diet. Additionally, to meet
protein requirements that are generally not met through regular vegan diets, vegan consumers 492.10
471.97
in the country are vastly adopting protein supplements, as proteins are necessary for tissue 453.01
435.14
formulation and repair. 418.30
402.41
387.42
■ Protein powder is the trending dietary supplement among gym-goers, as it targets muscle 373.28
359.92
building and fulfills the body’s protein requirement that serves as a fuel source. Nowadays,
these protein supplements are not limited to be used by body builders and elite athletes, but
also by fitness-conscious consumers, with rising awareness of protein benefits.
■ Currently, plant-based proteins are gaining popularity due to the shifting preference to vegan
diets. For example, water lentil, which grows sustainably and quickly on aqua farms, has shown
the closest amino acid profile compared to whey, which is animal protein.
■ Kaizen, a leading market player offers a plant protein powder supplement that is sourced
from pea protein, organic pumpkin seed protein, sprouted whole grain brown rice
protein, chia seed protein, and organic sprouted quinoa.
■ Additionally, collagen protein poses a market opportunity, as consumers’ awareness about the
2016 2017 2018 2019 2020 2021 2022 2023 2024
anti-ageing properties of collagen for skin and bone health is on the rise. Thus, brands like
Natural Elements are tapping into this opportunity by offering collagen peptides pills with
different types of collagen that help in rejuvenation of tendons, joints, ligaments, and muscles,
while promoting healthy digestion and healthy skin.
5.1.3.7 OTHER DIETARY SUPPLEMENTS
■ The other dietary supplements segment of dietary supplements in the Canada nutraceuticals NUTRACEUTICALS MARKET
market was valued at USD 692.52 million in 2018 and is projected to reach USD 885.94 million Revenue in USD million, Other Dietary Supplements, Canada,
by 2024, registering a CAGR of 4.23% during the forecast period (2019-2024). 2016-2024
■ The other dietary supplements segment includes probiotics, prebiotics, flavonoids, flavones, 885.94
848.70
carotenoids, beta carotenes. Probiotic supplements form one of the largest categories for sales 813.63
in Canada, due to the high importance and awareness among Canadian consumers regarding 780.61
749.50
probiotic supplements. 720.17
692.52
666.43
641.82
■ Moreover, the benefits of probiotics for other health improvement, such as enhanced digestion,
immunity, women’s health, and sports nutrition, are becoming more well-known, as clinical
research continues to disclose the ways in which these bacterial strains support overall health
and wellness.
■ Due to the recent scientific developments in prebiotic and probiotics, in terms of human gut
micro flora, the dietary supplement market is developing new innovative products and
attractive formats and packaging.
■ For example, BeLieve offers sugar-free variants of both probiotic and prebiotic fiber
supplements in the form of chewable gummies that can conveniently be carried anywhere. The
prebiotic gummies include chicory root and inulin, which are claimed to be highly effective
fibers to improve digestive function, control blood sugar levels, and lower cholesterol levels..
2016 2017 2018 2019 2020 2021 2022 2023 2024
■ Additionally, there is growing usage of natural antioxidants and flavonoids-based supplements,
including ingredients, such as moringa, tart cherry extracts, and synthetic antioxidants. SOURCE: Mordor Intelligence

5.2 BY DISTRIBUTION
CHANNEL
5.2.1 Specialty Stores
5.2.2 Supermarkets/Hypermarkets
5.2.3 Convenience Stores
5.2.4 Drug Stores/Pharmacies
5.2.5 Online Retail Stores
5.2.6 Other Distribution Channels

5. MARKET SEGMENTATION
5.2 BY DISTRIBUTION CHANNEL

Revenue in USD million, by Distribution Channel, Canada, 2016-2024 Market Share (%), by Distribution Channel, Canada,
2018
CAGR (%)
Type 2016 2017 2018 2019 2020 2021 2022 2023 2024
(2019-2024) 5.97% 12.60%
7.74%
Specialty Stores 690.45 735.60 784.34 836.97 893.86 955.40 1,022.00 1,094.15 1,172.35 6.97
16.53%
Supermarkets/
2,155.82 2,253.57 2,357.99 2,469.60 2,588.96 2,716.66 2,853.37 2,999.80 3,156.73 5.03
Hypermarkets
Convenience 37.87%
1,125.22 1,162.96 1,202.82 1,244.88 1,289.29 1,336.17 1,385.66 1,437.89 1,493.03 3.70
Stores 19.32%
Drug Stores/
939.93 983.02 1,029.07 1,078.31 1,130.98 1,187.36 1,247.75 1,312.45 1,381.83 5.09
Pharmacies
Online Retail Specialty Stores
389.15 433.43 481.69 534.32 591.76 654.50 723.07 798.06 880.13 10.50
Stores Supermarkets/Hypermarkets
Other Distribution Convenience Stores

331.14 350.56 371.46 393.98 418.24 444.42 472.67 503.19 536.18 6.36
Channels Drug Stores/ Pharmacies
Online Retail Stores

Total 5,631.72 5,919.15 6,227.36 6,558.06 6,913.10 7,294.51 7,704.51 8,145.54 8,620.25 5.62
Other Channels

5. MARKET SEGMENTATION | 5.2 BY DISTRIBUTION CHANNEL
5.2.1 SPECIALTY STORES
■ The specialty stores segment of the Canada nutraceuticals market was valued at USD 784.34
million in 2018 and is projected to reach USD 1172.35 million by 2024, registering a CAGR of
6.97% during the forecast period (2019-2024). Revenue in USD million, Specialty Stores, Canada, 2016-2024
■ Nutraceuticals exhibit high functional attributes, which have resulted in greater sales in
specialty retail stores compared to mainstream retailing channels.
1,172.35
1,094.15
■ Specialty retail stores are dedicated high-end experiential shopping arenas that feature a wide
1,022.00
variety of functional foods, beverages, and nutritional supplements. Owing to their tailor-made
955.40
approach and products catering to the targeted-consumers, the demands for nutraceuticals 893.86
have prompted enhanced sales in specialty stores. 836.97
784.34
735.60
■ Specialty stores offer greater visibility and a wide assortment of related products. For instance, 690.45
some specialty stores provide a separate shelf for protein-rich food and protein supplements.
Thus, consumers looking for protein supplementation, such as gym-goers, are provided with
wider options, in the form of whey protein, protein bars, etc., all at one place.
■ Additionally, the product options available with specialty retailers are often in compliance with
the production and quality standards set out by Canada's Natural Health Products
(NHP) regulations. Hence, these products are ideally targeted for core consumers who have a
distinct quality consciousness and brand awareness.
■ Specialty stores are in a good position to project themselves as a preferred destination for
desirable selective purchase. Despite such a niche approach, specialty stores face stiff 2016 2017 2018 2019 2020 2021 2022 2023 2024
competition from convenience stores, in terms of product offerings and attractive discounts. SOURCE: Mordor Intelligence

5.2.2 SUPERMARKETS / HYPERMARKETS

■ The supermarkets/hypermarkets segment of the Canada nutraceuticals market was valued at
USD 2357.99 million in 2018 and is projected to reach USD 3156.73 million by 2024, registering NUTRACEUTICALS MARKET
a CAGR of 5.03% during the forecast period (2019-2024). Revenue in USD million, Supermarkets / Hypermarkets, Canada,
2016-2024
■ Owing to a huge retail space catering to a wide variety of preferences, the supermarkets/
hypermarkets are dominant distribution channels for the sales of nutraceuticals across Canada. 3,156.73
The business expansion and rising number of hypermarkets and supermarkets add to the sales 2,999.80
2,853.37
of these retail formats and significantly contribute to the nutraceuticals market. 2,716.66
2,588.96
■ Additionally, the markets have witnessed greater sales of nutraceuticals from these mass 2,469.60
2,357.99
merchandisers due to the wide availability of brand varieties, which has been a key factor for 2,253.57
2,155.82
the increasing consumer preferences.
■ The growing market share of the hypermarket segment can be attributed to practice of the
consumers purchasing products in bulk. Consumers want to make fewer trips to the store to
receive more value for their money, which, in turn, has also increased the sales of nutraceuticals
in the country.
■ Customers also find it beneficial to shop from such large-scale retail stores, as they also offer
attractive discounts and schemes.
■ Supermarkets/hypermarkets provide attractive shelf visibility through display and assortments.

As they are often placed at the entrance, at the checkout, and/or in the designated functional
food aisles, nutraceuticals invariably attract consumers’ attention.
2016 2017 2018 2019 2020 2021 2022 2023 2024
■ Some of the leading supermarket/hypermarkets operating in Canada include Walmart, Choices
Markets, T & T Supermarket, The Real Canadian Superstore , and Dominion Stores.

5.2.3 CONVENIENCE STORES

■ The convenience stores segment of the Canada nutraceuticals market was valued at USD
1202.82 million in 2018 and is projected to reach USD 1493.03 million by 2024, registering a NUTRACEUTICALS MARKET
CAGR of 3.70% during the forecast period (2019-2024). Revenue in USD million, Convenience Stores, Canada, 2016-2024
■ Convenience stores are a prominent sales channel among consumers in Canada. These stores 1,493.03
generally serve more locations and offer services and competitive prices to consumers. 1,437.89
1,385.66
1,336.17
■ Convenience stores provide an ideal platform for nutraceutical brands to showcase their 1,289.29
1,244.88
products. These stores allow the brands to be seen by a vast number of individuals, due to the 1,202.82
1,162.96
sheer volume of people, who flood through them everyday. 1,125.22
■ Various convenience stores revamp their shelves by designating a separate aisle that attracts
health conscious consumers, who can compare nutritional value before making a purchase
decision. This has given convenience stores an edge over the other channels, in terms of brand
visibility and retail spacing strategies.
■ Additionally, several convenience stores, such as 7-Eleven, stay open for longer hours than
traditional retail stores, which imply the availability of more time in the day for products to be
sold. Since nutraceuticals are vastly consumed by gym-goers and working consumers,
convenience stores also provide an opportunity for last-minute purchases to be made.
■ Convenience stores in the country witnessed a surge in the sales of functional snacking
options at the expense of indulgent ones, a trend that is set to boost market sentiments for
nutraceuticals, such as functional food and beverages, from such distribution network.
2016 2017 2018 2019 2020 2021 2022 2023 2024
■ Some of the leading players include Alimentation Couche-Tard, with Couche-Tard and Mac’s;
and 7-Eleven Canada, with the 7-Eleven chain of convenience stores.

