Health and Wellness
The health and wellness industry has experienced remarkable growth in Canada and around the world in the last decade. Stiff competition and high buy in have made for a unique market that will continue to see significant demand for new and innovative products.
Natural Health Products (NHP), such as vitamins, herbal remedies, and traditional medicines, have become increasingly popular as more research links fortified and nutritional products with decreased risk of several chronic non-communicable diseases.
The global health and wellness market reached approximately $4.9 trillion U.S. in 2022 and is projected to exceed $7.6 trillion U.S. by 2030. Canada’s industry has shown steady growth, at a rate of 4.4 percent between 2017 and 2022. The dietary supplements market is also on the rise and anticipated to reach $278 billion U.S. by 2024.
Unlike the food and beverage sector, health and wellness face difference distinctions and oversight in Canada, leading to regulatory changes across the country aimed at better understanding the market and addressing current issues.
MNP’s industry professionals help clients have a better understanding of the space and business as a whole and know where to look to determine what next steps will help you reach your goals.
How we can help
Consulting
Whether you’re new to the industry or a seasoned pro, MNP’s consulting team can help you take your business to the next level, conducting market research, benchmarking, and assessing your operations to ensure you’re making the right moves to ensure future success.
Regulatory requirements
Knowing what regulations you must follow, and how they apply to your specific products and business can be a full-time job. Let MNP’s team assess your situation to ensure you remain compliant and stress free.
Tax
Our tax team has decades of knowledge across all industries and can ensure you’re getting the most out of your tax structure to boost your efficiency and profitability.
Corporate finance
Whether you’re looking to sell, fund a growth strategy, or ensure you’ve done your due diligence on an upcoming project, MNP’s corporate finance team will work closely with you to determine the most effective way forward based on your needs.
Market trends
- Women and children are increasingly the target market, as are older Canadians looking for natural remedies
- Carotenoids are anticipated to open up new avenues for growth in the natural health products market
- Sport nutrition products
Insights
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Performance
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Five strategies to navigate the economic headwinds facing food and beverage processors
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How to grow your food and beverage business through uncertainty
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