Just some Stats: Natural Health Products – Canada and Global
This brief post was derived from my curiosity to examine the trend in growth of the natural health product v where the pharmaceutical industry, and where “medicine” if you will of “choice” is trending. Conventional drugs v natural, classification of a “drug” and choice of people and professionals.
Prior to my involvement in wellness and prevention which also includes “cosmetics” and really any product that is proven to facilitate a positive change in well-being I was a consultant in the Pharmaceutical industry founder of a company that still exists today. After “exiting” for lack of a better word, and partially by choice the decision was made to focus on prevention and well-being which also includes “cosmetics, those “cosmetics or cares that also can be classified as natural health products” and feel good products that are simply cosmetics but do an incredible amount to help mental health, instantly uplift, raise spirits, or relieve stress.
Maia International Inc. helps companies launch into markets starting often with filing of cosmetic notifications and also as natural health products. The area has become “grey” to a certain extent as many skin cares, or “natural” cosmetics that have shown positive outcomes can be classified as a natural health product, elevating themselves a bit beyond the cosmetic realm. There is also, by the same token, a grey area within pharma, biologics, biopharmaceutical, functional food, and topicals that nourish the skin. Is a supplement really a functional food? – this is what we are in the business of doing. Helping you launch successfully with understanding.
As companies strive to launch beneficial products and capitalize on the trend for more natural, proving outcomes, and proving their products are “different” it is important to understand where the market is going, how you can “classify” and examine whether a Natural Health Product accolade is where your product or what is in the pipeline will fit.
Regardless of the source of data the Natural Health Products industry is growing in comparison to the traditional pharmaceutical industry. We can search for the answer as to why? (whether it be to support the bodies innate response to heal, combat and manage the signs of aging, a growing aging population, education, or the increase in interest for overall well-being) however, regardless of the why the key is to satisfy need and how to successful launch and compete effectively in this market.
The Natural health industry includes vitamins, minerals, herbal remedies, homeopathic medicines and traditional Chinese medicines represents in Canada alone a $2.5 billion industry. Does it also include Bio-pharmaceuticals? Which also are classified under the NNHPD? Acceptance also by health care practitioners are also a factor in the thrust, and the advent of the NHP accolade opening avenues for companies to thrive and compete with traditional “pharma.”
For the company wishing to venture into this growing sector and analyse the potential of particular product I have gathered some key pieces of information readily available for “a glimpse” with provided source of data:
- There are huge opportunities ahead in this still-growing industry. Purchase power According to a 2005 Ipsos-Reid study, 71 percent of Canadians use an NHP (Natural Health Products as regulated by the NNHPD) regularly, and 77 percent of Canadians agree that NHPs can promote good health. The latest industry statistics, released in July 2009, indicate that profits, exports, and the number of businesses involved in NHPs and functional foods—foods with added health benefits—have all experienced notable growth. NHPs and functional foods generated $3.7 billion in revenue in 2007, $732 million was exported, mostly to the US, and $148 million was spent on research and development (R&D). – See more at: http://www.alive.com/health/canadas-natural-health-industry/#sthash.PNnqDSah.dpuf
- The global herbal supplements and remedies market is forecast to reach $107 billion by the year 2017, spurred by growing aging population and increasing consumer awareness about general health and well being, according to a new report from Global Industry Analysts. – See more at: http://www.nutraceuticalsworld.com/contents/view_breaking-news/2012-03-07/global-herbal-supplement-market-to-reach-107-billion-by-2017#sthash.NAAzpAfo.dpuf
- Strong recovery of the global health and wellness market is on the way, with sales recording 6.5% value growth (fixed exchange rates) in 2011. Products offering specific health benefits, such as fortified/functional, or those renowned for their natural health properties drove value sales, with rates above 7%. Growth was further fuelled by the developments in the emerging markets as China and Brazil alone contributed US$15 billion in new sales that year. Steady real term growth of 7.2% (current prices) is expected to continue to 2017, with global health and wellness sales on the way to hit a record high of US$1 trillion by 2017.
Source: Euromonitor International
- The multi-billion dollar market of nutritional supplements combined with increased global distribution channels continues to fuel growth potential in the healthcare, pharmaceutical & nutritional supplement Industries as some industry analysts expect the nutrition supplement market to reach $175Billion globally by 2020. Consumer awareness regarding the benefits of dietary supplements and new product availability are the major drivers for the market world-wide.
The pharmaceutical industry, at both the global and Canadian levels, has experienced an unprecedented amount of challenges and changes over the past several years. Global market growth is trending down and the current pace is below the historical 5-year average.
A cosmetic? Cosmetics also play a huge role in the industry whether it be nail polish, make-up (without toxins or harmful ingredients), hair growth, creams that hydrate… whatever it may be as they are important to self-care, elevating spirit, and mental well-being.
Please contact me for further insight on Pharma to natural, NHP’s, Supplements or Cosmetics: we are in the business of focusing on customers, facilitating well-being and helping to launch products with companies that focus on positive outcomes. Thank you – Christine Pemberton