5.2.4 DRUG STORES / PHARMACIES

■ The drug stores / pharmacies segment of the Canada nutraceuticals market was valued at USD
1029.07 million in 2018 and is projected to reach USD 1381.83 million by 2024, registering a NUTRACEUTICALS MARKET
CAGR of 5.09% during the forecast period (2019-2024). Revenue in USD million, Drug Stores/Pharmacies, Canada,
2016-2024
■ Pharmacies are one of the most prominent sales channels in the country for the sales of
nutraceuticals in general, and for dietary supplements in particular. Consumers in the country 1,381.83
consider pharmacies and drug stores as a preferred channel to purchase dietary supplements, 1,312.45
as they offer a wide-variety of supplements catering to the different dietary requirements of 1,247.75
1,187.36
consumers. 1,130.98
1,078.31
1,029.07
■ Additionally, drug stores/ pharmacies in Canada are often coupled with chemists and doctors 983.02
939.93
who can provide expert advice to consumers regarding supplements suitable to their specific
dietary requirements.
■ With the establishment of large-scale drug stores and pharmacies in the country, some of these
stores are nowadays beginning to keep a separate section for nutraceuticals.
■ Due to the wide product offerings across various brands, drug stores and pharmacies enjoy
popularity, as most of the nutraceutical manufacturers in the country, including Abbott and
Pfizer Inc., distribute their products through pharmacies and drug stores.
■ However, the increasing popularity of online pharmacies and wellness websites are likely to
pose a major restraint to sales through conventional drug stores and pharmacies.
2016 2017 2018 2019 2020 2021 2022 2023 2024
■ Some of the leading drug store chains in Canada reflecting high nutraceuticals sales include
Shoppers, Jean Coutu, Rexall, Uniprix, and Pharmasave.

5.2.5 ONLINE RETAIL STORES

■ The sale of nutraceuticals from online retail stores in Canada was valued at USD 481.69 million
in 2018 and is projected to reach USD 880.13 million by 2024, registering a CAGR of 10.50% NUTRACEUTICALS MARKET
during the forecast period (2019-2024). Revenue in USD million, Online Retail Stores, Canada, 2016-2024
■ The online stores platform has established itself as a convenient marketplace, offering a wide
range of nutraceuticals, ranging from food to the dietary supplements. 880.13
■ The robust growth of the e-commerce landscape has offered unprecedented opportunities for 798.06
nutraceutical manufacturers. Moreover, the ease of shipping has been further strengthened by
723.07
the portability factor of nutraceuticals. The companies in the market are also adopting online
retail strategies to reduce cost and increase their margins, which is likely to benefit the market 654.50
during the forecast period. 591.76
534.32
■ Prominent online channels, such as Amazon, have reportedly witnessed a surge in the sales of 481.69
nutraceuticals, contributed by packaging design, label claims, schemes like Prime membership, 433.43
and a repetitive pattern of consumption. 389.15
■ The main reason behind the rise in sale through internet retailing is the level of convenience it
provides for consumers. Consumers find it easy to choose their preferred brands and get vast
varieties of flavors and product choices. Additionally, a large number of e-retailers offer
subscription-based discounts, which provides an opportunity for repeated sales to targeted
customers. Such offers are likely to drive the demand of nutraceuticals through online channels.
■ A large number of health retailers in Canada are growing their investment in e-commerce, as
they are facing potential challenges from online retailers, such as Amazon.ca, which has already 2016 2017 2018 2019 2020 2021 2022 2023 2024
launched a selection of over-the-counter health products. SOURCE: Mordor Intelligence

5.2.6 OTHER DISTRIBUTION CHANNELS

■ The sale of nutraceuticals from other distribution channels in Canada was valued at USD 371.46
million in 2018 and is projected to reach USD 536.18 million by 2024, registering a CAGR of NUTRACEUTICALS MARKET
6.36% during the forecast period (2019-2024). Revenue in USD million, Other Distribution Channels, Canada,
2016-2024
■ The other retail distribution channels include vending machines, warehouse clubs, individual
stores, etc. 536.18
503.19
■ These channels hold little importance, with regards to the volumetric sales, as well as the value- 472.67
based purchases of protein bars. 444.42
418.24
■ These retail channels are, nonetheless, valuable for small to medium-scale private label brands 393.98
371.46
that are seeking an effective gateway, before entering the mainstream retail channels. 350.56
331.14
■ The assortment and distribution strategies adopted at such levels can be suitably scaled up by
protein bar manufacturers, by considering the purchasing behaviors and consumption patterns
of consumers.
■ The small retail channels are now undergoing rapid transition, by revamping themselves into
value-oriented retail platform, by deciding on the product mix and packaging size as per the
impulsive needs of consumers.
■ Although the product offerings at such retail channels are very basic and simple, the
customization element is likely to strengthen the sustainable sale of such retailers.
■ Vending machines are strategically placed in prime locations, such as gyms, wherein consumers
2016 2017 2018 2019 2020 2021 2022 2023 2024
are more likely to opt for fortified food and beverages.

6. COMPETITIVE
LANDSCAPE
6.1 Most Active Companies
6.2 Key Strategies Adopted
6.3 Market Share Analysis
6.4 Company Profiles

6.1 MOST ACTIVE COMPANIES
NUTRACEUTICALS MARKET ■ The most active companies in the nutraceuticals market in Canada are
Most Active Companies, Canada, 2018 General Mills Inc., Kellogg’s, Nestle, Red Bull, and Magnum Nutraceuticals.
■ Magnum Nutraceuticals is the most active among all the key players. It has
actively expanded its facilities and entered into partnerships, along with new
product launches, in the last five years.
■ Companies in the nutraceuticals market are expanding their product

portfolios, in order to strengthen their consumer bases and increase their
brand visibility in the market.
■ General Mills launched five gluten-free Cheerios products in Canada, in

response to the increasing number of consumers going gluten-free.
■ The prime factors determining the market players and their positions in the
concerned market are the ingredients used, target consumers, and the target
General Mills Inc. Nestle S.A Kellogg Co. Magnum Nature's Bounty Red Bull
Nutraceuticals Inc. market segment. Companies are considerably active in investing within the
New Product Launch Partnership Expansion #REF! target segments.
Source: Mordor Intelligence

6.2 KEY STRATEGIES ADOPTED
NUTRACEUTICALS MARKET ■ Innovation/new launches occupy the major share in the market, followed
Key Strategies Adopted (%), Canada, 2018 by the expansion strategy. The major players are focusing on introducing
new products to cater to the interests of consumers.
16.67%
■ Rising health awareness among consumers has resulted in companies
including various natural health ingredients in their products. Inclusion of
plant extracts is one of the strategies adopted by the key manufacturers in
8.33%
the functional beverage and dietary supplement markets.
■ Red Bull introduced its new Organics product line that includes Simply
Cola, Bitter Lemon, Ginger Ale, and Tonic water, in the Canadian
market.
■ The manufacturers in this market target different segments of consumers,

75.00%
and the products are differentiated based on the end-user segments.
■ New launches in compliance with the consumer trends in the target

New Product Launch Partnership Expansion
segment are likely to further help companies better position themselves in
Source: Mordor Intelligence the market.

6. COMPETITIVE LANDSCAPE
6.3 MARKET SHARE ANALYSIS

■ The Canadian nutraceuticals market is highly fragmented with the presence of numerous
international and domestic players. Players, such as PepsiCo, Nestle, The Kellogg Company, NUTRACEUTICALS MARKET
Herbalife, and Nature's Bounty Inc. are the leaders in the industry. Market Share (%), by Company, Canada, 2018
■ As consumers in the Canadian market continue to focus on their health, it is becoming
1.4%
increasingly important for retailers and manufacturers to understand consumers' shifting needs
8.4% 3.3%
in the nutraceuticals industry. Product offerings catering to sports and recovery, energy, 2.3%
digestive/gut health, and brain health, containing probiotics, omega 3, vitamins and fortified 1.1%
minerals, and added protein are leading in the Canadian nutraceutical industry.
■ PepsiCo is the leading giant in the functional beverage category. Products made with probiotic
bacteria and prebiotics, which are substances that promote growth of specific bacteria (e.g.
oligosaccharides such as inulin) are trending in the Canadian functional beverages market. For
example, Cedar Grapefruit Turmeric Probiotic Hydrator is enhanced with cold-pressed
unpasteurized grapefruit and turmeric juices and 2 billion CFU vegan probiotics, which aid
83.5%
nutrient absorption and digestion.
■ PepsiCo, Nestle, Kellogg's, and General Mills are the leading companies in the functional food
market. Functional dairy products are gaining traction in the Canadian nutraceuticals market. PepsiCo Inc.
■ Danone Activia Blueberry Probiotic Yogurt contains B.L. Regularis probiotics that Kellogg Co.
contribute to a healthy gut flora, and is made with vitamin D-fortified skimmed milk. Also,
Nestle S.A
Heini's Yogurt Cultured Cheese with Garlic & Herb is an all-natural product that is
described as a semi-soft, unripened part skim milk cheese. It is free from lactose and Nature's Bounty Inc.
contains probiotics that contribute to a healthy gut flora. Herbalife International of America Inc.
■ Herbalife, Amway, Natures Bounty, Magnum Nutraceuticals Jamieson Wellness Inc., and WN Others
Pharmaceuticals Ltd are some of the leading manufacturers offering a wide array of solutions for
various health-related issues, in the Canadian dietary supplements market.

