The herbal/traditional products category is projected to show strong growth over the forecast period, driven by topical analgesics. The growth of herbal/traditional topical analgesics is set to be supported largely by the pain management needs of Canada’s ageing population.
High immigration rates are expected to support the growth of herbal/traditional products over the forecast period. Industry sources have noted that the large number of immigrants has an effect on consumer spending, and cultures outside of Canada are typically more familiar and comfortable with using herbal/traditional products, while OTC products have traditionally been favoured in Canada.
Health Canada presented a fee recovery proposal for NHPs (Natural Health Products) in 2023, which put forward higher fees for NHP Product License Applications, NHP Site License Applications and Annual Right to Sell NHPs. There were concerns within the industry that this would lead to a reduction in the number of products available on the market because it would potentially reduce product innovation, raise costs for small and medium-sized businesses, and increase costs for niche products.
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Understand the latest market trends and future growth opportunities for the Herbal/Traditional Products industry in Canada with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Herbal/Traditional Products industry in Canada, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
Herbal/Traditional Products
Botanicals or traditional remedies are products that have a long tradition of use, decades of established reputation, and are considered alternative remedies to standard medicine. Traditional medicine remedies such as Ayurveda, Traditional Chinese Medicine (TCM), Unani, Kampo, etc. are included. Homeopathic remedies are excluded. Only packaged products are tracked.
See All of Our DefinitionsThis report originates from Passport, our Herbal/Traditional Products research and analysis database.
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