6.4 COMPANY
PROFILES
6.4.1 PepsiCo Inc.
6.4.2 General Mills Inc.
6.4.3 Nestle SA
6.4.4 The Kellogg Company
6.4.5 Herbalife International of America Inc.
6.4.6 Nature's Bounty Inc.
6.4.7 Pfizer Inc.
6.4.8 Amway Corp.
6.4.9 Red Bull
6.4.10 Abbott
6.4.11 Natural Factors Inc.
6.4.12 Trophic Canada
6.4.13 Magnum Nutraceuticals

6. COMPETITIVE LANDSCAPE | 6.4 COMPANY PROFILES
6.4.1 PEPSICO INC. – OVERVIEW

◼ PepsiCo Inc. is an American multinational food corporation that has been engaging in the
manufacturing, marketing, and distribution of grain-based snack foods, beverages, and other
products, since 1898. The company owns Frito-Lay, the world’s leading snack maker, with offerings,
such as Lay's, Ruffles, Doritos, and Cheetos. The Quaker Foods unit engages in the production of
breakfast cereals (Quaker oatmeal, Life), Rice-A-Roni, and Near East side dishes. Pepsi products are Founded in 1987
available in more than 200 countries. The company operates its own bottling plants and distribution
facilities. Moreover, its business is supported by nearly 700 manufacturing facilities across the world.
Harrison, New York, United States
◼ Apart from its top grossing segments, such as Food and Beverages, the company is also focusing on
providing its products in the category of Everyday Nutrition, especially in the United States. The
segment contains health nourishing products, which are offered under 22 different brands. The https://www.pepsico.com
company’s operations are organized into six business units, namely Frito-Lay North America (FLNA);
Quaker Foods North America (QFNA); North America Beverages (NAB); Latin America; Europe Sub-
+ 1800 22 4020
Saharan Africa (ESSA); and Asia, Middle East, and North Africa (AMENA).
USD 64,661 +267,000 USD 12,515

million Revenue Employees million Net
Income
USD 10,110 USD 2,736

USD 680
million million
Operating Profit Revenue million
Canada Business R&D Cost
Source: Company Website

6.4.1 PEPSICO INC. – FINANCIAL ANALYSIS

PEPSICO INC. PEPSICO INC. PEPSICO INC.
Net Revenue in USD million, 2017-2018 Revenue Breakdown (%), by Business Segment, 2018 Revenue Breakdown (%), by Geography, 2018
64,661.0
North America Beverages
Revenue in USD million
25% Latin America United States

33%
Asia, Middle East, and North 43%
63,525.0 Africa
Outside United States
57%
Quaker Foods North America
18%
Europe Sub-Saharan Africa
11%
4% 9%
2017 2018 Frito-Lay North America
◼ The operating profit of the company decreased by 2% and operating profit margin declined by 0.5% points. The North America Beverages (NAB) segment includes
the beverage businesses in the United States and Canada, and it contributed the maximum to the net revenue of the company; 33% of the revenue came from this
segment.
◼ The company’s operations outside of the United States generated 43% of its consolidated net revenue in 2018, with Mexico, Russia, Canada, the United Kingdom,
and Brazil comprising approximately 20% of the consolidated net revenue in that year.
◼ During 2018, the North America business accounted for a revenue of USD 21,072 million, in comparison to USD 20,936 million in 2017. The net revenue of the
segment grew by 1%, driven by effective net pricing, partially offset by a decline in volume during 2018. The North America business markets and sells beverage
concentrates, fountain syrups, and finished goods under various beverage brands, including Aquafina, Diet Mountain Dew, Diet Pepsi, Gatorade, Mountain Dew,
Pepsi, Propel, Sierra Mist, and Tropicana.
◼ Also, the beverages business in Latin America experienced a decline in volume of 1%, reflecting a high-single-digit decline in Brazil, a low-single-digit decline in
Mexico, and a mid-single-digit decline in Argentina, partially offset by double-digit growth in Colombia, mid-single-digit growth in Guatemala, and low-single-digit
growth in Honduras.
6.4.1 PEPSICO INC. – PRODUCT PORTFOLIO
Brand Products Description
Quaker® Oatmeal
➢ Quaker products are made from 100% wholegrain, which is a natural source of
Quaker® Overnight Oats
carbohydrates and dietary fiber. It has strong heart health benefits and is scientifically
Quaker® Quaker® Cereal
proven to help reduce cholesterol.
Quaker® Granola Bars
Quaker® Super Grains
Sports Drinks ➢ Gatorade is a mix of water, carbohydrates, and essential mineral salts that are
Protein Powder and Shakes formulated to rehydrate the body. The segment offers numerous products, including
Gatorade Gatorade Thirst Quencher, Gatorade Frist Thirst Quencher, Gatorade Ice Thirst
Bars and Chews
Quencher, Gatorade Xtremo Thirst Quencher, Gatorade X Factor Thirst Quencher,
Gatorade Fierce Thirst Quencher, Propel Fitness Water, and Whey Protein Powder,
Endurance
among others.
SPARKLING PROBIOTIC DRINK ➢ These are probiotic drinks that enhance the digestive system of the body.
➢ The drinks are made with unique flavors that are carefully crafted from high-quality,
Kevita MASTER BREW KOMBUCHA®
organic ingredients for a delightful twist in taste.
APPLE CIDER VINEGAR
Source: Company Website *List is not exhaustive

6.4.1 PEPSICO INC. – PRODUCT PORTFOLIO
Muscle Mlk® Genuine ➢ The MUSCLE MLK® portfolio serves the needs of elite athletes, active life stylists, and
Muscle Mlk® Muscle Mlk Pro Series weekend warriors with a wide range of innovative protein-enhanced solutions that
Muscle Mlk® Powder taste great and appeal to evolving consumer demands.
Half Naked
Machines
Fruit & Veggie

➢These products are 100% naturally made and are good sources of protein. The brand
Naked
has a long tradition of goodness. For more than 30 years, the brand has been
Plant Protein Bars
committed to giving consumers easy access to the best fruits and vegetables.
Cold Pressed Juice
Protein Or Probiotics

6.4.2 GENERAL MILLS INC. – OVERVIEW

◼ General Mills Inc. manufactures and markets branded consumer foods worldwide. The company
operates in five segments, North America Retail, Convenience Stores & Foodservice, Europe &
Australia, Asia & Latin America, and Pet.
◼ It markets its products under the Annie’s, Betty Crocker, Bisquick, Blue Buffalo, BLUE Basics, BLUE
Freedom, Bugles, Cascadian Farm, Cheerios, Chex, Cinnamon Toast Crunch, Cocoa Puffs, Cookie Founded in 1856
Crisp, EPIC, Fiber One, Food Should Taste Good, Wheaties, Yoki, Yoplait trademarks, and many more.
General Mills sells its products directly and through e-commerce retailers, commercial and non-
Minneapolis, Minnesota, United States
commercial foodservice distributors and operators, restaurants, convenience stores, and pet
specialty stores, as well as drug, dollar, and discount chains. It operates 507 leased and 372 franchise
branded ice cream parlors. https://www.generalmills.com
◼ The company manufacturers its products in 13 countries and markets them in more than 100
countries. In addition to the consolidated operations, it has 50% interests in two strategic joint (905) 212-4000
ventures that manufacture and market food products sold in more than 130 countries, worldwide.
USD 16,865 USD 2,515.9

40,000
million Revenue million
Employees
Operating Profit
(2019) (2019)
(2019)
USD 862.4
USD 5,758.8 million USD 222 million
million Gross Revenue R&D Expenditure
Margin (2019) Canada Business (2019)

6.4.2 GENERAL MILLS INC. – FINANCIAL ANALYSIS

GENERAL MILLS INC. GENERAL MILLS INC. GENERAL MILLS INC.
Net Revenue in USD million, 2018-2019 Revenue Breakdown (%), by Product Segment, 2019 Revenue Breakdown (%), by Reporting Segment, 2019
16,865
Accelerate Platform North America Retail
8%
20%
25% Pet Food 10%
Europe and Australia
Cereal
15,740 12% Convenience Stores and
Foodservice
20% 8% Yogurt 59%
Asia & Latin America
11%
Other Snack and Meals
15% Pet
12%
Mixes and Dough
2018 2019
◼ In 2019, General Mills’ consolidated net sales rose by 7% to USD 16.9 billion. On an organic basis, net sales essentially matched the previous year’s levels. Operating
profit of USD 2.5 billion increased by 4%. Adjusted operating profit of USD 2.8 billion increased by 9% and increased by 10% on a constant-currency basis.
◼ During 2019, the company’s sales from the North America Retail business amounted to USD 9,925.2 million, a decrease of 2% in comparison to 2018. This was due
to a decrease in contributions from volume growth and unfavorable foreign currency exchange, partially offset by an increase in net price realization and mix.
◼ The North America Retail operating segment comprises a wide variety of grocery stores, mass merchandisers, membership stores, natural food chains, drug, dollar,
and discount chains, and e-commerce grocery providers. The product categories in this business segment are ready-to-eat cereals, refrigerated yogurt, soup, meal
kits, refrigerated and frozen dough products, grain, fruit, and savory snacks, and organic products, including refrigerated yogurt and others.
◼ The North America Retail segment’s operating profit increased by 3% to USD 2,277 million in fiscal 2019, compared to USD 2,217 million in fiscal 2018, primarily
driven by lower SG&A expenses and partially offset by lower contributions from volume growth. The segment’s operating profit increased by 3% on a constant-
currency basis in fiscal 2019, compared to fiscal 2018.

6.4.2 GENERAL MILLS INC. – PRODUCT PORTFOLIO

Creamy
Minigo ➢ YOPLAIT offers a range of yogurt and smoothies with no artificial colors and
Yoplait Source preservatives. YOPLAIT products are available in various flavors and are high source of
Tubes vitamin D and calcium.
Yops
Apple Cinnamon Cheerios
Cheerios
Chocolate Cheerios
➢Cheerios are made with 100% natural whole-grain oats. Their wholesome goodness is
Honey Nut Cheerios
Cheerios perfect for toddlers, adults, and everyone in between. Made with whole grains, they are
Honey Nut Cheerios Hearty Oat Crunch
considered as a perfect snack and taste great in a recipe. The cereals are available in
Multigrain Cheerios various flavors.
Chocolate Peanut Butter Cheerios
Special Edition Cheerios Very Berry
Maple Cheerios

6.4.2 GENERAL MILLS INC. – PRODUCT PORTFOLIO
Protein Caramel Nut

➢ These are energy bars enriched with high proportions of protein, vitamins, and
Protein Coconut Almond other health ingredients, like soya, nuts, and honey, among others, designed for
Fiber One
wellness of the body.
Protein Peanut Butter
Protein Cookies n crème
Dark Chocolate Nut Sweet and Salty Granola Bars

➢ Nature Valley Bars are a delicious balance of chewy granola, peanuts, and
Oats ‘N’ Honey Crunchy Granola Bars almonds, bursting with dark chocolate chunks, dipped in a creamy nut butter
Nature Valley
coating. The range of bars are made with whole grains with no artificial flavors
Almond Butter Granola Cups™
and colors.
Fruit and Nut Trail Mix Chewy Granola Bars

6.4.2 GENERAL MILLS INC. – RECENT DEVELOPMENTS

Merger and Acquisition Product Innovation Expansion Partnership
M I E P
General Mills launched five gluten-free Cheerios products in Canada,

in response to the increasing number of consumers going gluten-
free. These include Original Cheerios, Honey Nut Cheerios, Multi-
grain Cheerios, Apple Cinnamon Cheerios, and Chocolate Cheerios.
The gluten-free Cheerios products are labeled “gluten-free” on the
front of the box.
JUL 2016

6.4.3 NESTLE SA - OVERVIEW

◼ Nestle SA operates as a food and beverage company, with a history of more than 150 years. The
company’s business segments can be bifurcated into Nestle Health Science, Cereal Partners
Worldwide, Nestle Nespresso, Nestle Purina Petcare, Nestle Skin Care, and Nestle Water.
◼ The company has adopted 10 basic principles of business operations segmented separately
under headers, such as Consumers, Human Rights and Labor Practices, People, Suppliers and Founded in 1886
Customers, and the Environment.
◼ Nespresso, a subsidiary of Nestlé, is one of the most successful and powerful commercial product Switzerland
businesses based on a new technology for delivering espresso coffee. In 1979, Nespresso
introduced “portioned” coffee to the world. Nespresso originated as a revolutionary idea of
creating barista style coffee, consistently and easily. https://www.nestle.com
◼ It has developed an exclusive method of packaging its coffee with a pressurized seal that
preserves 900 aromas of freshly ground coffee for 12 months. The capsule is hermetically sealed 41-21-924-1111
with aluminum foil, which is recyclable.
CHF 91,439 CHF 13,789

308,000
million Group million
Employees
Operating Profit
Sales (2018) (2018)
(2018)
3%
CHF 1.7 billion Organic Growth
190 Countries R&D (2018) (2018)
(2018)

6.4.3 NESTLE SA – FINANCIAL ANALYSIS

NESTLE SA NESTLE SA NESTLE SA
Net Revenue in CHF million, 2017-2018 Revenue Breakdown (%), by Product Segment, 2018 Revenue Breakdown (%), by Geography, 2018
Powdered and Liquid

91,439 8.1% Beverages America
Revenue in CHF million
8.9% 23.6% Nutrition and HealthCare

25.7%
Milk products and Ice cream
13.2% 44.9% Europe, Middle East and
Petcare North Africa
89,590
17.7% Prepared Dishes & Cooking
14.0% Aids Asia, Oceania, and Sub-
Confectionery Saharan Africa
14.5% 29.4%
Water
2017 2018
◼ The total reported sales increased by 2.1% to CHF 91.4 billion (2017: CHF 89.6 billion) in 2018. Net acquisitions had a positive impact of 0.7% and foreign exchange
reduced sales by 1.6%.
◼ Moreover, the organic growth was 3.0%, with continued strong real internal growth (RIG) of 2.5% and pricing of 0.5%. Growth was supported by stronger
momentum in the United States and China, as well as in infant nutrition. Sales of the United States and Canada were placed at CHF 20,540 million in 2018, in
comparison to CHF 20,217 million in 2017.
◼ The company’s revenue growth was supported by the United States and China, as the total reported sales increased by 2.1% to CHF 91.4 billion. For 2018, Nestlé’s
segmental breakdown was fairly distributed, where maximum revenues, such that of 23.6%, were generated by the Powdered and Liquid Beverages segment. The
reported sales in the zone of the Americas comprised of 45% of the net sales, which related to CHF 41.0 billion.
◼ The reported sales in the zone of EMENA comprised of 29% of the net sales, which related to USD 26.9 billion, followed by AOA, which contributed 26% to the net
sales, which related to CHF 23.5 billion. However, the company has planned to shut down its coffee factory in Mainz, Germany, as it finds it inefficient to modernize
the facility which was constructed nearly 60 years ago. Moreover, it plans to work to comfort the 380 employees affected by the potential shutting of the plant, and
continue to invest in its other services in Germany.
6.4.3 NESTLE SA – PRODUCT PORTFOLIO

➢ MILO is a leading chocolate malt beverage that is high in calcium

and iron and is fortified with 13 vitamins and minerals. The
Milo MILO
beverage provides great taste, along with energy and various
nutrients for the maintenance of good health.
Carnation Breakfast Essentials Powder Drink Mix - Chocolate
Carnation Breakfast Essentials Powder Drink Mix - Vanilla
Carnation Breakfast Essentials Powder Drink Mix - Strawberry

➢The Carnation Breakfast Essentials range is available in various
Carnation Carnation Breakfast Essentials Ready To Drink - Chocolate flavors fortified with essential nutrients, such as calcium, vitamin D,
and proteins.
Carnation Breakfast Essentials Ready To Drink - Vanilla
Carnation Breakfast Essentials Powder Drink Mix - Chocolate
Carnation Breakfast Essentials Powder Drink Mix - Vanilla
*List is not exhaustive


6.4.3 NESTLE SA – PRODUCT PORTFOLIO

NESTEA Lemon Liquid Water Enhancer
NESFRUTA Orange Peach Mango ➢ NESTEA are drinks made from tea and contain high amounts antioxidants, which
aid in keeping the body hydrated and healthy.
NESTEA and NESFRUTA Coconut Pineapple
➢ The NESFRUTA range of liquid water enhancers made with fruit juices are non-
NESFRUTA NESFRUTA Lemonade
caloric and available in various flavors.
NESFRUTA Strawberry Banana
NESFRUTA Raspberry
BOOST Protein+ Shake - Chocolate
BOOST Just Protein

➢The products include a range of nutritional drinks designed for individuals who
BOOST High Protein - Chocolate
need extra nutrition to fill gaps in their diets, who have lost their appetite, and
Boost BOOST Powder Chocolate
individuals who have difficulty preparing meals. They contain high-quality protein,
BOOST Plus Calories - Chocolate vitamins, and minerals, including calcium and vitamin D.
BOOST Diabetic - Vanilla
BOOST Fruit Flavoured Beverage - Orange

6.4.3 NESTLE SA – RECENT DEVELOPMENTS

Merger and Acquisition Product Innovation Expansion Partnership
M I E P
Nestle SA made its biggest investment in health and nutrition since 2006,
after making a deal to buy Canadian dietary supplements and vitamin
maker, Atrium Innovations, for USD 2.3 billion in a bid for growth beyond
stagnating mainstream food brands. Atrium, founded in 1999, was
expected to add probiotics, plant-based protein nutrition, meal
replacements, and multivitamins to the Swiss company’s portfolio.
E
DEC 2017

6.4.4 THE KELLOGG COMPANY - OVERVIEW

◼ The Kellogg Company, together with its subsidiaries, manufactures and markets ready-to-eat cereal
and convenience foods. The company operates through the US Morning Foods, US Snacks, US
Specialty, North America Other, Europe, Latin America, and Asia-Pacific segments.
◼ Its principal products include cookies, crackers, savory snacks, toaster pastries, cereal bars, granola
bars and bites, fruit-flavored snacks, ready-to-eat cereals, frozen waffles, and veggie foods. The Founded in 1906
company sells its products for retailers through direct sales forces, as well as uses brokers and
distributors in approximately 180 countries.
Battle Creek, Michigan, United States
◼ Its business is largely concentrated in the traditional retail grocery trade. Walmart is the company’s
largest customer, and its affiliates accounted for approximately 20% of the consolidated net sales in
https://www.kelloggcompany.com
2017. The company sells convenience foods under trademarks and tradenames, which include
Keebler, Austin, Cheez-It, Chips Deluxe, Club, E. L. Fudge, Famous Amos, Fudge Shoppe, Gripz, Krispy,
Minueto, Mother’s, Murray, Murray Sugar Free, Parati, Ready Crust, RXBAR, Sandies, and Special K, 1-800-962-1413
among others.
USD 1,706
USD 13,547 34,000 million
million Net Employees
Sales (2018) Operating
(2018)
Profit (2018)
180 Countries
USD 154 million 39.6%
Product
Distribution R&D (2018) Revenue Outside the
United States (2019)
(2018)

6.4.4 THE KELLOGG COMPANY – FINANCIAL ANALYSIS

THE KELLOGG COMPANY THE KELLOGG COMPANY THE KELLOGG COMPANY
Net Revenue in USD million, 2017-2018 Revenue Breakdown (%), by Product Segment, 2018 Revenue Breakdown (%), by Geography, 2018
13,547
US Snacks
11.2%
21.8% US Morning Foods

7.0% United States
US Specialty Channels 39.6%
12,854 North America Others
17.7%
60.4%
19.5% Europe
All Other Countries
Latin America
13.7% 9.1%
2017 2018 Asia Pacific
◼ In 2018, the company’s reported net sales increased by 5.4%, primarily due to to the acquisition of RX and the consolidation of Multipro, partially offset by unfavorable
foreign currency as the US Dollar strengthened against key currencies. Organic net sales were flat compared to 2017, as underlying growth was offset by the negative
impact of list-price adjustments and rationalization of stock-keeping units related to the mid-2017 transition from Direct-Store Delivery (DSD) in US Snacks.
◼ The North America Other segment is composed of US Frozen Foods, Kashi Company, Canada, and RX businesses. In 2018, the company’s net sales increased by 15%,
primarily due to the RXBAR acquisition and growth in US Frozen and Canada. Organic net sales increased 3.7% on higher volume and favorable pricing/mix after
excluding the impact of the RX acquisition and foreign currency. Furthermore, in Canada, the company reported sales growth in favorable pricing/mix, offset by slightly
lower volume, as it gained shares in most of the product categories. Also, reported operating profit decreased by 3.0% due to higher restructuring charges and a
double-digit increase in brand building.
◼ In Europe, reported net sales increased by 60%, primarily due to the consolidation of the Multipro business, partially offset by unfavorable foreign currency. Organic net
sales increased by 5.0% on higher volume and slightly favorable pricing/mix after excluding Multipro results and the impact of foreign currency.

6.4.4 THE KELLOGG COMPANY – PRODUCT PORTFOLIO

Kellogg's® Special K® Blueberry with Lemon Clusters Cereal
Kellogg's Special K® Raspberry

➢ Kellogg’s cereals are made with real fruit, nuts, and whole grains,
Kellogg's® Special K® Fruit & Yogurt Cereal are available in various flavors, and are fortified with various
Kellogg’s® Cereals
Kellogg's® Special K® Vanilla Almond Cereal nutrients, such as vitamins A, B2, C, B1, D, and many other
nutrients.
Kellogg's® Special K® Apple Cinnamon Crunch Cereal
Others
Kellogg's® Special K® Salted Pretzel Chocolate Chewy Snack

Bar
Red Berries Chewy Snack Bar ➢These cereal bars are great choices for breakfast and meal
replacement solutions as they contain real fruits and whole grains
Dark Chocolate Pomegranate Chewy Snack Bar
Kellogg’s® Bars and are low on fructose. These low-fat, no-cholesterol, and high-
Caramel Coconut Chewy Snack Bar
protein breakfast cereal bars are excellent sources of essential
Kellogg's® Special K® Chocolate Caramel Protein Meal Bars
nutrients.
Kellogg's® Special K® Double Chocolate Protein Meal Bars
Kellogg's® Special K® Chocolatey Chip Protein Meal Bars

6.4.4 THE KELLOGG COMPANY– PRODUCT PORTFOLIO
Kellogg's® Special K® French Vanilla Protein Shakes
Kellogg's® Special K® Milk Chocolate Protein Shakes
Kellogg’s® Protein Kellogg's® Special K® Chocolate Mocha Protein Shakes ➢ Each one of these delicious Protein Shakes has 15 grams of
Shakes protein and 5 grams of fiber and are available in various flavors.
Kellogg's® Special K® Vanilla Cappuccino Protein Shakes
Kellogg's® Special K® Rich Chocolate Protein Shakes
Kellogg's® Special K® Chocolate Mocha Protein Shakes

6.4.4 THE KELLOGG COMPANY – RECENT DEVELOPMENTS

M Merger and Acquisition I Product Innovation E Expansion P Partnership
Kellogg Canada launched two new delicious products to satisfy

taste buds across the country. From quinoa and dark chocolate to
mixed nuts and real fruit pieces, these new products feature real,
visible ingredients and appealing flavors to meet the needs of
Canadian consumers. The new lineup offers tasty options for cereal
and snacking from consumers’ favorite Kellogg Canada brands,
including Kellogg's Special K, Kellogg's All-Bran, Kellogg's
Vector, and Pringles. JAN 2016
CV CV
I I
JAN 2017 Kellogg Canada launched six products, each reflecting new and
emerging consumer needs and preferences, with a focus on
providing great taste with real flavors and recognizable
ingredients. The exciting, new products include three ways to
enjoy cereal and three snacks from popular household
brands Kellogg's Special K, Kellogg's Mini-Wheats, and Pringles.

6.4.5 HERBALIFE INTERNATIONAL OF AMERICA INC. – OVERVIEW

◼ Herbalife International of America Inc. is a nutrition and weight management company based in
the United States. The company operates across six continents. It has a reputation of being a
global nutrition company.
◼ It develops and sells sports and fitness, weight management, healthy meals and snacks, energy
and targeted nutritional, and personal care products. The Outer Nutrition Product segment Founded in 1980
contains facial skin care, body care, and hair care products.
◼ The products are available in North America, Mexico, South and Central America, Europe, Middle Herbalife International of America Inc.,
P.O. Box 80210, Los Angeles, CA 90080-0210
East & Africa, Asia-Pacific, and China. The company markets and sells over 140 products.
◼ It offers its products through its own retail stores, as well as through independent service http://www.herbalife.com/
providers, sales representatives, and sales officers.
◼ The company was formerly known as Herbalife Ltd and changed its name to Herbalife Nutrition 866-866-4744
Ltd in April 2018.
USD 4,891.8 USD 148.2 million

million Revenue (2018) Operating Income (2018)
USD 4891.8 Mn Revenue (2018)

6.4.5 HERBALIFE INTERNATIONAL OF AMERICA INC. – BUSINESS SEGMENTS
HERBALIFE INTERNATIONAL OF AMERICA INC. HERBALIFE INTERNATIONAL OF AMERICA INC.

Net Revenue in USD million, 2018-2019 Revenue Breakdown (%) by Product Category, 2018
4,891.80 Weight Management

1.90% 1.20%
6.30%
Targeted Nutrition
4,488.40
4,427.70 Energy, Sports, and
25.40% Fitness.
Outer Nutrition
63.50%
Literature, Promotional,
2016 2017 2018
and Other
■ The company categorizes its products into five groups: weight management, targeted nutrition, energy, sports, and fitness, outer nutrition, and literature, promotional,
and other. For 2018, 2017, and 2016, the Formula 1 Nutritional Shake Mix, the company’s best-selling product line, approximated 30% of its net sales.
■ The categories of weight management, targeted nutrition, energy, sports, and fitness, and outer nutrition products are highly competitive. They compete against
products sold via several distribution channels, including direct selling, the internet, specialty retailers, and the discounted channels of food, drug, and mass
merchandise.
■ The overall sales of the company observed a lower growth rate across regions, as a result of a decrease in the number of members, globally, and increased government
limitations, among other internal and external factors. The increased emphasis on weight management due to influence from the fashion industry to look fit, rising
obesity rates, guidance from nutritionists, etc., have contributed to the growth in the sales of nutraceuticals, making it the highest contributor to the total net sales.

6.4.5 HERBALIFE INTERNATIONAL OF AMERICA INC. – PRODUCT PORTFOLIO
Brand Description
This line of products involves varies types of dietary supplements, like protein and enhancers, among others. These products are
Weight Management designed for managing weight. The products include Protein Drink Mix, Cell-U-Loss, and Formula 2 Multivitamin complex,
among others.
This product line is designed to help supplement the foods needed by the body. The benefits that its ingredients provide help in
providing a better nutrition balance that can help improve the quality of life. The product line is further categorized into heart
Target Nutrition
health, women’s health, men’s health, children’s health, healthy ageing, digestive health, immune health, and stress
management. Some of the products under this segment are Tri-Shield, Herbalifeline, and Mega Garlic Plus.
This category includes products that complement people with frequent exercising routines, to help them gain energy before and
Energy and Fitness after their daily exercise. The category is further sub-categorized into energy and fitness and Herbalife24, with products like
Herbalife24 Prolong, and N-R-G Nature’s Raw Guarana tablets, among others.
The nutraceuticals under this category emphasize on enhancing the health of skin and hair. They provide the right nourishment
Outer Nutrition required for long-term health. Herbalife SKIN Collagen Beauty Booster is the dietary supplement offered by the company under
this category.

6.4.6 NATURE’S BOUNTY INC.- OVERVIEW
■ Nature's Bounty Inc. is an US-based manufacturer of

vitamins and nutritional supplements. The company has
a significant presence in major vitamin, mineral, herb,
sports, active nutrition, and supplement product
category, and in multiple key distribution channels.
■ In addition to its Long Island corporate headquarters, it

has manufacturing, packaging, warehouse, distribution,
and administration facilities throughout the United
Founded in 1971
States and Canada. It also maintains overseas offices in
the United Kingdom, the Netherlands, Spain, South
New York, United States Africa, and New Zealand.
■ The Carlyle group purchased the company, in 2010. In

www.naturesbounty.com 2017, Kohlberg Kravis Roberts (KKR) purchased a
majority ownership stake in the company, while the
Carlyle Group has retained a minority share.
+1 631 200 2000
■ As a leading global manufacturer, marketer, distributor,
and retailer of vitamins, nutritional supplements, sports
and active nutrition, and ethical beauty products, it is
committed to supporting wellness in all its forms.

6.4.6 NATURE’S BOUNTY INC. - PRODUCT PORTFOLIO
Category Product Description
Acidophilus supports a favorable environment for the absorption of nutrients, encourages

Nature’s Bounty® Acidophilus
intestinal microflora balance, and maintains the healthy functioning of the intestinal system.
Ultra Strength Probiotic 10 contains 10 distinct probiotic cultures to help supplement your
body's natural diversity. These organisms play an active role in aiding the body’s natural
Nature’s Bounty® Probiotic 10
Digestive Health digestive process. Advanced Probiotic 10 contains 20 billion live probiotic cultures per serving
Supplements at the time of manufacture.
Nature’s Bounty® Probiotic Gummies are a great tasting way to get friendly bacteria for the
digestive system. Made with natural fruit flavors, Probiotic Gummies feature a special probiotic
Nature’s Bounty® Probiotic Gummies
strain that is naturally found in the intestinal microflora, and surrounds itself with protective
layers to increase its viability.
Q-Sorb™ Coenzyme Q-10 supports heart health and energy production. As an antioxidant, it
Heart Health
Nature’s Bounty® Co Q-10 helps fight cell-damaging free radicals in the body. In addition, statin medications can reduce
Supplements
Co Q-10 levels in the body.

6.4.6 NATURE’S BOUNTY INC.- PRODUCT PORTFOLIO
Dual Spectrum Co Q-10 with Krill Oil is a premium formula that was created for those looking
Nature’s Bounty® Dual Spectrum Co Q-10 for the dual heart health benefits of both Co Q-10 and Omega-3s in a convenient, one-per-
Heart Health with Krill day formula. This two-in-one high-quality supplement provides cardiovascular and heart
Supplements
health support.
Nature's Bounty® Fish Oil 1200 mg contains EPA and DHA , two Omega-3 fatty acids that
Nature’s Bounty® Fish Oil
help support and maintain the health of the cardiovascular system.
• The Vitamin D3 Gummies are supplements that are not only delicious but support immune
system while providing support for strong teeth and bones.
• Each serving contains 50 mcg of Vitamin D.
Bone and Joint
Vitamin D Gummies • The products use naturally sourced colors and flavors and have been laboratory tested to
Health
guarantee quality.
• Packaging size : 90 gummies
• Flavors: strawberry, orange, and lemon

6.4.6 NATURE’S BOUNTY INC. - PRODUCT PORTFOLIO
• The company’s vitamin D3 supplements ensure support for strong bones and teeth.
• The supplements are an easy way to increase daily intake of vitamin D3 nutrient.
• Packaging sizes: 350 Rapid Release Softgels – 2,000 IU/1,000 IU, 250 Rapid Release
Vitamin D3
Softgels – 1,000 IU, 240 Rapid Release Softgels – 5,000 IU/2,000 IU, 150 Rapid Release
Bone and Joint
Softgels – 125 mcg (5,000 IU)/2,000 IU, 120 Rapid Release Softgels – 1,000 IU, 100 Tablets
Health
– 400 IU, 72 Rapid Release Softgels – 10,000 IU,


6.4.6 NATURE’S BOUNTY INC. – RECENT DEVELOPMENTS

The company’s Sundown Naturals brand of

vitamins and supplements are directed to
pharmacies in Canada. The non-GMO line of
products are free from gluten, dairy,
preservatives, artificial flavors, and colors.
E
Jun 2017

6.4.7 PFIZER INC.– OVERVIEW

◼ Pfizer Inc. is one of the world’s innovative biopharmaceutical companies, discovering, developing,
and providing over 170 different medicines, vaccines, and consumer healthcare products across
the world, where the United Kingdom is an important location.
◼ The company deals in a variety of therapies of anti-infectives, inflammation and immunology,
Founded in 1849
internal medicine, and oncology.
◼ Its diversified global healthcare portfolio includes human and animal biologic, small molecule
235 East 42nd Street New York, United States
medicines, and vaccines, as well as nutritional products and many of the world's best-known
consumer products.
◼ The company manages its commercial operations through two business segments: Pfizer https://www.pfizer.com/
Innovative Health (IH) and Pfizer Essential Health (EH). Inflammation is included in the IH
therapeutic segment. IH focuses on developing and commercializing medicines and vaccines that (212) 733-2323
improve patients' lives, as well as products for consumer healthcare.
USD 15.8 Billion

USD 53.6 92,400 Net Cash Flow from
Billion Revenue Employees Operations (2018)
(2018) (2018)
USD 53.337 USD 8.006 Billion

Billion Research and
+ 125 Operational Development
Countries Expenditure (2018)
Revenues (2018)

6.4.7 PFIZER INC.– BUSINESS SEGMENTS
NET REVENUE REVENUE BREAKDOWN

in USD million, 2016-2018 In USD million, by Product Segment, 2016-2018
53,647
40000
31422 33426
29197
30000 23627
52,824 21124 20221
20000
52,546
10000
0
2016 2017 2018
2016 2017 2018 IH EH
■ There was an USD 1,100 million positive revenue impact approximately, as several of its biggest-selling medicines and vaccines continued to grow. It generated growth
in the emerging markets, as well as in biosimilar, and recovered around USD 1.7 billion revenue loss due to marketing of certain products.
■ The company experienced continued growth in the emerging markets in 2017, which increased by 11%, operationally, compared to the previous year. The United States
contributed more than 10% of total revenue, in 2017. The potential of the company to launch 3-5 new products or product line extensions per year over a period of five
years is one of the revenue impacting strategies, enhancing the company’s revenue performance.
■ The company experienced continued growth in the emerging markets, in 2018, witnessing an increase of 13%, operationally, compared to the previous year.
■ The R&D expenses increased by 4%, in 2018, compared to 2017, primarily due to increased expenses, owing to the costs associated with clinical trials and difficile
vaccine program.

6.4.7 PFIZER INC. – PRODUCT PORTFOLIO
Brand Description
It offers Caltrate® 600+D3, Caltrate® 600+D3 Soft Chews, Caltrate® Gummy Bites, Caltrate® 600+D3 Plus Minerals,
Caltrate® 600+D3 Plus Minerals Chewables, and Caltrate® 600+D3 Plus Minerals Minis. Caltrate contains minerals, like
Caltrate
calcium and vitamin D3, plus extra minerals, to help stimulate collagen production and deliver bone health. Caltrate is
available in four formulas and in many forms, to suit individual consumer needs.
New ProNutrients™ Omega-3 It helps support heart health, brain structure, and eye structure.
New ProNutrients™ Fruit &

Each MiniTab helps support cell protection and general health.
Veggie
New ProNutrients™ Probiotic ProNutrients Probiotic supplements help support immune health and digestive balance.
New Centrum Specialist™

Centrum Specialist Prenatal supplements help support healthy pregnancy.
Prenatal

6.4.7 PFIZER INC. – PRODUCT PORTFOLIO
Brand Description
New Centrum Specialist™ Vision Centrum Specialist Vision helps support healthy vision.
A leading health and wellness lifestyle brand, Emergen-C®, is a vitamin supplement drink mix sold in more than 15
flavors, including Original Formula, which includes 1,000 mg of vitamin C and other immune-supporting antioxidants,
Emergen-C
such as zinc and manganese, seven B vitamins to enhance energy naturally, and electrolytes to replenish post-
workout. The products are available in different flavors and forms (powder and chewables).
Centrum Specialist™ Energy Centrum Specialist Energy naturally helps your body to produce energy.

6.4.8 AMWAY CORP. - OVERVIEW
■ Amway Corp. is a global player, who manufactures and

distributes consumer products that support health and
well-being. The company’s products include health,
skincare, and homecare-related products.
■ The company offers a wide range of products under its
brands Nutrilite, BodyKey, Artistry, espring, Atmosphere,
iCook, and Satinique.
■ It offers its nutrition products under its brands Nutrilite,
BodyKey, Double X, and XS. Nutrilite manufactures
Founded in 1959 vitamins, minerals, and dietary supplements. The
BodyKey brand sells meal replacement shakes, meal
bars, and snacks for consumers who are looking to have
Michigan, United States a well-balanced diet.
■ It has more than 19,000 employees operating in more
https://www.amway.com than 100 countries in its key markets, which include
China, the United States, and South Korea.
■ Amway has introduced “Nutrilite’s Traceability Program”
616-787-1000
in China, Japan, and Korea to increase the visibility of the
botanical ingredients used in Nutrilite vitamin and
supplement products to its consumers.
■ In 2018, the company generated a revenue of USD 8.6
billion, which was up by 2% when compared to 2017.

6.4.8 AMWAY CORP.–PRODUCT PORTFOLIO
Category Product
Nutrilite Double X Vitamin Supplement, Nutrilite Women’s Pack, Nutrilite Vitamin C Extended Release, Nutrilite All Plant Protein
Vitamins and Supplements Powder, Nutrilite Men’s Pack, Nutrilite Twist Tubes 2 GO, Nutrilite Cal Mag D, Nutrilite Digestive Probiotic, Nutrilite Twist Tubes,
Nutrilite Chewable Vitamin E, Truvivity by Nutrilite Hydrating System, and Wellosona Brain Health Omega.
BodyKey Slim Popcorn - 24 Bags, BodyKey Ready-to-Drink Meal Replacement Shakes - Chocolate - 12 Cartons, BodyKey Ready-to-
Weight Management Drink Meal Replacement Shakes - Vanilla - 12 Cartons, Nutrilite Fiber Powder, Nutrilite Carb Blocker, Nutrilite Glucose Health,
BodyKeyCaramel Cookie Dough Meal Bar - 14 Bars, and Nutrilite Slimmetry Dietary Supplement.
XS Coco Water Strawberry Watermelon, XS Quick Energy Bundle – Peanut Butter Crunch, XS Max Performance Bundle, XS Quick
Sports Nutrition
Energy Bundle – Chocolate Chip, XS Intense Pre-Workout Boost – Citrus Burst, XS Energy + Focus, and XS Energy + Focus.
XS Caffeine-Free Sparkling Juiced Energy Mango Pineapple Guava, XX Juiced and Burn Variety Case, XS Energy Gum – Mint
Energy Drinks Explosion, XS Energy + Burn – Melonade, XS Sparkling Juiced Energy Mango Pineapple Guava, XS Energy Chips – Salty Sea Blast,
and XS Energy Granola Clusters – Strawberry Almond flavour.
Nutrilite Traditional Herbs

It offers Nutrilite Tulsi, Nutrilite Brahmi, Nutrilite Ashwagandha, and Amalakivibhitakiharitaki range of herbal supplements.
Range
Source: Company Website *List isn’t exhaustive

6.4.9 RED BULL - OVERVIEW
■ Red Bull is into the production and distribution of energy

and sugar-free drinks to consumers in Canada and other
countries, across the world.
■ Red Bull is offered in 171 countries, and over 68,000

million cans of Red Bull were consumed, worldwide, by
2017.
■ At the end of 2018, Red Bull employed 12,239 people in

171 countries - compared to the end of 2017 when it
Founded in 1987 had 11,886 employees in 171 countries.
■ Red Bull Energy Drink and Red Bull Sugar Free Energy
Austria, Europe Drink are particularly developed for athletes, students,
and high demanding professionals and travelers.
■ The packaging structure of Red Bull’s products includes

www.redbull.com aluminum cans, aluminum cap cans, sleek aluminum
cans, aluminum cans with re-sealable ends, and PET
plastic bottles.
+43 662 65820
■ The major ingredients used to make the company’s
beverage include varied flavors, juice concentrates,
glucose, sugar, sucralose, milk, cream, protein, dietary
ingredients, and others.

6.4.9 RED BULL - PRODUCT PORTFOLIO
Category Product
Red Bull Energy Drink The product is a functional beverage comprising caffeine, taurine, B-group vitamins, sucrose and glucose, and alpine water.
Red Bull Sugarfree The product is a functional beverage without sugar and contains only 3 calories per 100ml.
The product offers a different taste. It combines The functionality of Red Bull Energy Drink with a kiwi apple flavor. The available
Red Bull Editions
products are Red Bull Blue Edition, Red Bull Yellow Edition, and Red Bull Red Edition.
Red Bull Zero Calories Red Bull Zero Calories is a functional beverage without calories and sugar.
Red Bull Coconut Edition It offers the tropical taste of coconut combined with the taste of blueberry.
Red Bull Winter Editions

Red bull winter edition combines the wings of Red Bull Energy drink with the taste of cherry and spice.

6.4.9 RED BULL – RECENT DEVELOPMENTS

The energy drink giant introduced its new

Organics by Red Bull, a product line that includes
Simply Cola, Bitter Lemon, Ginger Ale, and Tonic
water for the Canadian market. These drinks are
made with natural flavors from plant extracts, are
vegan, gluten-, wheat-, and dairy-free.
Dec 2017
I I
Jun 2018 Red Bull launched its Winter Edition limited series,
only in Canada, to celebrate the special role winter
plays in the country. This limited-edition Red Bull
Winter Edition was made available nationwide and
features a taste profile of "plum twist with the
taste of cinnamon."

6.4.10 ABBOTT – OVERVIEW

◼ Abbott is a multinational healthcare company, with products for several segments, such as
cardiovascular, diabetes, diagnostics, neuromodulation, nutrition, and pharmaceuticals.
◼ The company has nutrition bars under its sports and active living division. It has a strong presence
in the developed markets and is concentrated in the higher growth segment. Founded in 1894
◼ Its Nutrition segment deals with products for adults, infants, and sports and age-based products, 100 Abbott Park Road
which include nutrition supplements, sports drink, energy drink, infant formula, sports, and
Abbott Park, Illinois 60064-3500, United States
nutrition bars.
◼ It has developed a number of formulations that support the unique nutritional needs of people http://www.abbott.com/
suffering from chronic illnesses, including Glucerna for people suffering from diabetes, and Nepro
224) 667-6100
for patients on dialysis.
USD 30,578 USD 3,650

6,899 Million
Million Revenue Employees
(2018) Operating
(2018) Earnings (2018)
USD 7,229 USD 2,300 Million

Million Research and
+ 160 Nutritional Segment Development
Countries Expenditure (2018)
Revenues (2018)

6.4.10 ABBOTT – BUSINESS SEGMENTS
NET REVENUE REVENUE BREAKDOWN

in USD million, 2016-2018 In USD million, by Product Segment, 2018
30,578 9437
27,390
7229 7495
20,853
4422
1995
Established Nutritionals Diagnostics Cardiovascular Others

Pharmaceuticals and
Neuromodulation
2016 2017 2018
■ Abbott delivered strong double-digit underlying growth and grew more than 7% on an organic basis. It also generated strong operating cash flow, paid down more
than USD 8 billion of debt, returned USD 2 billion to shareholders, and announced a 14.3 % increase in its quarterly common dividend.
■ In Abbott’s worldwide nutritional products business, sales over the last three years were positively impacted by demographics, such as an aging population and an
increasing rate of chronic disease in developed markets, the rise of the middle-income groups in many emerging markets, as well as by the numerous new product
introductions that leveraged Abbott’s strong brands.
■ Abbott’s management approved plans to stream-line operations, in order to reduce costs and improve efficiencies in various businesses, including the nutritional,
established pharmaceuticals, and vascular businesses. Abbott is focusing on its R&D spending on platforms that span across the pediatric, adult, and performance
nutrition areas, like gastrointestinal/immunity health, brain health, mobility and metabolism, and user experience platforms. IT will further help the company to increase
its overall revenue in the years to come.

6.4.10 ABBOTT – PRODUCT PORTFOLIO
Brand Product Description
It is designed to help rebuild strength and energy from the inside, with an
all-in-one blend to support muscle, bone, heart, immune, and digestive tract
Ensure® Ensure® Enlive® Advanced Therapeutic Nutrition Shake
health. It contains 120% 1995 DV of vitamin D and 50% 1995 DV of calcium
to support strong bones.
Ensure® Nutrition Shake It is an excellent source of vitamin D and calcium to support bone health.
• Glucerna Hunger Smart® Shake

• Glucerna®snack Bars
Shakes for diabetic, it can be consumed as a nutritional shake, supplement,
Glucerna® • Glucerna®snack Shake
snack, or meal.
• Glucerna®mini Treats Nutrition Bars
• Glucerna®snack Bars

6.4.10 ABBOTT – PRODUCT PORTFOLIO
Brand Product Description
• Pedialyte®advancedcare
• Pedialyte®classic Pedialyte® is therapeutic hydration, which replenishes vital minerals
Pedialyte ® • Pedialyte®advancedcare™+ and nutrients lost during diarrhea and vomiting to help prevent
• Pedialyte®powder Packs 8.5 G dehydration.
• Pedialyte®freezer Pops

6.4.11 NATURAL FACTORS INC.- OVERVIEW
■ Natural Factors Inc. is one of the largest manufacturers

of nutritional products in North America. The company
is a family owned business engaged in the
manufacturing of natural health formulas.
■ It combines the knowledge of ancient herbal physicians

and the science of modern clinical research to enhance
the health of consumers, worldwide.
Founded in 1950
■ From organic herbal farming in the Okanagan to state-
of-the-art manufacturing operations in, both, British
1550 United Boulevard Coquitlam, BC
Columbia and Washington State (USA), the company
Canada
ensures reliable standards with extensive quality
+ 1-800-663-8900 control testing in its laboratories that are among the
finest in North America.
https://naturalfactors.com/
■ Its product portfolio is comprised of health solutions
for weight management, bone health management,
heart health, digestion, stress and sleep, and joint
health management.

6.4.11 NATURAL FACTORS INC.– PRODUCT PORTFOLIO
➢ Natural Factors’ Whey Factors is a high-quality, low-carbohydrate protein powder drink mix, essential
Whey Factors® for physically active individuals, due to its high biological value and concentration of muscle-
enhancing branched-chain amino acids.
➢ SlimStyles PGX Granules are a revolutionary way to attain and maintain ideal weight. Clinically
SlimStyles® PGX®
studied PGX reduces appetite, regulates blood sugar, lowers cholesterol, and promotes feelings of
Granules
fullness for hours for safe, natural, and highly effective weight loss.
➢ L-carnitine is a nutrient essential for energy production in the muscles, heart, and liver. It promotes
Natural Factors L-Carnitine
healthy body composition by aiding the conversion of fat into energy.
➢ Coconut oil is a natural source of medium chain triglycerides (MCTs) that support weight loss by
CoconutRich®
increasing the metabolism.
➢ Natural Factors’ Green Coffee Bean is a stimulant-free weight management supplement that is best
Green Coffee Bean used with a program of reduced dietary calories and increased physical activity. Made from
scientifically proven Svetol® Green Coffee Bean Extract, it helps promote healthy weight loss by
improving glucose metabolism and inhibiting the accumulation of fat.

➢ Natural Factors CLA Tonalin The SlimFactor is sourced from safflower oil and is a natural fat burner,
CLA Tonalin®
especially when combined with exercise and diet.
➢ Natural Factors CurcuminRich Memory Optimizer blend contains antioxidant Theracurmin™, which is
Memory Optimizer among the best absorbed form of curcumin, anti-aging ResveratrolRich®, a bioactive form of
quercetin (EMIQ), bacopa, and other key brain-boosting nutrients.
➢ OsteoMove Extra Strength Joint Care from Natural Factors provides fast relief from acute and chronic
OsteoMove®
pain and has extensive long-term benefits for joint health.
Natural Factors
➢ NEM Natural Eggshell Membrane is an innovative nutritional supplement clinically proven to reduce
NEM®
the pain, stiffness, and impaired mobility of osteoarthritis and other joint issues within 7–10 days.
➢ FlexAble Glucosamine Sulfate is a sodium-free formula for joint and cartilage support. It stimulates
FlexAble® Glucosamine
the formation of key components of cartilage, reduces joint pain, and protects against the
Sulfate
deterioration of cartilage from chronic joint diseases.
➢ Natural Factors MSM Joint Formula contains MSM, glucosamine, and chondroitin sulfate for triple
MSM Joint Formula
action joint health support.


➢ MSM & Glucosamine Sulfate helps maintain the structural integrity of joints while relieving joint pain
MSM & Glucosamine Sulfate
from osteoarthritis.
CurcuminRich™
➢ CurcuminRich Double Strength Theracurmin is made with Theracurmin, one of the best absorbed
Theracurmin® Double
form of curcumin available.
Strength
➢ Natural Factors’ SeaRich Omega-3 with Vitamin D3 is among the most delicious fish oil around.
SeaRich Omega-3 with Made using the freshest, highest quality omega-3, each teaspoon (5 mL) provides 750 mg of EPA,
Vitamin D 500 mg of DHA , alongside 1000 IU of vitamin D3 in a great-tasting, easily absorbed triglyceride form,
Natural Factors helping support brain function, cardiovascular health, and bone and joint health.
Muscle Recovery & Growth ➢ CurcuminRich Muscle Recovery & Growth Optimizer combines high-absorption Theracurmin with a
Optimizer micronized form of the amino acid L-glutamine.
➢ PS Phosphatidylserine boosts the efficiency of cell membranes, especially in the nerve cells of the
PS Phosphatidylserine
brain, leading to improved concentration, learning, vocabulary, and memory.
BioPQQ Pyrroloquinoline ➢ PQQ has antioxidant and B-vitamin-like activity, with a wide range of benefits for the brain and body.
Quinone It promotes cognitive health and memory by combatting mitochondrial dysfunction and protecting
neurons from oxidative damage.

6.4.12 TROPHIC CANADA - OVERVIEW
■ Trophic Canada is one of the largest manufacturers of

health supplements, providing the Canadian
consumers with premium-quality, natural nutritional
supplements, as close to nature as possible, at an
affordable price.
■ The company follows “Good Manufacturing Practices”
(GMP) guidelines to set out in the Natural Health
Products Directorate by Health Canada. It incorporates
the best possible raw materials from the most
Founded in 1967 reputable suppliers worldwide to manufacture their
world class health supplement products.
Richmond, BC V7A 4E9, Canada ■ It performs quality check at each level of

manufacturing process. For example, stringent testing
continues from the mixing stage through to the
+ 1 604-271-8868 finished product: purity, quality, potency stability, size,
weight, and color are checked before a product is
released.
https://trophicproducts.com/
■ Its product portfolio comprises amino acids and
recovery supplements, weight management
supplements, essential fatty acids, joint health and
inflammation, minerals and vitamins, and others.

6.4.12 TROPHIC CANADA – PRODUCT PORTFOLIO

➢ Magnesium glycinate (also known as magnesium bisglycinate) is a highly water soluble amino acid
Max Mag
chelate of magnesium and two glycine molecules.
➢ Vitamin A protects against night blindness and helps maintain good overall vision. Helps keep skin
Vitamin A soft and smooth, and hair, healthy. It promotes immune function. In children, Vitamin A is vital for the
development and growth of strong bones, teeth, and gums.
➢ Vitamin B3 (Niacinamide) promotes proper circulation and healthy skin. In the body, it forms a co-
Vitamin B3 (Niacinamide)
enzyme, which is essential for the metabolism of carbohydrates, fats, and proteins in all cells.
➢ D-Pantothenic Acid promotes the intake of amino acids and helps to balance water levels in tissues. It
Trophic
D-Pantothenic Acid (Vitamin B-5) also aids in preventing infection, assists in converting fats, carbohydrates and proteins into energy,
and is considered essential to the synthesis of cholesterol and fatty acids.
Mega Vitamin B6 ➢ Vitamin B6 is involved in energy production in the body. Like other B vitamins, B6 is a water-soluble
vitamin.
➢ B12, like other B vitamins, is a water-soluble vitamin. Mega B12 functions as a co-enzyme and is
Mega B12
involved in the synthesis of the essential amino acid methionine.
Methyl B12 Sublingual with Folic ➢ Methyl B12 functions as a co-enzyme and is involved in the synthesis of the essential amino acid
Acid methionine.

6.4.12 TROPHIC CANADA – PRODUCT PORTFOLIO

➢ Vitamin C is one of many antioxidants. Vitamin C is needed for the growth and repair of tissues in all
Mega C (1000 mg) + Rose Hips
parts of the body.
➢ 5-HTP (5-hydroxytryptophan) is an amino acid related to both L-tryptophan and serotonin. It helps to
promote healthy mood balance and helps to relieve symptoms of fibromyalgia. 5-HTP may also help to
L-5-HTP
reduce the severity and duration of migraine headaches when taken as a prophylactic. It can help in
weight management by reducing carbohydrate cravings.
Trophic
➢ It is a synergistic formulation of cow’s liver, bromelain, and citrus bioflavonoids. It is prepared using the
Desiccated Liver lowest possible heat to retain maximum nutrient content. Desiccated liver tablets are an excellent
dietary supplement for children and athletes.
➢ Bulgarian Tribulas Extra helps to maintain a healthy reproductive system and libido in men. The formula
Bulgarian Tribulus Extra helps nourish the reproductive system and soothes the central nervous system, while enhancing sexual
potency through increased peripheral circulation.
➢ Wobenzyme is the authentic systemic enzyme formula trusted by millions worldwide to provide
Wobenzyme Wobenzyme
clinically demonstrated support for joint and inflammation health.

6.4.13 MAGNUM NUTRACEUTICALS- OVERVIEW
■ Magnum Nutraceuticals is engaged in the production

and selling of the highest quality sports nutrition
supplements. The company is Canada’s Supplement
Brand of the Year as it continues to produce the
industry’s highest quality products.
■ It commissions only CGMP (Certified Good
Manufacturing Practices), Site Licensed
(Pharmaceutical) Manufacturing Facilities to produce its
quality formulas.
Founded in 2005 ■ It was established in 2005 where the company started
producing its 100% pharmaceutical-grade
supplements.
Surrey, BC V3S 3X1, Canada
■ Furthermore, it is an internationally recognized brand,
has three operating warehouses in North America,
+ offers over 22 industry leading products, employees a
1-888-662-4686 90+ person athlete team, and in 2015/2016 received
the prestigious Canada’s Supplement Brand of the Year
https://magnumsupps.com award from Popeye’s Supplements.
■ Its product portfolio consists of supplements for

general health, muscle binders, fats burners,
performance enhancers, and others.

6.4.13 MAGNUM NUTRACEUTICALS– PRODUCT PORTFOLIO

➢ Magnum acid isolate is a pharmaceutical grade isolate, which results in increasing caloric
Magnum Acid Isolate
expenditure, decreases the activity of fat storing enzymes, and reduces the hunger craving.
➢ Magnum afterburner is a pharmaceutical bed time burner, which aids in fat loss while in sleep. The
Magnum After Burner
supplement also aids in reducing morning hunger and cravings.
Magnum Big C ➢ Magnum Big C a non-water retaining creatine capsule giving one a dry muscular look.
➢ Magnum Brawn is a pharmaceutical grade protein powder, which helps repair and build lean hard
Magnum Brawn
muscle quicker.
➢ Magnum Carne Diem is a pharmaceutical grade carnitine burner, which maximizes the uptake of L-
Magnum Magnum Carne Diem
Carnitine into muscle tissue.
Magnum DNA ➢ Magnum DNA provides extra strength to the body, improves raw strength, and explosive power.
➢ Magnum drip dry is a pharmaceutical grade water loss agent, resulting in harder and leaner physic
Magnum Drip Dry
and increased muscular definition and vascularity.
➢ Magnum E- Brake is a anti-aromatase compound, which decreases the estrogen levels in the body
Magnum E-brake
resulting in muscle growth and enhancing strength.
➢ Magnum fixation is a solution to the joint problems. The supplements helps in improving mobility,
Magnum Fixation
flexibility, muscle stiffness, and provides collagen. *List is not exhaustive

6.4.13 MAGNUM NUTRACEUTICALS – PRODUCT PORTFOLIO

➢ Magnum G is a pharmaceutical grade Glutamine, which helps in building and repairing lean muscle,
Magnum G clears lactic acid, helps improve blood and nutrient flow, and supports immune system function and
gut health.
➢ Magnum G- Spring ignites nighttime fat loss and lean muscle build and results in enhanced memory
Magnum G-spring
focus mood and cognition.
➢ Magnum hard muscle builder is an all natural lean muscle gainer, which builds more muscles and
Magnum Hard Muscle Builder
decreases the stress and anxiety.
➢ The supplement reduces body fat by increasing metabolic rate and energy expenditure, rapidly
Magnum
Magnum Heat Accelerated provides a thermogenic effect, and mobilizes fat throughout the body to be used and burned as
energy.
➢ Magnum HI-5 contains amino acids that help maximize muscular strength and endurance, increased
Magnum Hi-5
rate of recovery, and optimized blood flow for improved nutrient support.
➢ It is a pre-workout supplement, which ignites workout energy and intensity and results in enhanced
Magnum Limitless
mental focus and mood.
➢ It is a pharmaceutical grade nootropic designed for athletes, students, gamers, and professional,
Magnum Mane Brain
which maximizes focus, enhances memory and clarity, and boosts brain energy and cognition.

6.4.13 MAGNUM NUTRACEUTICALS – RECENT DEVELOPMENTS

Magnum launched a new pre-workout flavor, Magnum® Nutraceuticals, Canada’s leader in sports
Pre Fo® Peach Candy. Pre Fo is an extremely supplements and Popeye’s Supplements Ca nada
concentrated and award-winning pre-workout brand of the year, opened its new office in Surrey. The company launched two new flavors in its Opus
powder that is guaranteed to increase the The new Magnum headquarters sits on over 2.2 line of nutraceutical supplements. Opus is an
intensity of your workout from the very first acres with a full on-site gym and fitness facility, amazing Intra-Workout with an effective,
serving. It is proven to maximize energy, state-of-the-art kitchen space, and additional scientifically-proven formula. The supplement is
amenities. now available in two flavors, namely red berry
amplify focus, and increase muscle pumps.
OCT 2019 SEP 2019 candy and twister pop.
I P E I I
OCT 2019 Magnum® Nutraceuticals, Canada’s SEP 2019 Magnum® Nutraceuticals launched its popular pump JUN 2018
multiple award-winning sports supplement
product Volume® in a new a nd delicious Gummy Worm
brand, announced its new partnership with
Candies flavored powder. Volume’s new pumping
GNC Canada, enabling magnum products
to be available in GNC stores, nationwide. powder consists of the same great formula with 100%
Pharmaceutical Grade ingredients and features a new
rapid delivery technology.

7. MARKET
OPPORTUNITIES AND
FUTURE TRENDS

7. MARKET OPPORTUNITY AND TRENDS
7. MARKET OPPORTUNITY AND FUTURE TRENDS

■ The Canadian nutraceuticals market is growing stronger each year and is expected to
reach USD 8620 million by 2024, sustaining a compound annual growth rate of 6%. CANADIAN CANNABIS CONSUMER EXPENDITURE, MAY 2019-JUNE 2019
Both consumers and manufacturers have been confused about including cannabis in
food and beverage in the last several years. And with President Trump's signature on
80. 73.1
the 2018 Farm Bill, items made from the plants known for their psychoactive and
70.
relaxation qualities are now legal.
Share of Respondents
60.
■ With the passing of the Cannabis Act, last October, the Canadian legal cannabis market
is burgeoning. CBD, which can be derived from hemp or marijuana, has been making 50.
way over the last few years in nutraceuticals from beverages to cosmeceuticals to 40.
animal feed.
30. 24.4
20.1 22.3
■ Challenges surrounding cannabis and nutraceuticals arise from the fact that Canadian 20. 14.1
manufacturers are operating in new and uncharted territory. Confusion remains about
10.
the legality of the distribution of CBD products in Canada, yet given the demand for the
compound, manufacturers are taking advantage of this flourishing market. 0.
Nothing 1 to 50 51 to 100 101 to 250 251 or more
■ In 2019, Canopy Growth Corporation was the Canadian company with the highest
Expenditure in Canadian dollars
market value in the global cannabis industry, with a value of 9.26 billion US dollars.
Ranked second, Aurora Cannabis Incorporation had a market value of 6.04 billion US
dollars that year. ■ The above statistic shows the spending on cannabis by consumers in the
last three months in Canada, as of June 2019. During the survey, some
■ In 2019, MYM Nutraceuticals has partnered with BioHemp Naturals, a licensed hemp 24.4% of respondents stated that they spent nothing on cannabis, while
cultivator and distributor in Saskatchewan with exportation capabilities. The two some 22.3% of respondents said that they spent over 251 Canadian
companies intend to offer hemp toll processing services to Canadian licensed dollars on cannabis.
producers, which can significantly increase future profit margins.
■ In 2018, 34% of male cannabis consumers who have consumed CBD were
■ The province of Quebec offers numerous benefits for companies looking to grow
part of 25 to 34 age range. In that same age group, 30% of female
cannabis there. Quebec offers some of the lowest energy costs in Canada, which can cut
cannabis consumers consumed CBD.
down on capital costs for growing the plant. The province has signed several supply
agreements with local producers and growers to supply the government-run retail and Source: StatCan
e-commerce stories.

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Canada Nutraceuticals Market - Growth, Trends and Forecasts (2019 - 2024)

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Canada Nutraceuticals Market - Growth, Trends and Forecasts (2019 - 2024)

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REPORT

The study offers:

Industry Reports | Consulting | Intelligence Center

4.1 Market Drivers 5.1.1.5 Other Functional Foods

4.4.1 Consumer Demand Analysis 5.1.3.4 Enzyme

2 REPORT – CANADA NUTRACEUTICALS MARKET

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1.2 Scope of the Study

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1.1 STUDY ASSUMPTIONS AND MARKET DEFINITION

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1.2 SCOPE OF THE STUDY

BY TYPE BY DISTRIBUTION CHANNEL

◼ Functional Beverage ◼ Supermarkets/Hypermarkets

◼ Dietary Supplement ◼ Convenience Stores

◼ Online Retail Stores

◼ Other Distribution Channels

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STEP 1 STEP 2 STEP 3

Decipher client requirements/market to be

Tailor-made research approach for

Effective use of Mordor’s knowledge

Confirm the objectives of the assignment with

8 REPORT – CANADA NUTRACEUTICALS MARKET

SECONDARY RESEARCH PRIMARY RESEARCH

9 REPORT – CANADA NUTRACEUTICALS MARKET

DATA TRIANGULATION AND INSIGHT GENERATION

It is a process of combining outcomes from different sources to increase the

An econometric model is a simplified representation of a real-world process.

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■ The Canadian nutraceuticals market was valued at USD 6227.36 million in

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MARKET DRIVERS AND RESTRAINTS

High COMPLEX REGULATORY FRAMEWORK

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4.1 MARKET DRIVERS

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4.1 MARKET DRIVERS

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4.2 MARKET RESTRAINT

4.3 PORTER’S FIVE FORCES ANALYSIS

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4.3.1 BARGAINING POWER OF SUPPLIERS: MODERATE

Unfavorable Favorable ■ The number of suppliers in the Canadian

19 REPORT – CANADA NUTRACEUTICALS MARKET

4.3.2 BARGAINING POWER OF BUYERS: MODERATE

■ Nutraceutical is unique among industries, because the

Product Differentiation ■ The quality of the products is important to the buyers,

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4.3.3 THREAT OF NEW ENTRANTS: MODERATE

Unfavorable Favorable ■ Regulation on nutraceuticals varies from country to

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4.3.4 THREAT OF SUBSTITUTES: MODERATE

■ Nutraceuticals may be substituted with naturally

■ There is no significant product differentiation with

■ Hence, the threat of substitutes is moderate.

22 REPORT – CANADA NUTRACEUTICALS MARKET

4.3.5 COMPETITIVE RIVALRY: HIGH

4.4.2 Target Market Identification

4.4.2.1 Demographic Strength and Weakness